ONLY 3 OUT OF OUR 22 MEMBERS HAVE MET THE MINIMUM CAPITAL REQUIREMENT- B/A ASSOCIATION OF RURAL BANKS



Acting Administrator of the Brong Ahafo Regional chapter of the Association of Rural Banks, Mrs Magaret Dzokoto has revealed that the association is lacing with its members to ensure that they meet the Minimum Capital requirement deadline set by the Bank of Ghana before the close of the year.

The Bank of Ghana increased  the minimum capital for community/rural banks by 100%, from 500 thousand to 1,000,000 Cedis early this year.

In an interview with Kkbportal,Madam Dzokoto indicated that although out of the 22 rural banks in the region, only 3 have been able to meet the requirement, she was hopeful that by the end of 2017 if not all, most of the rural banks would have made the payment.

"3 out of our 22 members have met the requirement and we are hopeful that the remaining 19 will be able to do same at their Annual General Meeting"



She said business had been slow for rural banks over the period due to the financial scandal that plagued the region in 2015, with DKM, Jester Motors, God is Love,  Care for Humanity and other microfinance institutions.

"A lot of rural bank customers secured loans to invest at these microfinance institutions and they are unable to pay back due to the scandal while other residents feel reluctant to bank with us because they mistake our activities for that of a microfinance"

She however added that the association is embarking on educating the public on the differences between the activities of rural banks and micro- financial institutions.

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