Finance Minister applauds Nyakrom Community Bank for pioneering banking initiative
Dr Cassel Ato Forson, the Minister of Finance and Economic Planning, has applauded the Nyakrom Community Bank PLC for its pioneering initiative in Rural /Community banking.
He said this had positively impacted the lives of the people in the communities and the country at large.
The Finance Minister said the 50 years of excellent rural banking services were commendable, particularly as plans advanced to transition from rural to community banking, capturing the essence of financial institutions in their catchment areas.
In a speech delivered on his behalf at a durbar to mark the 50th Anniversary celebration of the Nyakrom Community Bank PLC at Nyakrom in the Agona West District of the Central Region, Dr Forson noted that the inherent idea had finally been realised through the reforms of the Bank of Ghana (BOG), converting rural banks into community banks which deserved to be celebrated.
It was on the theme: “50 years of rural banking in Ghana; celebrating the pioneering role of Nyakrom Community Bank PLC.’’
The Minister said, exactly 50 years ago, in 1976, the Government of Ghana in collaboration with the Bank of Ghana (BOG) introduced the rural banking concept as an antidote to the long-standing exclusion of rural Ghana from banking services.
He said that before the introduction, rural communities in Ghana had limited access to credit, with financing coming mainly from informal savings, where money was often kept at home, while rural businesses remained underdeveloped.
He said the community banking sector had now grown to 147 banks with about 1,000 branches nationwide and over 800,000 customers, playing a pivotal role in expanding access to credit, mobilising rural savings and supporting financial enterprises.
He further noted that the sector had created thousands of jobs for the youth and improved rural and peri-urban livelihoods, a significant achievement deserving celebration.
Dr Forson said the Nyakrom Community Bank had strategically grown from one to 11 branches with more than 350 staff and approximately 100,000 customers, and had, in the past four years, extended its operations to many regions in Ghana.
The Minister stressed that as the banking industry continued to evolve and become more competitive with the conversion of rural banks into community banks, the banking landscape had become increasingly universalised, making the competition keener and fiercer.
Dr Samuel Dufu, the inventor and pioneer of rural banking in Ghana, said the model was first introduced to the then Omanhene, the chiefs and other people of Nyakrom after he had explained the concept and its benefits to them.
On conviction that the people had embraced the concept, a seven-member promotion team was formed, and they later became the board of directors of the bank.
Dr Dufu said on July 09, 1976, Nyakrom Rural Bank was born as the first rural bank in Ghana and he was elected the first chairman of the board of directors.
He stated that the first project the bank undertook was to redeem and return all cocoa farms ceded to moneylenders to their owners, bringing relief to the impoverished farmers.
Dr Dufu said he remained the chairman of the board of directors of the bank for 30 years until 2006, nurturing it to grow from strength to strength, adding that rural banking was a calling and one needed a heart of love to man it.
He stated that Consultants from the Philippines, Messrs SGV&CO, were commissioned in 1996 to study the situation of rural banks, and recommended that an apex institution be set up for the rural banks to provide technical, managerial and financial support.
“My experience in rural banking during the past 50 years has taught me that any good project would endure and thrive when given the required commitment and nurturing,” he added.
Nana Ambrose Linson-Arthur, the Board Chairman of Nyakrom Community Bank PLC, said the bank had offered 50 years of financial inclusion, self-reliance and community development.
Farmers in cocoa, oil palm, cassava and vegetable production had been financed by the Bank and they were helping to feed the nation, while traders and SMEs in various markets were expanding their businesses and creating jobs.
Nana Linson-Arthur said it had also provided school loans and educational support to parents and students and had partnered with health centres, churches and educational institutions through corporate social responsibility to provide infrastructural development.
The bank is poised to deepen financial inclusion through agency banking, mobile money partnerships, launching of new products for women, youth and agribusiness, and investing in cybersecurity and digital platforms to make banking safer and faster.
Mr Kaidebi Donkor, the Chief Executive Officer (CEO) of Nyakrom Community Bank PLC, commended Dr Samuel Dufu, a native of Agona Nyakrom, together with the chiefs and other stakeholders, for establishing the first rural bank in Ghana.
The CEO said the bank’s total assets as at August 2026 stood at GHC232 million, loans GHC 146 million, deposits GHC 203 million, and start up capital GHC 8.3 million far above the requirement of the BOG through its microfinance reforms framework 2026.
Mr Donkor appealed to the finance minister and Parliamentarians to consider reducing the 30 per cent tax imposed on the profits of Community Banks because it was affecting their smooth operations.
Other speakers were Dr Kwadwo Asmah, the CEO of Amenfiman Community Bank PLC, Alhaji Hayatudeen Awudu Ibrahim, the President, National Association of Community Banks, Madam Patience Antonio, President, Central Regional Chapter Association of Community Banks and Mr Curtis William Brentuo, the Acting Managing Director, ARB Apex Bank.
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