Extend banking to rural areas – Director of Budget urges

Business News of Monday, 19 January 2015

Source: Graphic Online

Rural Bank

The Director of Budget at the Ministry of Finance, Mr Patrick Nomo, has urged financial institutions to extend their services to all Ghanaians, especially those in the rural areas.

That, he said, would be one of the surest ways to promote growth and reduce poverty in the country.

Mr Nimo gave the advice when he represented the Finance Minister, Mr Seth Terpker, at the official inauguration of a new head office for the Upper Manya Krobo Rural Bank at Somanya.

Mr Nomo said government was building an inclusive financial system that would ensure improved access to innovative and demand-oriented microfinance system.

He mentioned the establishment of more Rural and Community Banks (RCBs) as part of the ongoing Financial Sector Reform which was aimed at deepening the scope and scale of financial services and payment systems for the rural community.

He noted that RCBs needed to embed capacity building of the management and staff in their operations in order to meet the standards of banking for consumer protection.

“Establish a mechanism by which clients can seek redress and give feedback to the financial service providers, as well as comply with standards for consumer protection,” he said.

He further urged managers of rural banks to collaborate with government to maintain the financial stability in the country and increase the confidence level of their clients.

He assured rural banks of government’s support to ensure that they operate in a safe environment and help build trust and confidence.

He stated that government was committed to improving the policy and regulatory environment of microfinance services by strengthening the apex bodies to undertake self-regulation of their members.

The Chairman of the Board of Directors of Upper Manya Kro Rural Bank Limited, Mr James Kwame Otieku, stated that the bank’s strategies were driven by its desire to provide world class services for its customers.

He added that the bank had a perfect understanding of the financial needs of the people and would provide ‘tailor-made’ products and services to satisfy their customers.

“What we are witnessing today is the fulfillment of our determination to provide total banking experience to all who enter our banking offices anywhere within our operational areas,” he noted.