La Community Bank Limited Holds 27th AGM

The La Community Bank Limited, (LCBL) one of Ghana’s premier rural banks is set to go hi-tech in order to stay competitive with commercial banks in business and equally check fraud in dealing with its clients in the country?, Mr. B.A. Gogo, acting Board Chairman of the bank has revealed.

“The bank will also result to the use of social media as tool to inform it?s cherished customers on its daily operations and also market its services timely to their clients? he hinted.

He said: ?We have a Susu product which we’ve realized that when the collectors received money from customers on daily basis to be deposited in their accounts on their behalf, they don?t bring it to the bank so we are going electronic where the collector has to put the money into a device and it goes into the customer?s account instantly so the customer will then receive an SMS notification indicating successful transfer of the money into his or her account”.

The acting Board Chairman of the La Community Bank Limited(LCBL), Mr. B. A. Gogo, made the revelation known to Journalists in an interview at the bank?s 27th Annual general meeting held at the Osu Ebenezer Presbyterian Church Hall in Accra on last Friday, June 26.

He explained one of the major hurdles the bank is faced with is competing with commercial banks in the country due to its location in the capital city, though rated as a rural it makes it difficult for the bank to remain on its toes all the time to be able to provide quality services to meet the higher standards set up by these ?bigger banks? in the banking sector.

“The bank has a peculiar problem which is competition; though you might want to refer to the bank as a rural bank, but because it operates in the city therefore it has to compete with the commercial banks in the city and that’s where it’s problems lies” Mr. Gogo noted.

He disclosed the bank has spent a lot on its resources to make sure the competition with other banks is not just in customer service but including logistics and other resources needed to emulate the top class banking standards.

“When you go into our banking hall in Accra, you will not find it any different from that of commercial bank, so we have spent a lot of resources to make sure that the competition is not just in customer service; the environment, logistics and all that you can get from a commercial bank is available” he stressed.

Rated among the best rural banks in Ghana, LCBL continues to strive with excellent performance in its operations; banking products and services competing commercial banks within the banking industry in Ghana

The bank has increased its deposit by 22% over the past year, an achievement which Mr. Gogo described as something that is ‘enviable’ even among the bigger banks.

LCBL has also extended its operation from La to Madina and Teshie Nungua with plans to establish another branch around Kaneshie which located within the Western part of Accra, the board chairman has revealed.

The La Community Bank Limited (LCBL) is one of the first rural banks established in Ghana in the year 1987 with the aim of serving and impacting the lives of the people within the locality in which it is situated in diverse ways.

Since its inception twenty-seven years ago, the bank has never taken its corporate social responsibility lightly at all.

According to the board chair, the bank has managed to sponsor about hundred and twenty-four students (24) with scholarship packages within some senior Secondary and Tertiary Institutions in the country with some of these beneficiaries becoming Engineers and Medical Doctors and so on. Most of them have also become very high professionals in various fields of life within the locality.

In addition to that, The bank also have a location every year which is put aside for the development of the La community and has also been able to work with the La Town Development Association called La Mansaamo Kpee to come out with so many developmental projects like the provision of pipe born water and more.

In the spirit of good corporate social responsibility, LBCL has also assisted the Labone Secondary School to solve its water problem by paying a company to dig a well for the school. A development which has aided students with a great relief saving them cost and time instead of going round looking for water every morning.

At the meeting, one of the shareholders, Kusi Appiah appealed to the authorities of the bank to help come to the aid of the community by providing them with a community Library so as to help improve education and learning among youth within the community.

Another shareholder, Henry Adjei also made a suggestion that there should be installation of an ATM machine with 24-hours security services within the premises of the bank which will serve customers who want to withdraw cash with easy access and transaction. This suggestion was debated and given an approval by all shareholders including the board members of the bank pending implementation this year.

Apart from it?s Susu account known as LACO Save scheme which automatically qualifies its loyal account holders for a loan facility, LCBL also have a wide range of products and services to its customer satisfaction which includes Current Account,Savings Account,Fixed deposit account,Investments in Government Securities and other Instruments on the money market account,Loans and Advances,E-Zwich,Issue of Payment Order Services,Safe custody Items,Apex Loans Domestic Transfers ,Western Union Money transfers,Efie ne Fie,Payment of Electricity Company of Ghana Bills Financial Support for Small/ Medium Scale Enterprises and a whole lot more.

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