MICROCAPITAL BRIEF: Managing Director of Ghanaian Area Rural Bank Apex Cautions Against Fraud by Interns

Eric Osei-Bonsu, Managing Director of the Area Rural Bank Apex Bank (ARB Apex Bank), an umbrella organization of rural and community banks (RCBs), some of which provide microfinance services, warned against individuals who might do significant financial damage to banks under the disguise of interns at a meeting of its member rural banks on September 11, 2010.

He added that “some banks have lost huge sums of money through the manipulation of clearing by these fraudsters.” Mr. Osei-Bonsu urged all banks to conduct due diligence on perspective interns and pay careful attention to large withdrawals.

About ARB Apex Bank:
ARB Apex Bank Limited, founded in 2000, is a public limited liability company that operates twelve branches and office centers in Ghana. ARB Apex Bank is a dedicated controlling bank for rural and community banks, and aims to provide rural and community banks (RCBs) with financial services, new technology and banking products and staff training. ARB Apex Bank’s shareholders are RCBs.As of 2006, ARB Apex Bank reported total assets of GHC 474 million (the equivalent of USD 3,300).

By Trevor Kwong, Research Assistant

Sources and Additional Resources:

[1] Source Article: The Ghana News Agency: Interns/Service personnel posing threat to Rural Banks – Apex:
http://www.ghananewsagency.org/s_economics/r_20244/

[2] MicroCapital Universe: ARB Apex Bank:
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=ARB+Apex+Bank

Browse the MicroCapital Universe and add your entry to the wiki at

https://www.microcapital.org/microfinanceuniverse/.

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