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Business & Finance | Jun 4, 2004

Nyakrom Rural Bank launches new products

GNA

Agona Nyakrom, (C/R), June 4, GNA- The Nyakrom Rural bank, one of the old banks in the country has launched three new products to augment its financial resources and increase its customers.

The products are "micro-finance, micro insurance and micro- schools and churches".

Mr James Arkoh, Operations Manager of the bank who disclosed this to the Ghana News Agency (GNA) in an interview at Agona Nyakrom, headquarters of the bank on Thursday, said the products were designed to assist churches and schools in first and second cycles to acquire more projects.

He said the products had been launched for the benefit of schools and churches in the Agona, Gomoa and Awutu-Effutu- Senya districts to take advantage of the programme and source the facility. Mr Arkoh announced that under the Micro-Finance project, Nyakrom Rural Bank has granted loans totally 1.1 billion cedis from January to March this year, to 28 groups mostly women in the catchment area of the bank.

He said the beneficiaries have six months to pay back the loan of 1.5 million cedis each received, adding that payment of the loan has been very encouraging since the project started.

The Operations Manager stated that the World Bank and Bank of Ghana, which are joint financiers of the project, had organized a five-day workshop for 60 women to update their knowledge about the programme. He noted that similar workshops have been held for the staff of the bank to enable them to mobilize more women and train them to be abreast with the programme and how to prepare accounts and bookkeeping. Mr Arkoh announced that 114 groups are to receive training from the micro-finance project to help them expand their businesses. He stressed that about 3,941 who are mostly women in the Agona, Gomoa, Ajumako and Asikuma-Odoben Brakwa districts are to enjoy the programme to reduce poverty among women in the catchment area of the bank.

The Operations Manager said plans are far advanced to expand the programme to Kasoa and Winneba in the Awutu-Effutu-Senya district and urged women in the area to take up the challenge and make use of the opportunity given them.

He said the Ministry of Manpower and Employment, under the Skill Training Entrepreneurs Programme (STEP) has chosen Nyakrom Rural Bank to train registered members and offer them loans to work with it. He said 18 members who had been trained by Don Bosco Training Centre at Winneba had been granted one million cedis each to start work to improve their living conditions.

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