Managing Director of ARB Apex Bank Mr. Alex Kwasi Awuah has paid a working visit to the Upper East Region Chapter of the Association of Rural Banks.
According to the MD, the purpose of his coming is to introduce to them the key highlights of the bank’s strategic plan from 2022 to 2025 which will need the rural banks as the major stakeholder of the ARB-APEX Bank.
He said: “Knowing the strategic plan is about its objectives and what the expectations are. The key thing is the next strategic period of 5 years. At our annual general meeting recently, we announced that the BoG has approved for us to be introduced to the Euro banks who are our shareholders a capital subscription of Twenty-five Million Ghana Cedis (Ghc 25million), Five million Ghana cedis each year (Ghc 5 million) and we needed to come down do a sensitization for them to know the content of the strategic plan and the stages that will inure to the benefit as far as improving their services and operations are concerned”.
“As a bank, there is a need for us to improve the financial position of the bank i.e, the capital requisite position of the bank, which will mean that they contribute additional capital for us to increase our present stated capital of Ghc 9 million and add Ghc 25million to it in the next 5 year period. So, is all in the interest of the Apex bank and the rural banks in the sense that we believe that when ARB-APEX Bank is transformed and made stronger, it will respond to the needs and expectations, and service needs of the rural banks, and we can together play a major role in the financial services industry of Ghana”. Mr. Awuah stressed
However, responding to some of the challenges affecting their banking activity, Mr. Awuah pointed out the continuous rise in interest rates. He said, mobilizing funds at high-interest rates will not allow banks to lend to customers at a lower rate.
“So, it is a conversation we need to have so that from where we operate, we can price well so that as many people as possible will come to accept the financial services. Finance inclusion, and expanding it, is the basic objective, and the key objective of the government of Ghana, and from where we operate, we also see it as a duty to do that. We can expand financial institutions when financial services are made affordable and I believe that if the economic environment improves, that should be possible for us to bring the rate down so that our people can also assess credit at an affordable rate. He said
However, Mr. Azaabi Cletus President of the Association of Rural Banks Upper East Chapter expressed satisfaction with the working visit by the Managing Director of ARB Apex Bank Mr. Alex Kwasi Awuah to them the Upper East Chapter.
He said the MD visit to discuss issues regarding ARB-APEX Bank and the Rural and Community Banks in the Chapter is a good move.
“As a new MD, there is a new strategic plan that has been developed and he needed to communicate that plan to the grassroots, so that the Rural and Community bank within the area can also infuse their strategic objectives to that of the bigger banks, to enable some level of synergy within the industry”.
Meanwhile, responding to the issue regarding the Bank of Ghana and Police directive for every bank to secure an armored bullion Van for their smooth transport of funds Mr. Azaabi said they are doing everything possible at the APEX level and the RCB level to be sure they fulfill that regulatory requirement from Bank of Ghana.
Apexnewsgh.com|Ghana|Ngamegbulam Chidozie Stephen
Please contact Apexnewsgh.com on email apexnewsgh@gmail.com for your credible news publications. Contact: 05555568093/0256336062
