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07.08.2005 Business & Finance

Rural Bank introduces new products


Kumasi, Aug. 7, GNA - The Amansie West Rural Bank at the weekend launched three new products in pursuit of its mission of addressing the poverty of people living within its catchment area. The launching of the products is also designed to inculcate in them the culture of savings and investment.

The products are 'Akuafo Anidaso' (AA), Golden Savings Raffle (GSR) and Precious Owner Promotion (POP).

Speaking at the launching ceremony which also coincided with the opening of the Ahodwo branch of the bank in Kumasi, Captain Moses Kyeremateng (rtd), Chairman of the Board of Directors of the bank, said the 'Akuafo Anidaso' was introduced in recognition of the general unemployment situation in the country, especially in the rural areas where people had nothing to do after the close of the cocoa season. The product, he said, therefore seeks to create employment opportunities and increase the income levels of the people throughout the year by rearing snails and grass-cutters, which is to be patronised by groups who will be given free training and input loans by the bank.

The Golden Savings Raffle, Captain Kyeremateng said is a raffle and that prospective customers need to save only 500,000 cedis in an account to qualify for a coupon that will enable a customer to win various prizes at stake.

He said the Precious Owner Promotion is also a raffle which subscribers were required to purchase 200 ordinary shares for 200,000 cedis to enable them take coupons to compete in the raffle. The Board Chairman told people living at Ahodwo and all those doing business there to take advantage of the opening of the branch and do business with the bank to enable them expand their businesses. Mr George Donkor, Head of the Legal Department and company Secretary of the ARB Apex Bank, said Apex Bank was impressed with the bold initiative of Amansie West Rural Bank to come out with three new products at a time.

He said it showed the growth of the bank, particularly so for the Bank of Ghana (BoG) to approve of all three products showed the efficiency of the bank.

Mr Donkor advised the bank to put in place internal control systems to minimise risks with the introduction of the products, pointing out that the old ways of doing business were over thereby giving way to innovative ways of attracting customers by being customer friendly. Mr Ben Kwakye-Adeefe, Amansie West District Chief Executive, said the bank had been very supportive of the activities of the district assembly and said for instance that even though the district was not among those first selected 40 districts to operate the National Health Insurance Scheme (NHIS) on a pilot basis, with the support of the bank, the district now ranked among those districts that had made significant progress in the scheme.

He therefore pledged the assistance of the assembly to the bank in terms of security to ensure the safety of people's money.