Business News of Saturday, 16 March 2019
Yaa Asantewaa Rural Bank has received massive support from petty traders at the Race Course Market in Kumasi, the Ashanti Regional Capital, to continue with its operations.
Top members of the United Petty Traders Association are of the view that the bank’s operations at Race Course Market would benefit the traders.
They, therefore, entreated the management of Yaa Asantewaa Rural Bank not to be distracted by some individuals and groups.
Speaking on behalf of the Association, Kwabena Frimpong, said Yaa Asantewaa Rural Bank was helping to improve the lives of the petty traders.
He said the petty traders make daily contributions to the rural bank to own shops in the second phase of the Central Market project.
Recent ‘false’ media reports suggested that Yaa Asantewaa Rural Bank had violated Bank of Ghana (BOG) regulations by opening a branch in a metal container at Race Course.
Mr. Frimpong, in an interview with OTEC FM, a radio station based in Kumasi, said Yaa Asantewaa Rural Bank has not open a branch in a metal container at Race Course.
He said “the pretty traders approached Yaa Asantewaa Rural Bank to help us financially so we can help get shops at the Central Market to boost our businesses.”
According to him, “The bank has therefore created a mobilization point at the Race Course, where they register and collect daily money contributions from the petty traders.”
He emphasized that “the bank has promised to top up our contributions so that we can own shops in the Central Market to boost our businesses.”
He added that “the mobilization point is not a bank. We only make payments and the bank takes the money to their headquarters on a daily basis.”
Mr. Frimpong, therefore, appealed to the BoG not to consider a petition by some individuals against Yaa Asantewaa Rural Bank.
He said “this is a bank that cares for petty traders and so they have agreed to help improve our businesses and our lives just as the government has been doing.”