Sonzele Rural Bank Limited was incorporated in 1980 and granted the licence to operate the Business of Banking by the Bank of Ghana on the 24/11/1983, in Jirapa in the then Jirapa/Lambussie District of the Upper West Region. The Bank has been established to offer financial intermediation to the people within its catchment area through effective fund mobilization, fund management and the provision of sound credit.
Sonzele Rural Bank records GHS 545,583.00 profits
The Sonzele Rural Bank Limited, which has its headquarters at Jirapa, made a profit of GH¢545,583.00 for the year 2014, representing 51 per cent increase over its 2013 figure of GH¢360,424.00. It also increased its loans and advances significantly from GH¢1,222,648.00 to GH¢1,865,190.00, constituting a rise of 53 per cent.
25% corporate tax suffocating Rural Banks ... Apex Bank MD appeals for drastic reduction
Until September 1, 2015, when the Ghana Revenue Authority (GRA) announced the new Income Tax Act 2015, (Act 896), the Rural and Community Banks (RCBs) were paying eight percent tax on their annual income, which was increased to 25 percent.