The District Chief Executive for the Nadowli-Kaleo, Katherine T. Lankono has urged the Board and Management of Sonzele Rural Bank, to explore other opportunities in the banking sector to increase income while reducing expenditure in order to maximize Shareholders’ dividends in the bank.
The DCE also advised the bank to develop more innovative and competitive products to withstand the keen competition in today’s banking industry.
Katherine T. Lankono made these comments at the 28th annual general meeting of shareholders of the Sonzele Rural Bank Limited at Jirapa.
The Sonzele Rural Bank was incorporated in 1980 and granted the licence to operate banking in 1983 with its headquarters at Jirapa in the Upper West Region.
The bank has since been established to offer financial intermediation to people within it catchment area through effective fund mobilization, found management and provision of sound credit to the people.
The professional business administrator said, “Over the years, we have witnessed the penetration of unscrupulous people in the Banking system. Such people come with a clear mindset of committing fraud on the Bank that employs them or with who they transact banking services.”
She cautioned the management of the bank to be extra vigilant of the infiltration of such fraudsters in the banking industry.
Madam Katherine has also disclosed that the bank has declared a pre-tax profit of Two Hundred and Fifty Five Thousand, Six Hundred and Seventy One Ghana Cedis (GH¢255,671.00) for the year under review.
This, she said, is a very impressive performance considering the drastic decline in interest and lending rates.
“Without usurping your powers in this AGM, I wish part of this profit should be used in strategic capacity building,” she said.
The DCE also indicated that, government is providing the framework to improve the efficiency of Ghana’s financial sector to enable it to play an effective role in promoting economic growth.
She said an effective and efficient financial system was a prerequisite for the transformation of Ghana’s economy to a modernised and industrialised one focused on value addition.
She appealed to the Board and Management of the bank to consider opening two more agencies in the Nadowli-Kaleo District.