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29.08.2004 Business & Finance

Apex Bank reduces fraud in rural banks

By GNA

Wa, Aug. 29, GNA - The establishment of the Apex Bank Limited has reduced the high level of fraud in most rural banks in the country. This is because the Apex Bank has put in place an effective auditing system, high level of supervision and numerous training programmes for the personnel of the banks to work effectively. Mr. Abdul Raheem Iddi-Puyo, Upper West Regional Supervisor of Apex Bank Limited said these in an interview with the Ghana News Agency at Wa on Friday.

He said to further prevent stealing and other forms of malpractices, Apex Bank was procuring fortified volts for all the rural banks in the country as a way of warding off armed robbers and other forms of stealing.

Apart from that, the Regional Supervisor said Apex Bank was also making money available to all the rural banks to procure logistics such as transport, computers and other office equipment that would enhance their operations.

Mr. Iddi-Puyo said due to the increased demand for savings in rural banks more rural banks were to be opened at Lawra, Tumu, Nadowli, Kaleo, Bole and Tuna to serve the numerous customers. He said apart from savings and withdrawals, the rural banks had now been empowered to sell treasury bills, engage in transfers and other services.

"Before the intervention of Apex Bank, cheques paid into the rural banks were cleared within a minimum of one month but with the modern system cheques are cleared after eight working days just like any other bank," he added.

The Regional Supervisor said Apex Certificate of Deposit (ACOD) a new system whereby investments matured between seven and 60 days with a profit margin between 12 and 14.5 per cent was one of the attractive services that were encouraging more customers.

"The use of one common cheque book for all rural banks throughout the country is another plus for rural banks," he concluded.

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