Naara Rural Bank expands its operations

The Naara Rural Bank in the Upper East Region is experiencing growth as its agencies have bagged ¢5, 054,080.00, representing 75 per cent of the total deposits of the Bank as at 31st December, 2010.

The bank, established in 1981, has its agencies at Bukere in the Bolgatanga Municipality, Sirigu and Navrongo agencies in the Kassena-Nankana East District and Chiana in the Kassena-Nankan West District.

The Bukere branch has been upgraded to a Zonal branch by the Board of Directors and Shareholders of the bank due to credible performance.

The Board Chairman of the Bank, Mr David Samari, announced this at the Bank’s 21st Annual General Meeting held at Paga.

Mr Samari said the bank was putting up a three- storey building for the Navrongo Agency’s operation and has re-located the Bukere Agency Office to Bolgatangay.

He said these investments required huge capital outlay that would not permit dividend payment. The motive behind these investments is to make the bank become one of the best competitors in the Region and the nation.

Mr Samair said the Bank had been networked to enable its customers to transact businesses at its agencies and plans were advanced to network the bank with other rural banks nationwide.

He stated that the Credit with Education Scheme that was piloted by the bank in 2007 in some of its operational areas was gaining grounds and making significant impact on the lives of women in the area.

He said the recovery rate of the scheme is 100 per cent and the Scheme which covers eight communities would be extended to Sirigu, Chiana and Biu.

On its social responsibilities, donation increased from 1,880.00 Ghana cedis in 2009 to 7,890.00 Ghana cedis in 2010, focusing on health, education, sports and culture.

He said although the bank was able to meet the Bank of Ghana requirement, there was the need to inject more funds to make the bank more efficient and be more competitive. GNA

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