RCBs urged to market digital platforms to enhance banking experience for customers
By Kutumuyewoo Nabari
Managing Director of ARB Apex Bank, Mr. Alex Kwesi Awuah, has encouraged rural and communities banks (RCBs) to educate customers about their digital banking products and payment platforms to enable them to transact business directly from their mobile phones—including funds transfer, bills payments, accounts balance verifications and statements request.
In a speech delivered on his behalf at the 34th annual general meeting of Awutu Emasa Rural Bank, held at Awutu Bereku in the Central Region, he also implored the banks to sign onto agency banking to reduce overhead costs associated with physical banking.
“With regard our USSD code “*992#” and Point of Sale agency banking services, ARB Apex bank is urging rural and community banks (RCBs) to market this service to ensure all customers sign up for this innovative banking solution,” he advised.
According to Mr. Awuah, increased use of digital platforms will increase fee incomes for RCBs, enhance agent banking penetration within the communities as well as alleviate the burden, cost and risks associated with customers traveling to the banks.
The overall financial performance of Emasa Rural Bank for the year under review was highly commendable, with a remarkable 406.19 percent growth in profit before tax—increasing from GH¢166,168.00 in 2023 to GH¢840,955.00 in 2024, while loans and advances grew by 53.17% rising from GH¢5.3 million from 2023 to GH¢12million in 2024.
“This performance is significant, especially considering the substantial challenges faced by the banking sector and businesses in general adding they are confident that with the appropriate structures in place, the Bank can further enhance its credit extension to the communities,” Mr. Awuah said of the bank’s figures.
He however acknowledged that RCBs have become risk-averse due to the financial sector clean up and related regulations, even though credit remains crucial for entrepreneurship and the economic liberation of Ghana’s rural economy.
On his part, the board chairman of the bank, Mr. Providence Ewool, revealed that the bank’s total operating income grew from GH¢3,703,037.00 in 2023 to GH¢6,269,157.00 in 2024 while its operation expenses also increased from GH¢3,536,868.00 in 2023 to GH¢5,428,202.00, an increase of GH¢1, 891,334.00 representing 69.30 percent.
Mr. Ewool also indicated that the bank did not shirk its responsibility towards the society in the year under review as it supported a number of institutions including the Effutu directorate of the National Commission on Civic Education, Senya Akomase Festival, Awutu Awubia Festival, and the Farmers Day Celebration in Awutu-Senya District.
Mr. Ewool, who has completed his tenure as a board member and chairman, urged the new board to put in place stringent measures to help recover non-performing loans in order to reduce bad loan provisions and to encourage the shareholders to buy more shares to go a long way shore up the capital of the bank to comply with the capital adequacy ratio threshold.
He further thanked the current and past staff and board members for their commitment to duty and contributions towards the growth of the bank.
