The Managing Director of the Association of Rural Banks (ARB-APEX Bank), Kojo Mattah wants the Bank of Ghana (BoG) to extend the deadline for the payment of the minimum capital requirement.
The BOG has given the rural and community banks up to December, 2017 to raise GHC1 million as the minimum capital requirement.
But speaking with Adom News Reporter, Ablah Aforkpah, on the sides at the 30th anniversary celebrations of the La Community Bank, Kojo Mattah said the rural and community banks would need a bit more time.
Mattah said the rural and community banks are making frantic efforts to raise the capital before the deadline.
“We know capital is key for banking business – we are not asking for the capital to be reduced but rather asking for the extension of the time to be able to meet the requirement,’’ he said
Kojo Mattah advised rural and community banks not to be afraid to merge as mergers are a way to strengthen the operations of financial institutions.
“Mergers are a sure way for them to become financially strong and compete with the bigger banks and I recommend it for them,” he noted.
Meanwhile, the General Manger of La Community Bank, Peter Kofi Tehova said the bank has been able to raise the GHC1million capital requirement already and is asking community banks who are unable to meet the capital requirement to consider partnering with the La Community Bank.
He said the bank is now focusing on adopting technology as a way to attract more customers, adding that technology has come to stay and thus every serious business that seeks to expand or make strides must adopt technology.
Mr. Tehova said in the coming days the bank will change its ICT infrastructure and this will allow for them to issue Automated Teller Machines (ATM) cards, and offer mobile banking services among other things.
Activities planned to mark the 30th anniversary of the bank include market drives, media presence and other things.
