Since its incorporation on October 24, 1984, Juaben Rural Bank Ltd has established itself as one of the leading rural banks in Ghana, renowned for its impeccable reputation. Driven by its motto, “Being amongst the best,” the bank strives to realize its vision of becoming the most preferred rural bank in Ghana.
Located in Juaben, Ashanti Region, approximately 30 kilometers from Kumasi, the bank’s head office serves as a hub for its operations. Notably, Juaben Rural Bank Ltd was the 93rd rural bank to be established in Ghana and the 18th in the Ashanti Region and was commissioned with an initial share capital of GH2,213.98, the highest in the country at the time.
The bank’s inception was inspired by Dasebre Otuo Siriboe II, The Omanhene of the Juaben Traditional Area, who resolved to establish the bank during the 10th anniversary of his enstoolment. This vision has since grown into a thriving institution, dedicated to serving the community and fostering economic growth.
In 1984, a competent Board of Directors led by Nana Ampem Awuah Darko I, was established to implement practical policies for growth. After his passing in 2005, Mr. Kwabena Asante Krobea Esq. took over, bringing new energy and strategic direction to enhance corporate governance and performance. In 2022, Nana Dr. Appiagyei Danka-Woso I, succeeded him. Three exceptional leaders have chaired the Board, while three Chief Executive Officers have managed the bank’s affairs: Mr. Emmanuel Aboagye (1984-2009), Noble Kwabena Agyei-Poku (2009-2019), and Noble Augustine Awere Damoah (2019-to date). Each has significantly contributed to Juaben Rural Bank’s progress.
Financial Performance and Products
Beyond its conventional savings and current accounts, Juaben Rural Bank Ltd has pioneered a range of innovative products designed to cater for the diverse needs of its customers. These innovative offerings have a direct and positive impact on customers’ financial lives. Through creative genius, the bank has introduced ground breaking products such as: Daakye Nti Investment: A tailored investment solution for kids’ education and Cash Collection Services: harmoniously integrated cash collection at event venues whilst modifying existing products to make them more attractive to potential and existing customers at large.
These innovations have impacted positively on the bank’s performance in the last six years. The total assets have experienced a remarkable surge over the past six years, skyrocketing from GHS112,956,693.00 in 2019 to GHS388,681,795.00 as of September 2024, marking a 244% increase. Similarly, total investments have witnessed an unprecedented growth, soaring from GHS47,483,163.00 in 2019 to GHS231,962,066.00, representing a staggering 389% rise. Deposit growth has also seen a dramatic uptick, climbing from GHS92,964,912.00 in 2019 to GHS339,532,239.00 as of September 2024, representing a 265% increase. Furthermore, loans and advances have demonstrated a significant escalation, rising from GHS41,719,476.00 in 2019 to GHS70,874,736.00 as of September 2024, representing a 70% increase.
Juaben Rural Bank Ltd has a longstanding policy of consistency when it comes to dividend payments. With the exception of the COVID-19 pandemic years (2019 and 2020), where the bank strategically withheld dividend payments, the bank has consistently distributed dividends to shareholders. In the years 2021, and 2022, the bank paid out dividends of GHS932,929.02, and GHS1,125,053.00 respectively, demonstrating its commitment to rewarding shareholders. The consistent payment of dividends has played a significant role in driving the growth of share capital over the years as seen in the graph above. As the bank has distributed dividends to shareholders, it has attracted more investors, leading to an increase in share capital. This, in turn, has enabled the bank to expand its operations, invest in new opportunities, and further enhance shareholder-value.
Corporate Social Responsibilities
Juaben Rural Bank Ltd is very much conscious of its corporate social responsibilities. Several initiatives that seek to promote the welfare of the people within the communities the bank serves have been embarked upon, including the construction of a multipurpose x-ray department for the Juaben Government Hospital, which has significantly improved healthcare services in the area. Additionally, the bank has provided state-of-the-art boreholes for many deprived rural communities, ensuring access to clean portable water for the residents. Juaben Rural Bank Ltd has also demonstrated its generosity through numerous donations, both in-kind and cash, to various schools, organizations, development partners, and the Ghana Education Service.
In tune with our commitment to support needy but brilliant students, the bank has granted scholarship to a total of 162 students who have a family member invested in the bank’s shares. These initiatives underscore our commitment to corporate social responsibility and determination of making a meaningful difference in the lives of others in the last 40 years.
40th anniversary celebration Activities
The bank celebrates its 40 years’ anniversary on the 24th of October 2024 and as part of activities marking the celebration we deeply invested in environmental sustainability stewardship, recognizing its critical role in shaping a resilient future. To combat the pressing issue of environmental degradation, the bank organized tree planting exercise at Juaben with the aim of planting 40,000 trees in the next five years. This is aimed at instilling a culture of sustainability among the community. Furthermore, clean-up exercises, designed to revitalize urban ecosystems, foster a healthy environment, and ultimately drive business growth have also been undertaken at Ejisu and other suburbs of Kumasi like Tafo and Pankrono. These impactful initiatives were strategically aligned with our 40th-anniversary celebrations, emphasizing our commitment to environmental responsibility and corporate citizenship.
Achievements
Juaben Rural bank Ltd continuous pursuit of excellence has been recognized both nationally and internationally, as evidenced by the numerous awards we have received. The bank is proud to have been a prominent member of Ghana’s Prestigious Club100 and to have received the Ashanti Financial Service Excellence Awards under the auspices of Manhyia on several occasions. As a feather in our cap the bank’s commitment to quality, technology, and innovation has been recognized globally as we have been honoured with International Star (Gold) Award for Quality in Geneva, Switzerland and the World Quality Commitment Platinum Award in Paris, France. And now the bank has been awarded by the Ghana National Chamber of Commerce and industries as THE BEST RURAL BANK OF THE YEAR 2023. Proud of these recognitions, the bank is motivated to serve customers better and build lasting relationships.
Locations
Juaben Rural Bank Ltd boasts of eleven (11) branches strategically located in the Ashanti region of Ghana. The bank’s head office is situated in Juaben, approximately 30 kilometers from Kumasi. The branches are conveniently located in: Ejisu, Bonwire, Fumesua, Kejetia, Roman Hill, Suame New Road, Pankrono, Aboaso, Onwe, Sepe, and Juaben.
The Future Prospects
The future prospects for our bank are truly remarkable. We are eager to expand our coverage and services, with plans to open new branches at other strategic zones identified which will enable us to better serve the unserved markets within Ashanti and other region.
In addition, we are committed to leveraging digital platforms to provide convenient and innovative services to our customers. Our Blue Wallet app which soon be introduced, is a key component of this strategy, offering users effective and user-friendly experience in transacting banking business with the bank.
Furthermore, we are dedicated to exploring Agency banking creativity to expand our market frontiers. By embracing top notched technology and innovative banking solutions, we aim to stay ahead of the curve and meet the evolving needs of our customers.
Overall, our goal is to continue providing exceptional service, driving growth, and making a positive impact in the communities we serve.
By Nana Dr Appiagye Danka-Woso, Board Chairman
