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The Member of Parliament for Dormaa West constituency,  Mr. Vincent Asamoah, has urged customers in the banking sector to be extremely mindful about where they deposit their savings to avoid becoming victims of the activities of fraudulent non-financial institutions.

Speaking at the Sixth Shareholders’ Annual General Meeting and Commissioning of the Nkrakwanta Rural Bank’s New Head Office in Nkrakwanta, Mr Asamoah advised the banks to desist from engaging in fraudulent activities, which could adversely affect the image and economic fortunes of their businesses.

The Nkrakwanta Rural Bank Limited urged shareholders to purchase more shares to help meet the minimum capital requirement of the Central Bank.

Mr Edmond Joseph Akomian, the Chairman of Board of Directors of the Bank said during the year under review the country’s economic performance deteriorated and this negatively affected the Bank’s activities.

“All the macroeconomic indicators including the rate of inflation, interest rates, exchange rates and others recorded adverse movements,” said. ”There was also intense competition in the Bank’s operational areas from orthodox and non-orthodox banks as well as other entities in the informal sector such as “Susu” operators and money lenders.”

The Bank of Ghana in July announced an increase in the minimum capital for micro finance institutions, financial NGOs and rural banks.

The institutions need to meet at least part of the new minimum capital before they can operate by the end of the year and everything by 2017 for rural banks  and 2018 for micro finance.