Customers of rural and community banks (RCBs) would by the end of this October experience internet and mobile banking solutions as the test phase of the USSD component has been completed.
The project, supported by the World Bank through the Ministry of Finance, under the broader national Financial Sector Development Project (FSDP), is an answer to meeting the RCBs innovation and technology demands for enhanced operation.
Mr Alex Kwasi Awuah, the Managing Director, ARB Apex Bank, disclosed this at the 22nd Annual Conference of Chief Executive Officers (CEOs) of RCBs in Ho.
The five-day Conference, being attended by more than 200 delegates, is on the theme: “Expanding the Frontiers of Business for Rural and Community Banks Post DDEP – Role of CEOs.”
He said the system would run on the short code *992#.
The RCBs Mobile Banking App is awaiting deployment as the banks have begun recruiting agents ahead of the launch of the industry changing project.
Mr Awuah said the Ministry of Finance, through the World Bank support, has procured 5,000 Point of Sale (PoS) devices, which had been delivered to the ARB Apex Bank.
The devices will be distributed to the banks in compliance with the Bank of Ghana’s agent recruitment requirements and guidelines to facilitate the start of the Agency Banking component of the project in November, this year.
“We are happy to also announce that we are far advanced in the development of the Internet Banking solution. We intend to deploy this solution in the first quarter of 2024,” Mr Awuah said.
Arguably, the sector was a little behind the curve in the Financial Technology (Fintech) revolution in the country but Conference had engaged a technocrat to lead discussions on how to leverage the opportunities in the Fintech space to grow revenues and improve shareholder value for the banks.
Dr Toni Aubynn, the Board Chairman, ARP Apex Bank, said expanding the frontiers of business for RCB would require a multifaceted approach, including embracing innovation and technology.
This would enhance their efficiency and effectiveness into digital banking solutions, mobile payment platforms, and online lending services to help bridge the gap and foster strategic partnerships and collaborations.
“As CEOs, we have the power to shape the future of our banks and make a lasting impact on the communities we serve. We must remain committed to our social responsibility obligations,” he said.
“As CEOs, we have a duty to act in the best interests of our communities and the environment. By integrating sustainable practices and standards into our business models, we can contribute to the well-being of our society and preserve our natural resources for future generations”.