The 2023 FinTech Sector Report by the Bank of Ghana (BoG) has revealed remarkable growth in the country’s digital financial landscape. Mobile money accounts have surpassed 65 million, with transaction values exceeding GH¢1.9 trillion.
This milestone marks significant progress in Ghana’s journey towards a more inclusive and cash-lite economy. The growth is driven by the increasing adoption of mobile financial services, providing reliable and efficient access to financial services, especially in underserved and rural areas.
According to the report, mobile money has become a dominant force in Ghana’s financial ecosystem, with the volume of transactions experiencing exponential growth year after year. The Bank of Ghana underscores the critical role of Rural and Community Banks (RCBs) in the national financial inclusion agenda.
RCBs serve as key financial service providers for rural populations and have a unique opportunity to harness technology and digitalization in their operations. By adopting digital solutions, RCBs can help bridge the financial access gap in rural areas, providing more tailored services to meet the needs of local communities.
At the 23rd Annual Chief Executive Officers’ Conference in Ho, Second Deputy Governor of the BoG, Mrs. Elsie Addo Awadzi, emphasized the importance of digital transformation in the rural banking sector. “RCBs must leverage technology to expand their reach and improve service quality,” she stated.
Mrs. Awadzi encouraged RCBs to develop tailored financial solutions addressing the unique needs of local communities, including farmers, small-scale traders, women, and persons with disabilities. “RCBs must offer services aligned with agricultural and business cycles,” she added.
“To truly serve rural populations effectively, RCBs must develop tailored financial solutions that address the unique needs of local communities,” Mrs. Awadzi stressed.
She also emphasized the need for RCBs to invest in capacity building and good corporate governance practices. “This will enable RCBs to adapt to evolving financial needs and ensure long-term financial stability,” she noted.
Managing Director of ARB Apex Bank, Mr. Alex Kwesi Awuah, lauded the successful implementation of the Financial Sector Development Project (FSDP). The project has operationalized digital banking platforms for RCBs, enabling seamless and secure digital financial services.
The 23rd Annual CEOs Conference brought together 147 CEOs from RCBs across the country, discussing challenges, opportunities, and the future of the sector. The event featured representatives from the BoG, the Association of Rural Banks, and ARB Apex Bank’s Board Chairman, Dr. Toni Aubyn.
