SONZELE RURAL BANK RIDES HIGH (PAGE 33, NOV 10)

THE Sonzele Rural Bank in the Jirapa District of the Upper West Region made a profit of GH¢163,352.00 in 2008 as against GH¢53,442.00 in 2007.
The impressive performance represents an increase of over two hundred per cent in the profit margin of the bank.
Addressing the 19th annual general meeting of the bank at Jirapa at the weekend, the chairperson of the board, Mrs Celestine Bayor, attributed the success story of the bank to the pragmatic strategies adopted by the management.
She said the assets and liability also stood at GH¢2,904,389.00 as against GH¢2, 449,223.00 in 2007.
According to her the bank granted loans and salary advances to promote commerce, education, cottage industries , among others, all amounting to GH¢509,532.00
She informed the shareholders that a new agency of the bank had been opened in Wa, the regional capital, while plans were advanced to open another at Hain by the next quarter of next year.
Mrs Bayor said the board and management was committed to sustaining the bank’s leadership position in the rural banking industry in the country and beyond, and that it was in this respect that the Sonzele Rural Bank was rated the fifth strongest rural bank by the efficiency and monitoring unit of the ARP APEX Bank Limited.
“Your bank is also among the first 25 Rural and Community Banks (RCBs) to be computerised and networked under the Millennium Challenge Account, and work is steadily progressing in that direction”, she added.
She said the bank would among others, employ modern systems and technology to provide integrated back and front office that would enhance quality service delivery while appropriate mix of products and services would be developed to suit the changing demands and requirements of customers.
“The bank will also strengthen its capacity to lead in financing of major and financially rewarding businesses in key sectors of the economy in her catchment areas”, Mrs.Bayor said.
The District Chief Executive for Jirapa, Mr B. K. Puozuing urged those who were refusing to pay their loans to endeavour to do so.