Latest figures from the Central Bank covering the second quarter of 2020, shows an improvement in the value of deposits mobilized by rural and community banks (RCBs) between April and June of 2020, when compared to the same period in 2019.
According to the data, deposit mobilization by rural and community banks, RCBs, saw a jump in the past twelve months by 22 percent.
The data also stated that deposits increased from GHS 3.5 billion in quarter two of 2019 as compared to GHS4.3 billion for quarter two of 2020 representing an increase of 6.4 percent.
This comes despite the impact of the COVID-19 pandemic on the economy.
In terms of assets, total assets of rural and community banks for the second quarter of 2020 was valued at GH¢5.1 billion cedis, representing a growth of 5.4 percent from GH¢4.8 billion recorded in the first quarter of 2020.
On year-on-year basis, total assets grew by 18.5 percent at the end of the second quarter of 2020.
Total assets of the rural and community banks in the banking system constituted 3.5 percent at the end of the second quarter of 2020, broadly the same composition as at the end of the first quarter of 2020.
Loans and advances made by the rural and community banks also stood at GH¢1.5 billion in the second quarter of 2020, indicating a rise of 3.1 percent from GH¢1.4 billion recorded at the end of first quarter of 2020.