Mumuadu Rural Bank Limited has held its 30th Annual General Meeting at Osino in the Fanteakwa South District, Eastern Region.
The AGM attracted stakeholders, directors, officials of ARB Apex Bank and clients of the Bank.
Speaking on behalf of the Managing Director of ARB Apex Bank, Mr. Rueben Adamtey, a Director of Apex Bank said, Rural and Community Banks (RCBs) conforming to Bank of Ghana’s (BoG) regulatory minimum capital will enable them to take advantage of greater business opportunities in their operations.
He cautioned other RCBs to ensure that loan applications of serving directors of the bank have met BoG directives.
Mr. Adamtey applauded board members, management, staff and cherished shareholders of Mumuadu Rural Bank for meeting the Central Bank’s specified RCBs minimum capital by almost 300 percent with an income surplus of GH¢2.4 million, clarifying the bank was ready for future challenges.
The bank’s total assets increased from GH¢48,277,466.00 in 2016 to GH¢63, 388,551.00 in 2017 representing a 31.3% growth, while stated capital for the bank stood at GH¢1million leaving a balance brought forward on income surplus account of GH¢2,430.782.
While enumerating the bank’s success chalked, the Board Chairman of Mumuadu Rural Bank, Mr. Seth Adom-Asomaning praised shareholders for their immense contribution and the faith they have in Mumuadu Rural Bank.
He stated that the secondary reserve of the bank during the year under review was 36.50% which was above the requirement of 30% and recorded a capital adequacy ratio of 16.34% which amounted to over GH¢3.6million which was above the 10% requirement of BoG.
Mr. Adom-Asomaning also mentioned, the board and management wanted the bank to become relevant in the government policies and initiatives like the Planting for Food and Jobs, the 1D1F and others to be launched and urged stakeholders and customers of the bank to grow their areas of operation to get more support from the bank.
The Executive Director of Association of Rural Banks, Mrs. Comfort Owusu commended the management of the bank for their efforts at helping eradicate poverty in their catchment area and encouraged more initiatives from management.
The Osinohene, Osaberimah Otu Darko, praised Mumuadu Rural Bank highly, and stated that mobile banking services of telecommunication network (telcos) companies create unhealthy competitions and disrupted the traditional banking system. He further urged Bank of Ghana to reject any request from telcos in that regard.
Mumuadu Rural Bank Limited (MRB) is a Community Development Financial Institution which has made series of contributions within the community where it operates. These include: helping parents to pay the fees of their wards, improving the housing status of the country by helping to finance people who need money to put up their houses, granting of scholarships to needy but brilliant students to see them through their education as well as contributing to the health conditions of people by helping to pay their hospital bills. The bank’s contribution to the community is to ensure sure that “we all develop together as a unit” Mr. Benedict Agabeh noted.