Amenfiman Rural Bank Limited at Wasa Akropong in the Wasa Amenfi East Municipality in the Western Region has recorded approximately GH¢6 million as the bank’s total share capital as at close of business on 30th June 2019.

The amount, which far exceeds Bank of Ghana’s minimum threshold, is about 500 percent more than the minimum GH¢1 million mandated for all rural banks to achieve by February 2020.

The Bank has recorded consistent growth in its stated capital since 2016 to date and has devised a strategy to realize GH¢10 million in five years which started this year.

In 2017, the Bank’s paid-up capital went up from approximately GH¢ 1.8 million in 2016 to a little over GH¢2.2 million, representing an increase of 27 percent and in 2018 recorded a share capital of approximately GH¢3 million.

At the end of the second quarter in 2019 from management’s accounts, the bank’s stated capital had hit about GH¢ 5.88 million representing remarkable growth of 91 percent.

The shareholders of the bank unanimously agreed to the board of directors’ proposition and used 2018 declared dividend to purchase more shares.

This resulted in an increase in stated capital of the Bank by GH¢990,000 and increase in individual shareholdings by the equivalents of dividends entitlements.

The shareholders have also agreed to the board’s proposition of transfer of an amount of a little over GH¢1.6 million from reserves (Income Surplus) to Stated Capital to be distributed to existing shareholders in the form of Bonus shares.

This brought to a total of 8,251,700 bonus shares issued to shareholders. These imply that for every two shares held, one additional share has been issued for free and 50 percent Bonus Pay-out for 2 to 3 years or until such a time that the bank is able to reach the GH¢10 million stated capital target.

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

Amenfiman Rural Bank has met and exceeded the current capital requirement of the Bank of Ghana by more than approximately 500 percent.

In addition, it has built up an appreciable amount of reserves making a total shareholders fund of approximately GH¢25 million which makes the bank highly solvent.

Board chairman, Dr Toni Aubynn, says the board plans to increase the bank’s stated capital to GH¢10 million in 5 years.

This move as a long-term strategic view makes it imperative to continue to grow the stated capital to stay ahead of any possible future regulatory requirement.

Amenfiman Rural Bank at the end of 2018 financial year had an asset base of GH¢223 million which is the highest in the rural banking industry with total deposits of a little over GH¢200million in first quarter 2019. Amenfiman Rural Bank originally registered to operate in the Western Region was the first rural bank that was permitted by the Bank of Ghana to open branches outside its home region followed by Akuapem Rural Bank in the Greater Accra Region and Fiaseman Rural Bank in Cape Coast.

Amenfiman Rural Bank currently has seventeen branches. These are Wassa Akropong, Wassa Akropong High Street, Manso Amenfi, Asankragwa, Samraboi, Asankragwa main (Nkoso Fie),  Dunkwa on Offin, Prestea and  Bawdie.

The rest are Enchi, Tamso, Santasi in Kumasi, Sefwi Dwenase (Adepa Fie), Tarkwa, Abrepo   in Kumasi, Sefwi Bekwai and Suame branch also in Kumasi as the latest.