Microfin Rural Bank grew its deposits from GH¢900,710 in 2013 to GH¢2,259,798 in the 2014 operational year, representing an impressive 151 percent growth.

The bank also made significant strides in almost all major areas of operation -- specifically loans advancements, total assets and stated capital.

Total advances increased by 99 percent from the previous year’s figure of GH¢816,871 to GH¢1,625,557 in the year under review, while the bank’s total assets surged to GH¢2,937,288 from the 2013 figure of GH¢1,575,769, representing a growth of 86 percent.

The bank, which is in its second year of operations, saw a net loss of GH¢170, 916 -- which was a 16 percent improvement over the 2013 figure of GH¢202,734 -- due largely to macro-economic instability, an increasingly competitive environment and increased cost of operations.

Board chairman Dr. Victor Antwi said the sterling performance affirms bright prospects for the bank, as it ranked 34th among the 143 rural and community banks in the country.

He said MRB is poised to extend financial inclusion to businesses and clients in the informal sector, especially rural communities within the bank’s catchment area, by forging partnerships with organisations committed to alleviating rural poverty through the delivery of innovative and appropriate microfinance services.

He said: “The bank has partnered strategic organisations to deepen financial inclusion in our area of operation. We have signed a memorandum of understanding with the Rural Enterprise Programme (REP) to provide on-lending funds to the bank, as well as provide technical assistance to micro and small enterprise agribusinesses to improve livelihoods of the rural poor.

“We have also partnered SNV Netherlands Development Organisation to provide improved fish-smoking stoves, solar lanterns and energy-saving cook-stoves to clients from Winneba and Apam, through the bank’s microfinance scheme to reduce health hazards and also improve business profitability.”

General Manager of the bank, Ishmael Kwesi Otchere, told B&FT that the impressive feat was propelled by management’s strategic decision to focus primarily on the micro-sector where most of its clients operate.

“The strength of the bank hinges on the various savings groups who are also shareholders, aside from the dedication, hard work and commitment of management and staff.

“We have innovative products that put the needs of customers first, backed by a strong marketing strategy. Going forward, we will deepen financial inclusion and leverage technology to offer convenient banking services to clients,” he said.