Akrofuom Financial Products
Current Account Service
Do you require an account with more features than only the ability to receive and send money? Then AARB’s current account is exactly what you need for individuals, churches, corporations, Groups, Schools, Companies and Firms.
Features and benefits:
No limit to withdrawals, standing order instructions, Availability of Cheque books, Free transfer of funds from one AARB account to another bank, Third party cheque withdrawals, Access to an overdraft facility, Easy access to funds across Ghana through any AARB Agency.
Akrofuom Savings Account
This is ordinary savings account with a difference because of its attractive interest rate, Deposits could be made directly at the branch or given to a SUSU Field Cashier, Withdrawals could be made at any time at the branch by the customer, Initial deposit of GHC20.00 is required and A savings passbook is issued to depositors.
SUSU Deposit Account:
This is a normal SUSU savings account.
A minimum daily contribution of GHC5.00 and above is required
SUSU Field Cashiers go around daily to collect the contributions The contributions could be used as a guarantee fund for a loan after 2 months of contribution. A SUSU savings passbook is issued to contributors.
Salary Account Service
This account is only for salaried employees. Value-added services that the traditional current account does not offer are offered by the salary account.
Features and benefits:
Low account opening amount of GHS20.00
Individual Susu Loans:
Two months’ SUSU Savings contribution is required
SUSU contribution serves as a guarantee fund
An applicant with a fixed place of business or permanent place of business qualifies
Repayment period is within 6-8 months
Daily or Weekly repayment of the loan is required
Personal guarantors of good standing are required
SUSU Field Cashier collects the loan repayment from the field daily
Approval is within 72 hours.
Microfinance Group Loans
Two (2) weeks of group savings accounts operations are required
Group members opened individual savings accounts and operated for two weeks
Training for group members for a period of two (2) weeks is required.
Microfinance group loan members must be involved/engaged in some small/micro business activities
Group loan is given for a period between 6-8 months
Petty Traders, Societies, Clubs, Associations, Unions, Artisans, Hair Dressers/Tailors qualify for this type of loan.
A minimum of seven (7) group members is required and a maximum of 15 members.
Group joint guarantee is required, (joint and several responsibilities).
Group/individual loan application Form is completed after 2 weeks of savings and training
Good interest rate
Approval of group loan is within 5 working days,
Loan repayment shall be on equal daily/weekly Susu contributions
SME Loans/ Commercial Loans
Business Enterprises and Individuals qualify for this loan.
A savings/ current account is opened and operated for three (3) months.
Collateral security is required.
Personal guarantee by Directors is required in the case of a company.
Good interest rate
Commercial loans will be granted on a Short/Medium Term basis, that is, between 4 to 12 months
Repayment period between 4 to 12 months.
Equal monthly instalment repayment of principal and interest is required.
Evidence of account operations for 3 months is required (account statement provided).
Approval is within 48 hours if all documentation and appraisal report is submitted.
Payroll Loans (Salary Workers)
One-month current account operations are required
Three months’ salary pay slips are required from old customers
Guarantee is required from Heads of Institutions and colleagues of the applicant
Applicant must be a salaried worker who collects his/her monthly salary through the AARBL branch
Good interest rate
Approval is within 48 hours if all documents are completed and submitted
Repayment is between 6 to 18 months
Akrofuom Fixed Deposit Account
A form of fixed deposit.
Customer deposit money for a fixed period of not less than 6 months
An amount of GHC2,000.00 and above.
Funeral Loan (Abusuapanin Anidasour)
One week (1) Family or Clan account operations are required
Funeral loan request form should be completed
Funeral invitation card is required
Duration of the facility is 14 days from the date of disbursement of the loan.
Farmer-Based Loan
Three months of savings account operation is required
All type of farming activities qualifies for this loan.
Personal and group guarantee is required.
Group and Individual farmers qualify for this loan.
Good interest rate
Loan size will depend on the farming activity to be financed
Repayment period range between 4 to 12 months depending on the gestation period of the crops cultivated.
Bullet repayment of interest and principal is allowed.
Approval is within 5 working days if all appraisal documents are completed and submitted
