By Enock Akonnor enockakonnor2013@gmail.com
+233 541921562
Officials of ARB APEX Bank are poised to distribute 5,000 Point of Sale (PoS) devices to agents of Rural and Community Banks (RCB) across the country through the Financial Sector Development Project (FSDP).
2,000 of the devices have been processed and distribution to the various RCBs is beginning in earnest soon.
Officials have hoped completing the remaining 3,000 POS devices by the second quarter of the year 2025.
This was disclosed by the Managing Director of ARB APEX Bank, Mr. Alex Kwasi Awuah in his remarks at the 23rd Annual National CEOs’ Conference of Rural and Community Banks, held at the Volta Serene Hotel, Ho-Volta Region, on Thursday, 17th October, 2024.
The RCB Agents would include restaurants, supermarkets, stand-alone money operators, schools, etc, that have signed for the Agency Banking business with RCBs.
The foregoing intervention as announced by the Managing Director is expected to bring greater convenience to customers, who will be able to perform banking transactions without having to go through the drudgery of visiting distant banking halls.
“It will also reduce the overhead costs of constructing new branch offices for RCBs since this additional PoS channel of delivery offers almost all banking services that the physical bank branches perform”.
Mr. Alex Kwasi Awuah further disclosed that the implementation of the FSDP has enabled the successful introduction of the Deposit Mobilization Module on the POS devices for Susu Collections.
He said officials at ARB APEX Bank have deployed 688 PoS devices to RCBs for Susu operations and have also received additional requests for 823 PoS devices to be supplied to their banks.
“So far we have recorded 491,743 transactions with a total value of GHS 111,235,224.05.
It is worthy to note that this innovative method of deposit Mobilization will assist in eliminating the rampant cash suppression that has characterised the Susu operations in our banks.
ABOUT 23rd Annual National CEOs’ Conference
The event which is currently ongoing (16th- 20th October, 2024) is held purposely for Chief Executive Officers (CEOs) of Rural and Community Banks.
It is organised on the theme: Positioning Rural Banking at the Centre of the National Financial Inclusion Agenda”, touching directly on the new focus of rural and community banking in contemporary Ghana.
The theme reinforces the financial inclusion objective of the establishment of rural banking in Ghana.
Moreover, it is a sequel to last year’s conference held at the same venue on the theme “Expanding the Frontiers of Business for Rural and Community Banks Post-DDEP: The Role of RCBs”.
