The Deputy Managing Director of the ARB APEX Bank Limited, Mr Duke Osam Duodu, has called on Rural Banks to put in place effective internal control mechanisms to minimize the incidence of risks as they expand their scope of operations.
He urged managements of Rural Banks to adopt innovative approach towards deposit mobilization and exercise prudence in their credit delivery, to be able to survive the current stiff competition within the banking industry.
Mr Duodu was speaking at the formal opening of the Asamankese branch of the Agona Rural Bank Limited on Thursday.
He called on the people of Asamankese to do business with the bank to ensure that it grows.
Mr Duodu appealed to them to invest in the bank by buying more shares.
The Chairman of the Board of Directors of the Bank, Mr Ben Donkoh, said the bank took into consideration the many business opportunities and the friendly and hardworking nature of the people of Asamankese, before deciding to site the bank there.
He said apart from the normal banking products of savings and current accounts, the bank had special products including micro savings and credit scheme for women groups, mobile pick-up services and loan facilities to individual contributors and vehicle finance for transport owners.
The bank also has products for religious organizations and schools to use to construct building and purchase equipments, loan facilities for clearance of goods at the Harbour and compulsory savings towards Christmas and other annual festivals.