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02.04.2015 Business & Finance

'Rural Banks Must Be Creative'

By Daily Guide
'Rural Banks Must Be Creative'
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The Deputy General Secretary of the Industrial and Commercial Workers Union Morgan Ayawine has advised Rural and Community Banks in the country, especially those in the Upper East region, to put measures in place to improve their services and make them relevant in their operational areas.

According to him, if rural and community banks fail to re-strategize and develop new packages for their existing clients and prospective ones, they would lose their share of the market and eventually collapse.

'The business of banking today has become more competitive than ever before. With the proliferation of mainstream banks, who are ready to offer so many enticing loan packages and products to customers, the rural banks are faced with an uphill task of encouraging customers to patronize their services,' he noted.

He said the proliferation of micro-finance companies has posed a major challenge to rural and community banks across the country.

Mr. Morgan Ayawine gave the advice during a meeting with members of the Professional and Managerial Staff Union of Rural and Community Banks in the Upper East region at a regional conference held in Bolgatanga.

Mr. Ayawine was of the view that despite these challenges, the rural and community banks could still be relevant and have their fair share of the banking market if they remain focused to render financial services to indigenous Small and Medium-scale Enterprises (SMEs) in their catchment areas and beyond.

The Upper East Regional Officer of the Industrial and Commercial Workers Union, Agamu Rudolph, in an interview, said the Professional and Managerial Staff Union would not only stand to address the grievances of members at their various offices, but ensure that members conduct themselves properly for the growth of their institutions.

FROM: Ebo Bruce-Quansah, Bolgatanga

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