La Community Bank Limited set to go hi-tech in order to remain competitive with Commercial Banks in Ghana

“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.http://www.ghanaweb.com/GhanaHomePage/business/La-Community-Bank-Limited-set-to-go-hi-tech-365056

"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 27^th  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 so-called ‘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 the problem 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 excellence in the performance of its operations; banking products and services competing with 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 'enviable' even among the bigger banks.

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

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 (124) 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 including the  provision of pipe-born drinking water to serve the community.

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 day in the 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 its 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.