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Share capital hits GH¢3.8m in Bosomtwe Rural Bank



Bosomtwe Rural Bank Limited at Kuntanase in the Bosomtwe the District of Ashanti Region has recorded approximately GH¢3.8million as the bank’s total share capital as at close of business recently.

The amount, which far exceeds Bank of Ghana’s minimum threshold, is about 280% more than the minimum GH¢ 1million required by all rural banks to be achieved by February 2020.

Checks at the Regional Chapter of the Association of Rural Banks reveal that Bosomtwe Rural Bank holds the highest share capital followed by Adansi Rural Bank with a little over GH¢3.7 million and Atwima Kwanwoma Rural Bank coming third with approximately GH¢3.2 million

The Bank has recorded consistent growth in its stated capital since 2015 to date and has been mindful of making the conscious effort to grow its capital.

Through this, the board and management are taking this opportunity to appreciate the shareholders of the bank for their indispensable contribution in capitalising the bank particularly around this time the banking industry is confronted with liquidity challenges.

Subsequently, the Bank recorded a significant growth of its stated capital from GH¢890,394.00 in 2015 to approximately GH¢1.47 million in 2016, which represented an increase of 65%.

Also, in 2017 the Bank’s paid-up capital went up from approximately GH¢ 1.47million in 2016 to a little over GH¢2million, representing an increase of 40% and in 2018 recorded a share capital of approximately GH¢3.7million.

The CEO of the Bank, Francis Agyei Bekoe, in an exclusive interview, attributed the consistent growth in the bank’s stated capital to outstanding operational performance over the years; the relatively low price per share coupled with high returns on shareholders’ funds, aggressive share mobilisation exercise as well as the confidence the public has in the bank.

He stressed that “as the head of the management team I have taken share mobilization exercise as one of my core duties and I move out there to bring the investors.”

The directors of the Bank say they are determined to grow the bank’s minimum share capital to GH¢6million by the end of the year 2022 to avoid any unfortunate situation as has happened recently in the banking industry.

According to them, it makes the bank ready for any regulatory shocks in the area of capital requirement which has been the major concern of the regulator in recent times.

Bosomtwe Rural Bank currently has an asset base of GH¢90,078,709 with deposits of GH¢71,902,125 as at July 31, 2019.

Similarly, the Bank currently operates twelve branches scattered within the Kumasi Metropolis and the adjoining districts. They are Kuntanase, Aputuogya, Jachie, Atonsu Bokro, Atonsu Agogo and Kokofu. The rest are Afia Kobi Market, Suame Magazine, Edwenase Market, Trede, Ahema Kokoben and Abuakwa.

The Bosomtwe Rural Bank Limited was incorporated in Ghana in November 1981 and authorized to carry on the business of banking under the Banking Act 1970 (Act 339) on 9th December, 1982 with a share capital of Seven hundred and fifty Ghana Cedis (GH¢ 750.00) raised by 860 Shareholders.

In support, the Bank of Ghana contributed additional GH¢125.00 in the form of non-voting redeemable preferences shares. The Bank has since inception achieved remarkable growth.

source: Joybusiness

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SPDC disburses N41.1bn on Rivers, other states’ projects




The Shell Petroleum Development Company of Nigeria Limited has spent a total of N41.1bn ($228m) to fund development projects in Rivers, Delta, Bayelsa and Abia states in the last 13 years.

The General Manager, External Relations, SPDC, Mr Igo Weli, disclosed this during the inauguration of one of the projects in Yenagoa, Bayelsa State. The event was organised by the Tarakiri Cluster Development Board and the Oporomor Cluster Development Board.

The SPDC is the operator of a joint venture agreement involving the Nigerian National Petroleum Corporation, Shell, Total Exploration and Production Nigeria Limited and Nigerian Agip Oil Company Limited.

At the events, 24 completed projects for 2019 valued at N496.9m were handed over to Tarakiri Cluster communities while those of Oporomor Cluster communities for 2019 were valued at N737.4m.

Beneficiaries of the Tarakiri Cluster communities were given as Ayamasa, Agbere, Isampou, Ofoni, Agbidiama and Egbemo-Angalabiri communities, all in the Ekeremor Local Government Area of the state.

The benefiting communities under the Oporomor Cluster are Peretorugbene, Amambolou, Oweigbene, Ndoro I, Ndoror II, Tamogbene and Norgbene, also in the Ekeremor LGA.

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AfDB Advocates disclose $1.8tn AUM for Investment




In line with driving development in Africa, the President of the Africa Development Bank (AfDB), Dr. Akinwunmi Adesina, has announced the need to mobilise mutual funds and other Assets Under Management (AUM) in the continent put at $1.8 trillion, to drive Africa’s development. He disclosed this in an interview on the sidelines of the just-concluded 2019 Annual Meetings of the World Bank and International Monetary Fund in Washington DC recently.

He also said commercial banks who desire to get credit lines from the AfDB would have to increase lending to women-focused businesses, saying the bank was set to launch a rating for women- focused lending.

Through mobilising capital to accelerate growth in the continent, he stated: “Africa today has in its pension funds, sovereign wealth funds and insurance mutual funds $1.8 trillion of asset under management.

“Those sovereign wealth funds and pension funds are being invested outside of Africa in money market instruments that are generating negative real yield of returns.”

He added: “So what we are working on at the AfDB is how do we get the pensions and sovereign wealth funds to invest in Africa.

“Africa Sovereign funds shouldn’t be invested in other sovereigns, it should be invested in Africa to create better wealth and better environment and quality of lives for our people. For me that is very important.”

Speaking further, he said: “The other thing is in terms of stimulating growth is the role of capital markets. The AfDB is supporting strongly the development of capital markets to be able to mobilise domestic savings and to drive investments in the economy.”

The AfDB boss mentioned that, the bank has been able to mobilise $3 billion for small and medium scale enterprises (SMEs). And AfDB was planning to launch what he described as a Women Financing Index for Africa.

Under the arrangement, all financial institutions in Africa would be rated based on their lending to women. The ratings, he said would be both in terms of the volume of lending and in terms of the lending that they give as well as its impact on women.

In addition, he said, “So, those who lend more to women will get more resources from us and those who are lending more can get more resources at a discounted rate from the bank; so, you can lend more and have more impact for women.

“I will like to see financial institutions in Africa being held fully accountable when it comes financing women. The reason for that is very simple. For me, women run African economies and I think we need to support them and helping them get the financing that they need.

“It is part of a bigger agenda that we have where we are supporting women, this in particular is very strategic. We would help to minimise $3 billion for women businesses.

“I think when Africans get the issues of women right, we can get everything right. We provide funding through Affirmative Finance Action for Women in Africa (AFAWA) that will help to mobilise funding for women in Africa.” He noted.

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Access Bank’s hits N1bn digital lending Daily




As part of its achievements, the leading financial institution Access Bank has expanded digital lending portfolio through  given Nigerians instant and  access to funds for insurgencies without any collateral, and has hit N1bn daily in loan value.

The Executive Director, Retail Banking, Access Bank Plc, Victor Etuokwu, said in a statement, “We are at the forefront of digital lending across the continent. This is a deliberate choice we made when we introduced the first USSD based digital lending product in Nigeria based on our deep understanding of our operating environment.

“In the past two years, we have disbursed loans to over 3.5 million  individuals. We acknowledge it is no mean feat when compared to where the market is coming from, but this is still a scratch in the overall potential of this market.

“This year alone we have disbursed over N45bn in over 2 million disbursements to individuals and have recently witnessed a spike in our volumes hitting N1bn daily. This achievement and our focus on retail lending reiterate our commitment to democratise access to financial services leveraging digital technology.”

Since the launch of Access Bank’s digital loan portfolio with PayDay Loan as the flagship product, Access Bank said it had continued to expand its loan portfolio using its proved innovative algorithms and deep machine learning capabilities.

The bank’s retail innovation journey had led it to expand its digital loan offerings to other multi-tenured variants to fit the needs of its diverse retail customer segments, it added.

Access Bank also launched a dedicated loan application platform known as QuickBucks in the third quarter of 2018; a Mobile Banking Application for digital loans aimed at improving customers borrowing experience for retail loans.

As part of its commitment to deepening digital finance, the bank said it had gone a step ahead to provide access to phone ownership as it recently launched a 12-month device ownership scheme where any salary earning customer could select a phone of his choice from its QuickBucks app and walk into any of its partner outlets across the country to pick up the phone.

The Head Digital Banking Business Development, Access Bank, Chinedu Onuoha, said, “Our objective is to ensure that there is a digital loan product for every adult Nigerian who has proven means of livelihood because we know that every individual at one point or another requires some form of financial support.”

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