The Chairman of the Board of Directors of the bank, Alhaji Fuseini Seidu, said the board and the management had over the years adopted a strategy of extensive deposit and share mobilisation to give the bank the needed resources to undertake reliable, prudent and sustainable financial intermediation.

"The strategies put in place immediately paid off as reflected in the bank’s performance last year. We recorded a modest profit of GH¢5,000 while our capital base stood at over GH¢106,000 as of December, last year, reflecting a determination on the part of the bank to be profitable and in good time,’" he stated.

Alhaji Seidu said the modest gains were achieved due to the relentless efforts, dedication and team work of both the board and management whose capacity was built through a number of training programmes, and the recruitment of competent personnel.

The chairman said being an agricultural dominated community, the bank had embarked on agricultural financing that added value to the rural producer without compromising its capacity to sustain the bank’s lending operations and profitability.

Other micro-credit lines disbursed by the bank include those of the Ministry of Fisheries that supports women in Diare and the Ministry of Women and Children that serve women at some deprived communities in the district.

‘‘The bank now reaches out to 3,000 rural borrowers lending out GH¢355,600 in the process while our recovery rates have also been outstanding, ensuring that we maintain a very strong portfolio quality,’’ he stated.

Alhaji Seidu added that the bank was constantly seeking new opportunities and partnerships with organisations, such as the United Nations Development Programme (UNDP), SPEED Ghana, an international NGO, and the Millennium Challenge Account (MCA), for both technical and financial support to its numerous clients.

The chairman observed that the operation of the bank for the first quarter of this year was very encouraging, adding that it intended to open two agencies in Tamale and Nanton this year.

‘‘We also have plans to develop and launch two more products in 2008, computerise our operations and further acquire land for the future construction of the bank’s head office,’’ he stated.

Alhaji Seidu, however, appealed to the people to increase their share holdings to at least 200 shares with total value of GH¢2, stressing that it would not only raise the capital base, but would also generate funds for customers and expand micro-credit to the entire catchment area of the bank.

In a speech read on his behalf, the Managing Director of the ARB APEX Bank, Mr Eric Osei-Bonsu, urged the bank to strengthen its internal control mechanisms to ensure that the management and the staff performed creditably and above reproach.

He commended the staff and the management of the bank for the modest gains made and asked them to work harder in the coming years.

The District Chief Executive for the area, Alhaji Abubakari Atori, advised the people to avail themselves of the opportunities offered by the bank to improve on their lot.