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COVID-19: BUCO Bank diversifies operations to support Agric sector

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As a matter of urgency to salvage businesses negatively affected by the novel coronavirus, the Builsa Community Bank has diverted its operations to support the agricultural sector.

The bank over the years has financially offered support to the trade and enterprise industry as well as the construction industry.

But due to the economic setbacks on the above sectors as a result of the pandemic, General Manager of BUCO Bank, Richard Awombadek Ajuik, said, the bank which operates in an agrarian community has diversified its modus operandi to offer financial support to the agricultural sector.

“The Covid-19 has made everything to standstill. We may have the deposits but those who will come and borrow to be able to transact businesses and bring it back are not there. And so, the businesses have generally slowed down.

We are operating in an agricultural communities and in the wake of the Covid-19, if trade is not flourishing as it should be, then we have to divert our attention to agriculture in order to boost the agriculture sector since the other sectors are not going on well”.

Mr. Ajuik, said, this exclusively to A1 NEWS in Sandema in the Builsa North District of the Upper East region.

He added that, even though the pandemic has had an effect on the bank’s operations, BUCO Bank has rather reduce its interest rates for customers while contemplating to expand its operations to other communities.

“For example, we have reduce our interest rates of loans from 30% to 26%, 29% to 27% in order to help our customers to do businesses with us. We are operating at our maximum.

We are even thinking of expanding to other communities. So, if we are able to expand, we will rather recruit instead of thinking of cutting down salaries or reduce staffing”.

Out of the 144 rural banks across the country, the ARB Apex Bank, the mother of rural banks has rated BUCO Bank in a third position in terms of best performance.

Source:| A1radioonline.com|101.1MHZ|Joshua Asaah|Ghana

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