Fomena (Ash), March 20, GNA - The Adansi Rural Bank at Fomena in the Adansi North District has advanced over two billion cedis to some market women and other women in the palm oil extraction industry in the district under the bank's micro credit facility.
Mr Evans Aidoo, the Supervising Manager of the bank told the GNA that the bank was supporting the women in the palm oil business because of the bright future of the industry in the district.
"The industry has potential future because of the President's Special Initiative (PSI) on oil palm plantation at Akwansrem." He said as a result of the potency of the business, the bank intended to source on-lending funds from the government and other agencies to support more women. "We are focusing on women groups in the palm oil extraction business in the district".
Mr Aidoo said the bank would pursue group financing dubbed, "Mmaa Kan Nko" (Women's Advancement) in Obuasi as part of its micro scheme promotion to help alleviate poverty.
He said the bank was satisfied with the repayment spirit of the women groups hence the need to pursue the scheme.
"The women in the micro economic activities apply the funds for the intended purpose", he said and added that, "the groups serve as collateral and therefore the default rate becomes low". Mr Aidoo said the bank would play its role to improve the standard of living of communities in its operational area as part of its social responsibility.
He said the bank had supported six students in tertiary institutions to the tune of 20 million cedis and had provided 12 sewing machines to apprentice seamstresses in the Akrokerri area. 20 March 06