Officials from the ARB APEX Bank in Ghana are gearing up to distribute 5,000 Point of Sale (PoS) devices to agents representing Rural and Community Banks (RCBs) as part of the Financial Sector Development Project (FSDP). Currently, 2,000 devices have been processed, and distribution efforts will soon commence across various RCBs, with the remaining 3,000 devices slated for readiness by the second quarter of 2025. This announcement was made by the Managing Director of ARB APEX Bank, Mr. Alex Kwasi Awuah, at the 23rd Annual National CEOs’ Conference held at the Volta Serene Hotel in Ho, Volta Region, from October 16 to 20, 2024. The initiative is aimed at enhancing customer convenience, allowing individuals to conduct banking transactions without the necessity of visiting physical bank branches.
The recipients of these PoS devices include a variety of local businesses, such as restaurants, supermarkets, standalone money operators, and educational institutions that have partnered with RCBs to provide Agency Banking services. This move is expected to significantly reduce overhead costs associated with establishing new physical bank branches since the PoS systems can replicate nearly all services found in traditional banking locations. Mr. Awuah highlighted the positive impact of this initiative on rural banking, positioning it as a modern solution that meets the needs of customers in a rapidly evolving financial landscape.
In addition to the PoS devices, Mr. Awuah shared the success of a new Deposit Mobilization Module intended for Susu collections utilizing the PoS system, which is also being supported by the FSDP. So far, ARB APEX Bank has successfully deployed 688 PoS devices specifically for Susu transactions and received requests for an additional 823 devices to meet growing demand. This introduction of technology is significant, as it aims to combat the issues of cash suppression that have historically plagued Susu operations within the banking sector. To date, the new system has facilitated 491,743 transactions, accumulating a total transaction value of GHS 111,235,224.05.
The ongoing 23rd Annual National CEOs’ Conference is a pivotal event for the leaders of Rural and Community Banks, providing a platform for discussion and collaboration on the pressing challenges and opportunities within the rural banking sector. This year’s conference is themed "Positioning Rural Banking at the Centre of the National Financial Inclusion Agenda," emphasizing the critical role of rural banks in promoting financial inclusion throughout Ghana. This aligns with the overarching goals of enhancing accessibility to banking services for underserved populations, thereby reinforcing the original vision behind the establishment of rural banking in the country.
The conference serves as a follow-up to last year’s event, which focused on "Expanding the Frontiers of Business for Rural and Community Banks Post-DDEP: The Role of RCBs," indicating a continued emphasis on adapting to the evolving financial landscape. Participants engage with various topics that resonate with the needs of their institutions and the communities they serve. It provides an opportunity for banking executives to share insights, address sector-specific challenges, and explore innovative solutions to better serve their clients and contribute toward economic development in rural areas.
As ARB APEX Bank moves forward with these initiatives, the emphasis remains on leveraging technology and innovative banking solutions to enhance financial inclusion and improve service delivery. The strategic adoption of PoS devices and the successful implementation of the Deposit Mobilization Module for Susu collections exemplifies the bank’s commitment to modernizing rural banking practices while addressing customer needs effectively. With these developments, RCBs are poised to play a more significant role in the national financial inclusion agenda, ultimately leading to improved economic opportunities for individuals and businesses in the communities they serve.
