History

History

Akim Bosome Rural Bank which is located in the Birim South District in the Eastern Region was incorporated on the 15^th of October 1983. Started operations in February 1984 at its head office at Akim Swedru. Before the coming into being of the bank, people in the catchment area were served by the traditional banks, which often times did not adequately meet their banking needs.

A good number of indigenes had resorted to local money lenders to avoid the bureaucracy and general frustration associated with banking system. This inadequacy was heavily exploited by some traditional unlicensed money lenders whose interest rates were extremely exorbitant and exploitative and rendered the loans non-commercial.

This not withstanding most enterprising famers and traders had no other source of getting credit than from these shylocks. At the same time most farmers and traders with excess cash kept their monies in unprotected safes in insecure homes.

The rural banking concept had by then gained momentum and level of progress of a traditional area was indirectly being measured by the ability of the people to raise the initial stated capital to meet the Bank of Ghana pre-licensing conditions and establish a Rural Bank.

The idea of establishing a rural bank to serve the banking needs of the area and tap into the indigenous enterprise of the people was taken up by some public spirited individuals and opinion leaders, who were gingered by their sense of pride to take the initiative and started the process of establishing the Akim Bosome Rural Bank.

The initiators had several previous discussions amoung themselves and made preliminary legal enquiries about the procedures of setting up a Rural Bank. The paramount chiefs of the various traditional areas making the catchment area were approached to solicit their moral support which came instantly.

So begun the process that eventually saw the coming into fruition of the dream of having a bank that understands the peculiarities of its people.

Akim Bosome Rural bank Limited started operations with a staff of six(6). By the end of the third year of existence, the performance of the Bank had deteriorated so badly mainly as a result of inexperienced management, The Bank of Ghana had to step in by seconding one of its officers in the person of Mr. Maxwelll Rebeiro to take over the management of the Bank.

The turbulent period lasted for about 8 months and with the support of the Bank of Ghana and some key opinion leaders the downward slide was arrested and turnaround was made.