Insurance companies rescue Nyankumasi Ahenkro Rural Bank

The intervention of two Insurance Companies, following an armed robbery attack in 2019, saved the Nyankumasi Ahenkro Rural Bank from collapse.

The Companies, Star Assurance and Enterprise Insurance, insurers of the bank, cushioned it with an amount of GH¢155,244.17, in addition to GH¢10,730.38 donated by Enterprise Insurance, which enabled the bank to purchase new office gadgets to continue its operations.

Mr Francis Andoh, Board Chairman of the Bank, made this known at the annual general meeting of the bank at Nyankumasi.

In 2019, armed robbers broke into the bank and stole GH¢186,954.52, but the case is still under investigation.

Mr Andoh expressed worry about the non-payment of loans granted to customers and warned that drastic measures were in place to recover all outstanding loans.

The board chairman said the bank mobilized an amount of GH¢938,888.71 but still needed about GH¢70,000.00 to meet the Bank of Ghana’s requirement to sustain its operations.

On her part, Ms Dora Bonnah, Director of the Bank, said the bank was strategically positioned to help farmers acquire loans to expand their farms and purchase farm inputs to boost food security.

She, therefore, called on the customers and shareholders to buy more shares to keep the bank in business.

Source: GNA