We will work with BoG to fix challenges-Apex Bank

The ARB APEX Bank Limited has assured Ghanaians that it will work together with the Bank of Ghana to identify and address bottlenecks in some of their member banks to ensure depositors’ funds were protected.

Mr. Kojo Mattah, Managing Director of ARB APEX Bank Limited gave the assurance in a speech delivered on his behalf by Mr. Mark Odoi Adjei, Manager in charge of Accra branch of the APEX Bank, at the 34th Annual General Meeting of the Brakwa-Breman Rural Bank Limited (BBRB), held at Ajumako.

He said the ARB Apex Bank will continue to support efforts aimed at ensuring a sound financial system in the country because that was the only path to a bright future for all shareholders of the Rural Communities Banks.

The Managing Director congratulated the Shareholders, Directors and Management of BBRB for the modest gains made in the 2018 financial year.

“We are aware that we are not in normal times and therefore, the Profit before Tax of GHȼ 136,369.00 is an impressive achievement and I urge you to concentrate your efforts on the medium to small business segment, because that is where your strength lies”.

Mr. Matta encouraged the BBRB Limited and their member banks “to strive to perfect the small business financing because this segment holds a huge potential,” and also pleaded with the banks to desist from investing in high risk businesses since these “too good to be true investments” often had a high potential of locking up all their assets in non-recoverable investment portfolios.

According to him the banking industry had been undergoing some ground breaking changes over the past few years, saying that, the RCB sub-sector has, however, and showed a high level of resilience because most of the banks had been performing creditably well.

Mr. Mattah said the much awaited ARB Apex Bank-RCBs’ Agency Banking would soon be launched, and that, they have secured a US$8 million grant from the World Bank for the roll out of the Agency Banking.