ARB Apex bank expands tentacles

The ARB Apex Bank, the umbrella body of all rural banks in the country is to expand its network to reach out to more people in the rural areas. The Bank would carry this mandate through the intensification of special support to distressed/marginal rural banks to enable them to better serve the rural folks. Mr Emmanuel Kwapong, Managing Director of the Bank, who announced this during a brief meeting with the President of the International Fund for Agricultural Development (IFAD), Mr Lennart Bage; said new rural banks would be established in the Northern, Upper East and Upper West Regions. He said linkages would be promoted between rural banks and other rural micro-finance institutions as well as offer training in agricultural lending; credit management; financial literacy for women and product development. Mr Kwapong said appropriate funds mobilization of products and products targeting rural women would be developed as part of the new innovation of the Bank. He said ARB Apex was to establish an inspection unit to enable it undertake effective off-site and on-site inspection of the rural banks to ensure sound financial operations. The Managing Director expressed appreciation to the IFAD, which had so far supported the Apex Bank with 11 million dollars under the Rural Financial Services Project (RFSP). Giving an overview of the Bank's operations over the past five years, Mr Kwapong said its total assets as at 2005 was 2.26 billion cedis while total deposits and total loans stood at 1.68 billion cedis and 7.75 billion cedis, respectively. Its net worth increased from 73.3 million cedis in 2001 to 830.64 million cedis in 2005. Its stated capital increased from 9.58 million cedis in 2001 to 54.12 million cedis in 2005. Mr Bage lauded the Bank's achievements over the years and asked the Management to intensify operations to assist rural banks to make access to credit cheaper to rural farmers. He urged the Management to further develop more attractive products and specifically mentioned insurance products for the rural populace.GNA