The principles: The Vision Statement- the vision of

establishment of Agona Rural Bank Ltd (ARB Ltd) was a response by the
Government of Ghana to a request by the people of AGONA in the Central Region
to create economic growth through efficient financial intermediation. ARB Ltd
was incorporated under the Companies Code, (Act 179) and commenced business of
banking under license and supervision of Bank of Ghana on October 7, 1983.

organisational structure of ARB Ltd had been designed to ensure that there is
free flow of information to achieve the aims and objectives of the organisation.
Appendix A throws more light on the structure. ARB Ltd was established with the
aim of ensuring that savings in its catchment areas are mobilised and utilised
for the needs of the community. Currently, Agona Rural Bank is the leading
western union money transfer in Ghana in terms of rural banks and has received
so many awards over the past four years. The head office of the bank is located
at Agona Kwanyako, in the Central Region about 2 hours journey away from Cape
coast. To achieve this aim, it is providing banking services in four (4)
Assemblies (2 Districts & 2 Municipals) with 6 branches through various
products designed to meet customers’ tastes (ARB Ltd Annual Report, 2006).
Agona Rural Bank Ltd is guided by following principles:

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The Vision
Statement- the vision of ARB Ltd is “to be a leading micro financing
institution in Ghana with linkage to micro financing institutions worldwide”
(ARB Ltd, 2006).

The Mission
Statement- the mission of Agona Rural Bank Ltd (ARB Ltd) is to continuously improve
our market share by living up to customer expectation and also be a
customer-oriented bank with improved products to service our customers’
requirements. At the same time, we must be regarded as an attractive workplace
and business partners where customers’ satisfaction is supreme.

To achieve this,
staff would be trained and motivated to achieve excellence, provide quality
service, be reliable and committed to the service with a smile bearing in mind
the customer as the purpose of our work” (ARB Ltd, 2006).

Agona Rural Bank
Limited was established with the following aims: To provide current, savings
and time deposits account for its customers, to accept securities for safe
custody, to act as executors and trustees of wills, to provide finance for
customers’ economic activities, to act as agents of other financial
institutions in the country, to undertake inwards and outwards money
transmission services, to accept and discount bills of exchange, to slot in any
economic activity that will promote social and economic development within its
area of operations (ARB Ltd, 2006).

The following
are some of the products that Agona Rural Bank offers to its customers: Current
account, savings account, susu account, fixed deposit, treasury bill, works
enhancement fund, yuletide bonus account, Western Union Money Transfer, Apex
link money transfer, Automated Clearing House (ACH), Loan- Agor car loan,
churches loan, institutional loan, individual loan, group loan, among others.

Agona Rural Bank
Ltd is a unit-owned, managed and patronised by the people of Agona in the
Central Region of Ghana. It operates six branches within its catchment area.
For this reason, it is envisaged that there will be no opportunities for the
siphoning of funds from its area of operation to another area.

As a financial
intermediary, it provides primary services consisting of savings, loans, and
payments. Several products are offered within each of these categories. Given
the community-owned nature of this institution, it also generally supports community
development services. As a financial institution actively supported by the
government, ARB Ltd offers special products and services for specific target
groups on behalf of government and donor-financed programmes such as the Social
Investment Fund, the Community-Based Rural Development Project, Emergency
Social Relief Project and the Millennium Development Authority Project. It uses
a variety of techniques to promote its services and products, including
traditional outreach by bank staff and use of electronic media. For example, it
sometimes uses local FM radio to promote its products and broadcast information
about services available. This approach has been successful in reaching many
clients in remote parts of the operational area. Several social occasions such
as durbars and Akwanbo festivals have been used to disseminate important
information such as repayment reminders and services available (ARB Ltd, 2007).