Sekyere Rural Bank Plc has over the past four decades held certain corporate values of achieving an excellent relationship with customers and giving the best to shareholders. These values have been at the forefront of the bank’s operations and forms part of the fundamental element on which the bank was established. Since its establishment, the Bank stands to play an intermediary role between surplus fund holders and those in need of funds for their economic activities in the bank’s operational areas and beyond.
Sekyere Rural Bank Plc is best known and acknowledges for its dedication towards offering services that delights customers and exceeds expectations at every contact at the banking halls and on the fields with staff. It is intuitive and logical that satisfied customers of Sekyere Rural Bank Plc have over the years delivered higher profits and growth which has made success not to be elusive to the bank. The dedication by the bank and the devotions of the Board of Directors and Management team since its establishment in the 1980’s at Jamasi has seen the bank growing and now has nine branches in the Ashanti Region of Ghana.
History in perspective: Establishment of Sekyere Rural Bank
The idea to establish the bank was conceived and proposed by Captain Osei Ntem, a native of Jamasi in 1981. Mr. Kwadwo Mpiani invited the officials of the Bank of Ghana to discuss with some opinion leaders of Jamasi about the rural banking concept and the possibility of establishing one. A letter to that effect was sent to the Bank of Ghana for consideration.
As part of the process, a capital needed to be raised. A team, comprising some of the then founding fathers went round within the Jamasi township and nearby towns to mobilize share capital required for the establishment of the bank. Through their efforts, they were able to raise a stated capital of One million old cedis (1,000,000.00) which is equivalent to One hundred Ghana cedis (Ghs100.00) in today’s denomination. Consequently, BoG issued operating license and Sekyere Rural Bank was commissioned on October 1983, at Jamasi in the Ashanti Region of Ghana, being the head office and the branch at the same time.
Funding Fathers of the Bank
The elders who volunteered to raise the needed capital for the establishment of the Bank include: Mr. Okyere Akosah, Mr. E.F.K. Boamah, Nana Edusei Mensah, Mr. P.A. Sarpong, Alhaji Shaibu and Op. Kwabena Arhin. Upon the establishment of the Bank, the first Board of Directors was set up to regulate the activities of the staff and Management. The composition of the Board was Mr. Okyere Akosah (Chairman), Mr. Edusei Mensah (Vice Chairman), Mr. Sarfo Adjei (Member), Op. Kwame Amofa (Member), Op. Annor Wiafe (Member), Op. Kwabena Arhin (Member) and Mr. E.F.K. Boamah (Member).
Four years after the establishment of the Bank and BoG issued operating license to commission the bank at Jamasi, in 1987, a new Board took over to steer the affairs of the Bank. This new Board of Directors became the second batch to steer the affairs of the bank. The members of the 2nd batch of the Board of Directors include Mr. Kwame Dapaah Siakwan (Chairman), Mr. Sarfo Adjei (Vice Chairman), Mr. J.K. Manu (Member), Mr. A.A. Obiri Yeboah (Member), Mr. E.F.K. Boamah (Member), Op. Kwame Amofa (Member), OP. Kwabena Arhin (Member), Alhaji Shaibu (Member) and Mr. P.A. Sarpong (Member)
Mr. Kwame Dapaah Siakwan retired as member and chairman of the board in 2011 due ill health. Mr. Sarfo Adjei the then Vice Chairman took over as the substantive Chairman of the Board in 2011. Five years later in 2016, Mr. Sarfo Adjei also resigned due to ill health. Then Mr. Francis Denteh, now Noble Dr. Dr. Francis Denteh took over as the Board Chairman in 2016.
The Bank now has a new composition forming a new board to steer its affairs as the third batch of Directors. This current Board of Directors includes; Noble Dr. Dr. Francis Denteh (Chairman), Mr. Osei Assibey Bonsu (Vice Chairman), Nana Bediako Poku I (Member), Mr. Kofi Oduro Boateng (Member), Kwame Owusu Sekyere (ESQ) (Member) and Madam Constance Asamoah (Member).
In 2022, Mr. John Amoah who was a member of the Board voluntarily resigned leaving the Bank in good standing as major and many successes were chalked. Over the past four decades, the Bank has had some significant Managers and Chief Executive Officers (CEOs) who have all contributed massively to the success of the Bank. Mr. T.M. Asiedu was the first Manager of the bank in 1983. in 1987, four years after the administration of the first Manager, Mr. R.K Acolatse, took over as the Manager of the bank. Dr. Kojo Obese Antwi’s became the next Manager, then Supervising Manager and later the Chief Executive Officer of the bank, after the exit of Mr. Acolatse. Dr. Kojo Obese Antwi exited in 2018 and Mr. Michael Aidoo was appointed the acting General Manager, now the Chief Executive Officer of the bank. The tenures of these Managers are Mr. T.M. Asiedu (1983-1987), Mr. R.K. Acolatse (1987- 1992), Dr. Kwadwo Obese-Antwi (1992- 2018) and Mr. Michael Aidoo (2018 – Date)
Branches and Affiliations
The bank saw a tremendous growth as the years went by and the Board saw the need for expansion, therefore, the Agona Branch was opened in 1990 to serve the growing customers within those operational areas of the Bank. In 1992, when then Mr. Kojo Obese Antwi took over the Bank as the General Manager, the bank was in a very distressed state. He, with the support of the then board brought back the bank to its feet again, after which seven more branches were opened, as follows: Mamponteng branch (1992), Ahwiaa branch (1993), Abrepo-Junction branch (1994), Ntonso branch (1995), Afrancho branch (2002), Kronom branch (2009) and the Dr. Mensah branch (2015). Sekyere Rural Bank Plc since its establishment and currently is affiliated to the Association of Rural Banks, the ARB Apex Bank, the Ghana Club 100, and the African Rural and Agricultural Credit Association (AFRACA).
Performance Indicators
Sekyere Rural Bank Plc has seen tremendous growth over the years, especially within the last decade, proving to be an outstanding rural financial institution. This dramatic growth has set a solid foundation for increased profitability in the years ahead. Deposits have increased from GHs 75m to 151m cumulative average growth rate (CAGR 99%) with yearly average growth rate of 19.8%. Loans also saw a CAGR of 65% over the past five years, which translate to annual average of 13%. Total investment also recorded a positive CAGR of over 100%, despite 52% of it being non-interest bearing. Total assets also recorded an impressive growth of over 90%. There has been a marginal CAGR in profit as well over the period.
The Bank’s operational efficiency has paid off immensely proving to be among the very best in terms of the key performance indicators below:
| Indicator/Year | 2018(m) | 2019(m) | 2020(m) | 2021(m) | 2022(m) | CAGR (%) |
| Deposit | 75.8 | 88.5 | 116.1 | 126.8 | 151.1 | 99 |
| Loans | 29.5 | 29.9 | 35.6 | 49.0 | 48.7 | 65 |
| Investment | 39.1 | 47.9 | 69.2 | 68.7 | 84.7 | 116 |
| Total Assets | 88.5 | 103.0 | 136.7 | 142.6 | 174.2 | 97 |
| Profit B/Tax | 1.6 | 1.0 | 1.0 | 1.8 | 1.7 | 2 |
40th Anniversary Celebration
The year 2023 marks a significant milestone for Sekyere Rural Bank and it is an excellent opportunity to express our gratitude and appreciation to our clients and employees for their unwavering support over the years. It marks the bank’s 40 years in the rural banking industry and therefore many events were outline for a fruitful anniversary celebration. The bank embarked on several events that will help us to connect with our customers, enhance brand loyalty and showcase our accomplishments over the last forty (40) years.
Customers are the focal point of businesses and shareholders are the fundamental elements to the establishment, growth and prosperity of every institution. The roles and values of shareholders in the 21st century banking is very critical due to the volatility of the industry especially after striving to survive post the financial crunch. It is therefore not surprising that the theme for the 40th anniversary was “achieving customer excellence and shareholders value in the 21st century banking”. In celebrating the anniversary, the bank outline events like clean-up exercise, float and health-walk, customer workshop, free health screening and photo exhibition, and donation to a Children’s Home at Mbrom
Awards
Hard work really pays and as a result of our outstanding performance, Sekyere Rural Bank has won so many awards within and beyond the banking industry, locally and internationally, including six Gold Awards at the Ashanti Financial Services Excellence Awards, held under the auspices of the Manhyia Palace, Kumasi. The bank won an International Gold Award on Quality, Innovation and Excellence during the 2012 BID Century International Quality ERA Convention in Geneva, Switzerland. Another award was also won in Best Practices Award in Excellent Performance, instituted by the Chartered Institute of Financial and Investments Analysts – Ghana. The bank was awarded Platinum (International Arch of Europe) for Quality, Leadership, Technology and Innovation in Frankfurt, Germany. Some of the awards include:
- Five (5) times award winner from Ghana Club 100
- CenBa Africa Excellence Business Award ‘2019
- Ashanti Business Excellence Award by Otumfour Osei Tutu II, Asantehene
- THE ARCH OF EUROPE, International Quality Award FRANKFURT ‘2015
CORPORATE SOCIAL RESPONSIBILITY
The contribution of the bank towards socio-economic development of the country, through its Corporate Social Responsibility (CSR) has been enormous. Our CSR contributions cut across several sectors, including health, education, security, agriculture, etc.
To mention a few, in the educational sector, the Bank recently renovated and print the Akrowa DA Primary School which was in a deplorable state and in dying need of support. It is within the plans of the bank to extend it to the JHS block as well. The bank prides itself as an institution that applied its initiative to build and fully furnish a 50-seater ICT Centre for the Interbeton JHS in Agona Ashanti, to uplift ICT education at the school. The bank has also donated several quantities of branded exercise books in support of the Otumfour Educational Fund, other schools, and also sponsored educational quizzes, among others.
When it comes to security, the bank single handedly built a big Police Post for the Ghana Police Service at a strategic location in-between Jamasi and Asante Mampong scalp, where armed robbers attack was rampantly experienced by several commuters. Since this onerous intervention by Sekyere Rural bank, cases of armed robbery have now become a thing of the past in the area. Sekyere Rural Bank Plc again built and furnished a security post for the Jamasi Health Center to improve security at the hospital.
Another sector that has seen some benefit from the bank is the Agric sector where the Bank has annually supported the National Farmers Day Celebration by providing items and equipment to Municipal and District Assemblies within its catchment areas to be awarded deserving farmers. On a more humanitarian grounds, the Bank has donated relief items worth thousands of cedis to children’s homes in and around the region and has provided financial supports to these homes as well.
WHAT TO LOOK OUT FOR IN 2024
It is within the plans of the Bank to ensure that the following are achieved in 2024
- Ensure excellent customer service
- Introduction of new products to meet the changing needs of customers
- Repackaging of existing products that will serve customers better
- The use of innovative ways to sell the bank’s products through digitalization.
- Offer lending to its customers at a very moderate lending rates.
The post OutStandingBrands24: SEKYERE RURAL BANK PLC; 40 years of achieving customer excellence and shareholders’ value in the 21st century banking appeared first on The Business & Financial Times.
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