Ghana’s rural and community banks have made significant strides in their quest for modernization, successfully implementing digital banking platforms.
This transformative development was made possible through the Financial Sector Development Project (FSDP), a joint initiative by the Government of Ghana and the World Bank.
The FSDP’s support underscores the government’s strategic commitment to deepening financial inclusion in the country through the rural banking subsector. Customers of rural and community banks can now access a range of banking services conveniently using the USSD code *992# or the RCB Mobile Banking App.
Key Digital Services:
- Fund Withdrawal and Transfer: Customers can easily withdraw and transfer funds.
- Bill Payments: Payments for various bills can be made directly through the platform.
- Account Statements and Cheque Requests: Customers can request account statements and cheques.
Pilot Phase Success:
The pilot phase of the USSD platform involved over 81,000 customers and recorded approximately 700,000 transactions, totaling GH₵323 million.
This success demonstrates the platform’s potential to meet the needs of rural and community bank customers.
Expansion of Digital Services:
ARB Apex Bank PLC is distributing 5,000 Point of Sale (PoS) devices to rural bank agents across the country. These devices will enable customers to perform banking transactions at various locations, including restaurants, supermarkets, and standalone money operators.
Benefits of Digital Banking:
- Convenience: Customers can access banking services without visiting physical branches.
- Reduced Costs: Digital banking reduces the need for new branch offices, leading to cost savings.
- Improved Efficiency: Digital platforms streamline banking processes and enhance efficiency.
Additional Initiatives:
- Deposit Mobilization: The Deposit Mobilization Module on POS devices facilitates Susu collections, addressing cash suppression issues.
- Internet Banking: ARB Apex Bank is working on an internet banking solution to further enhance customer experience.
Call to Action:
The Managing Director of ARB Apex Bank encouraged CEOs of rural and community banks to fully embrace these new platforms and expand their services to existing and potential customers. By doing so, they can contribute to the government’s financial inclusion strategy and drive economic growth in Ghana.
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