South Akim Rural Bank PLC is one of the leading rural banks in the Eastern Region of Ghana. Established in 1984, the bank has over the years driven an agenda of financial inclusion through its microfinance scheme.
Under the scheme, two products have been designed to provide financial support to the vast majority of the people within its catchment areas. The first of these products is the Susu Dwetri Savings and Loans.
The deployment of the Susu Dwetri Savings and Loans product has ensured that a lot of people are given the opportunity to cultivate the habit of savings and have access to loans to support the expansion of their businesses.
Over 24,202 individuals have currently been rolled onto the product. In a bid to ensure that a lot of people within the bank’s catchment areas are reached, 50 mobile bankers and 10 field monitors have been employed to promote the product.
This product has contributed toward the mobilisation of GH₵40,551,185.68 deposit over the years. A total of GH₵89,340,800 has been disbursed as susu loans to support the establishment and expansion of a number of businesses.
The second product under the scheme is the Adwumapa Dwetri Savings and Loans. With this product, the bank has provided a lot of people, especially women, with the opportunity to form solidarity groups in order to save and access financial support without the challenge of providing collateral security to grow their businesses.
With its inception in 2011, the product currently provides financial support to 346 groups with a total membership of 4,782.
A total amount of GH₵91,953,600 has, so far, been disbursed as loans to these groups, with a flexible repayment period.
The bank drives the sustainability of these groups with the organisation of educational seminars to provide opportunity for experts to educate the group members on relevant topics geared toward equipping them to overcome a number of health and socio-economic challenges that come their ways.
Financial performance
The bank’s financial performance for the 2023 financial year is as follows:
| YEAR | AS AT 31ST DEC., 2023 | AS AT 31ST DEC., 2022 |
| KEY FIN. INDICATORS | GH₵ | GH₵ |
| Deposit | 134,492,012.00 | 105,691,864.00 |
| Investment | 95,084,276.00 | 72,320,035.00 |
| Loans and Advances | 40,622,178.00 | 36,522,505.00 |
| Pre-Tax Profit | 4,878,624.00 | 3,092,243.00 |
| Post-Tax Profit | 3,031,066.00 | 2,130,235.00 |
| Stated Capital | 4,279,882.00 | 3,802,208.00 |
| Shareholders Fund | 14,658,629.00 | 11,604,223.00 |
| Total Assets | 158,134,268.00 | 123,309,350.00 |
E-banking services
In order to ensure that customers are offered convenience, the bank has embraced E-banking initiatives that are being rolled out by ARB Apex Bank PLC.
Consequently, a special desk has been created to coordinate all the e-banking products, which includes USSD Mobile Banking and Ghana Pay.
This effort has resulted in the bank being adjudged the rural bank with the highest number of customers being on-boarded onto the USSD Mobile Banking platform for several months by the ARB Apex Bank PLC.
Corporate social responsibility
The bank continues to support communities and individuals in its catchment area.
It makes donations with items such as knapsack spraying machines, wheel barrows, wellington boots and sewing machines toward the National Farmers’ Day celebrations in the municipalities in its catchment area, which include Suhum, Nsawam-Adoagyiri, West Akim, Kwaebibirim and New Juaben South Municipalities as well as Ayensuano and Upper West Akyem Districts.
The bank also makes donations toward the building and rehabilitations of a number of educational and health facilities in various communities within its catchment areas.
Traditional authorities also receive support from the bank during the celebrations of festivals of the chiefs and people of the various communities.
Future – creation of SMEs desk
Efforts are being made at creating a special desk which will be responsible for coordinating financial assistance and training for the bank’s small and medium enterprise (SME) customers.
As a result, preparations are far advanced toward the organisation of an SME Business Incubation Seminar geared toward the identification of SMEs in the bank’s catchment areas.
