Access to financial services in the Ejisu Municipality of the Ashanti region has been boosted with the establishment of the Yaa Asantewaa Rural Bank.
The bank would be up and running in October 2012 to serve the financial needs of people in the municipality and surrounding communities.
Officials say the bank’s establishment was inspired by the prowess of the legendary Yaa Asantewaa, Queenmother of the Ejisu Traditional Area, to empower people through savings and investments.
Director and Lead Promoter of the Bank, Samuel Addo Otoo, said the facility will help improve the local economy whilst projects would be initiated to support community development.
He told Luv Biz Report special products and services have been designed to help reduce the burden of businesses in accessing credit facilities.
“Most of the time people set up businesses and along the line they divert all their money into acquiring properties like buildings and other things; so what we intend doing is that there are some special accounts that if you save for some time, we give you interest-free loans that you can use to acquire household consumer goods, we can help you acquire plots, towards putting up your future building [and] pay your child’s school fees so that your business will continue to have the cash that you have invested in it”, Mr. Addo Otoo stated.
The rural bank is among business ventures of Easy Investment Company, a fast growing financial service provider.
Following the success of its microfinance and credit union operations, the company is looking up to expanding its operations to provide one-stop financial solution centers in the region.
“We see ourselves transforming to become a bigger bank in the next 10 years and we intend to set up branches in vantage positions within the district and also outside the district to help spread the gospel of financial independence in the region”, Mr. Addo Otoo told Luv Biz Report.
“We hope to also set up an Asset Management company as a subsidiary of the institution to help provide investment advisory services and educate the people to spread information about the need to save”, he added.
He noted that the company’s expansion is to increase its cash deposit and offer more employment opportunities for the youth.