Background
The idea for setting up the Bank was initiated by the Toende Development Club and other opinion leaders who were inspired primarily by the need to bring Banking services to the doorsteps of the Toende people. Workers in the district have been transacting banking business either in Bolgatanga or Bawku which are both far away from Zebilla. This led to the loss of several man-hours and days which otherwise, would have been put to productive use.
Business overview
Toende Rural Bank (TRB) PLC is registered under the Companies’ Code of Ghana, Act 2019 of 992 as a Public Liability Company and licensed by the Bank of Ghana (BOG) under the Banking Act, 2004, Act 673 to operate as a rural Bank. The headquarters of the Bank is located at Zebilla, Bawku West District capital
The Bank’s business address is P. O. Box 5 Zebilla, Bawku West District. The Bank can be contacted on cell phone 0382097080/0382097082. The contact persons are; the General Manager, and the Board Chairman. It’s Banker is ARB Apex Bank, Bolgatanga branch.
Ownership and Management
The Bank’s ownership is largely Ghanaian, with a current shareholding at 501. The breakdown of the shares are; 22% for Bawku West District Assembly, 9% for Felix Foundation of Belgium, 10% for Six Women groups and 59% for Individuals. The Bank is managed by a seven-member Board of Directors and the General Manager as the Board Secretary.
Key Initiatives and Objectives
The medium to long-term plans and objectives of TRB PLC include the following:
Target Market and Customers
TRB PLC operates in the Bawku West District, Binduri, Nabdam, Talensi,Bawku and Bolgatanga Municipalities which together with its environs constitute its target market. Its target customers include farmers, farmer-based organizations, community-based organizations, agro-traders and processors, formal and informal sector workers, government departments and agencies and NGOs operating in the district.
Marketing plan and strategy
TRB PLC will distinguish itself from competition by offering fast, reliable and efficient services that meet the expectation of its customers. TRB PLC will operate in such a way that customers’ busy schedules will be met. The usual long queues characteristic of other Banks during payment of workers’ salaries and pension will be curtailed by deploying all staff during such periods. The Bank also installed an Automated Teller Machine (ATM) which eases congestion in the Banking hall during pay days.
Competition within the Bank’s catchment area
With branches in the Bawku West District, Bolgatanga and Bawku Municipalities, the Bank faces stiff competition from the Universal Banks, Non-Banks Financial Institutions (NBFIs) and other RCBs. Out of the 23 universal Banks operating in the country, 11 are operating in the Bank’s catchment areas and four other RCBs; Naara, BESSFA, Bongo and BUCO Rural Banks. Other competitors include Savings and Loans Companies; Multi-Credit, Dalex, Leshego & Bayport Financial Services etc and NGOs that operates microfinance schemes.