Amenfiman Rural Bank PLC to Expand MSME, Agribusiness Financing

Accra: The Amenfiman Rural Bank PLC has revealed plans to enhance its support for micro, small, and medium enterprises (MSME) and the agribusiness sector by increasing financing for clients within these areas. This initiative aims to bolster food security, foster job creation, and economically empower women and youth.According to Ghana News Agency, Professor Lucas Nana Wiredu Damoah, the Board Chairman of the Bank, highlighted the importance of these sectors in Ghana's development during the 41st Annual General Meeting (AGM) of shareholders. The bank's strategy includes investing in renewable energy to align with sustainability goals, with a plan to implement an additional 100 kW/year in renewable energy capacity, thereby reducing carbon footprints and enhancing environmental, social, and governance profiles.In the realm of information technology and financial technology (Fintech) partnerships, the bank is exploring innovative ways to expand its mobile and agency banking capabilities. This effort aims to extend banking services to unbanked populations, significantly contributing to national financial inclusion endeavors. Prof Damoah also outlined plans to expand the bank's branch network, seeking regulatory authorization to establish new branches in Wasa Japa, Takoradi, and Kumasi. This expansion would add to the existing 18 branches and four mobilization centers, enhancing outreach and accessibility.Discussing the bank's financial performance, the Board Chairman noted an impressive increase in net operating profit before tax, which rose by 271 percent from GH?24 million in 2023 to GH?89 million in 2024. Additionally, the return on equity increased to 48.28 percent in 2024 from 23.02 percent the previous year. This growth is also evident in other financial indicators, including return on assets, return on capital employed, and earnings per share.The bank reported a net profit after tax of GH?55.3 million for the year under review, marking a significant improvement from GH?16.8 million the previous year. P rof Damoah attributed the bank's strong profit margin growth to strategic cost management and a focused shift towards active portfolio management, as well as diversification of investment and loan products.