Business · Candida Dery

Association of Community Banks marks 50 years, calls for increased public patronage

The Association of Community Banks has marked its 50th anniversary with a float in Koforidua, the Eastern Regional capital, to sensitise the public on the importance of community banking and the services available to them.

The float brought together about 65 staff members from various community banks across the country under the theme, “Celebrating 50 Years of Community Banking: Honouring the Past, Building the Future.”

The first community bank in Ghana was established at Nyakrom in the Central Region in 1976. The sector has since grown to 147 licensed institutions operating more than 850 branches, serving over eight million customers and managing assets worth approximately GH¢26 billion as of June this year.

The Executive Director of the Association of Community Banks, Solomon Amankwah, said the association is looking to strengthen the sector through increased capitalisation and the adoption of technology to expand its operations and improve competitiveness.

He urged the public to patronise community banks in their localities, emphasising their understanding of the needs of the people they serve.

“Because they own the community bank, it is part of them. They should do business with us because we understand them better, we know their needs, we know their problems, and we will be able to deal with them better,” he said.

Mr. Amankwah added that the introduction of more technology will help community banks compete with commercial banks and extend their reach to more communities.

The Chief Executive Officer of Adonten Community Bank, Gilbert Grant, also highlighted the accessibility of financial services offered by community banks, particularly their loan facilities.

He said community banks are better positioned to serve local residents because of their close ties with the communities in which they operate.

“We are built for the community. We are for the community. Whatever we do is for the community,” Mr Grant said.

He added that community banks understand their customers and tailor their services to suit their needs, making financial assistance more accessible to people who might otherwise struggle to obtain it.