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Sonzele Rural Bank to remain focus on strategic objectives – Board Chairman

The Chairman of the Board of Directors of the Sonzele Rural Bank, Mr Mathias Samwine says the bank is poised to increase its capital by the year 2020.

To achieve this, he said, the bank would remain focused on its long term objectives by strategically positioning itself to ensure the target was achieved.

Speaking at the bank’s 29th annual general meeting here at the weekend, he said, it was the vision of the board to continue to grow the share capital.

 He therefore, urged members to purchase more shares for as low as GH¢1.00 and also encourage others to join the membership of shareholders of the bank.

The Board Chairman emphasised that, the bank had taken further steps to protect the deposits of customers.

“To deepen e- banking in today’s banking in Sonzele, the Board has acquired and installed Automated Teller Machine (ATM) at the head office in Jirapa. It is very operational and can accept all Gh-Link ATM cards,” he said.

In a speech read for him the Managing Director for the ARP Apex Bank, Mr Kojo Mattah said the Sonzele Rural Bank had exceeded its minimum capital requirement of GH₵1,000,000.00 as requested by the Bank of Ghana (BoG) to allow swift operations.

The bank recorded a capital of GH₵1.3 million at the end of the 2018 fiscal year. The figure is in excess of GH₵300,000.00 per the minimum capital.

Mr Mattah also commended the bank for garnering a profit before tax of GH₵176,749.00 in 2018 but urged them to avoid complacency.

“I want to urge the board of directors, management and staff not to rest on their oars, but strive to consolidate the gains made,” he said.

 He described the profit of the bank as impressive because of the ramifications the clean up by the BoG had had on the performance of some financial institutions in the country.

Mr Mattah also announced that the Sonzele Rural Bank placed third in the Rural and Community Banks Ranking done by the Efficiency Monitoring Unit ( EMU) of the Apex Bank for the third quarter of this year.

Touching on other issues, Mr Mattah indicated that the emergence of cyber fraud had become a major challenge to all players in the financial services sector, but was quick to add that, a Security Incident and Events Management System (SIEMS) had been deployed to monitor all activities on the network.

He encouraged customers to continue to be loyal and shareholders to buy more shares to make the bank financially strong.

The District Chief Executive of Lambussie, Mr Iddrisu Braimah Wikana said the bank had contributed immensely over the years to the socio-economic development of the people and the area.

FROM LYDIA FORDJOUR & RAFIA ABDUL RAZAK, JIRAPA

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