All Rural Banks in the Upper East Region have met the Bank of Ghana’s minimum capital requirement of GHS 1 million ahead of the stipulated deadline of December 2018. This was disclosed by the President of Upper East Regional Association of Rural Banks, Alhaji Sheriff Adams in an exclusive interview last Tuesday on A1 Radio’s bi-weekly news and current affairs analysis programme, Reporters’ Visit.
Responding to the question of what the status of rural banks in the region is, Alhaji Adams said: “All the rural banks in the region are in very good standing. An assessment conducted on their operations gives them satisfactory scores. Let me disclose to you that as we speak now, all our 5 member banks in the region have met Bank of Ghana’s GHS 1 million minimum capital requirement.”
He listed the 5 member banks of the association as follows; Toende Rural Bank, Naara Rural Bank and Builsa Community Bank. The rest are Bongo Rural Bank and Bessfa Rural Bank.
Meeting the initial December 2017 deadline was a big hurdle for many rural banks in the country. The deadline was extended by the central bank following various levels of discussions among stakeholders.
According to Alhaji Adams, the ability of their member banks to meet the set requirement is a clear indication that people can have confidence in doing business with the rural banks in the region without fear of losing their investment.
He stated that member banks of the association over the years have been of great support to businesses and farmers by facilitating the growth of local economy through loans and other services that would ordinarily be inaccessible to persons in the rural areas.
Alhaji Adams further assured that, rural banks in the region will continue to offer more support to local people by giving them the most effective and convenient banking services just as can be experienced with other commercial banks.
He said members of the association are committed to remaining competitive in the banking sector and will continue to help sustain businesses for individuals and corporate entities in the communities they serve.