ARB Apex Bank has secured eight million Dollars grant from the World Bank for the roll out of Agency Banking.
The initiative, when launched is expected to position Rural and Community Banks (RCBs) to take a substantial stake in the Ghanas electronic cash and cash-lite society evolution.
This was announced at the 37th Annual General Meeting (AGM) of the Nandom Rural Bank by the Wa Branch Manager of ARB Apex Bank, John Kwaku Nyamador when he represented the Managing Director of the ARB Apex Bank, Kojo Mattah at Nandom.
GBC’s Emmanuel Mensah-Abludo reports that as part of measures to actualize the initiative, a project consultant been engaged to guide the seamless execution of the project.
Mr. Nyamador indicated that the agency banking initiative which will be up and running by the first quarter of 2020 will rope in one thousand agents across the country.
He outlined some of the associated benefits, saying customers can access a number of banking services without necessarily walking into banking halls; a sense of belonging to millions of RCB customers; and the creation of thousands of additional jobs in rural as a result of small and medium businesses signing up to become bank agents for RCBs.
He stressed the need for RBCs to desist from investing in high risk instruments since those too good to be true investments often have high potential of locking up all their assets in non-recoverable investment portfolios.
Touching on cyber fraud, Mr. Nyamador announced that a Security Incident and Events Management System (SIEM) to monitor all activities is being deployed on Apex Banks network.
He added that the project is expected to be completed with the full deployment of a Security Operations Centre, (SOC), which would be connected to the National SOC at the Bank of Ghana.
“We have also initiated the implementation and certification of ISO 27001:2013, it is also expected to be completed by the end of November 2019”, the Wa Branch ARB Apex Bank Manager pointed out.
He emphasized that all the measures are meant to make RBCs fully compliant with the BoGs Cyber and Information Security Directives.
Mr. Nyamador stated that: “The RBCs are financially strong and that the ARB Apex Bank will work together with the Bank of Ghana to see to it that the identified bottlenecks in some of our member banks are addressed accordingly to ensure that depositors funds are protected…. We at the ARB Apex Bank will continue to support efforts aimed at ensuring a sound financial system in the country because that is the only path to a bright future for all shareholders of the RBCs.”
The Board Chairman of Nandom Rural Bank, Francis Kogh Beinpuo announced that the Bank was able to grow its deposit base from 13 million, 607 thousand, 768 Ghana Cedis (GH₵ 13, 607,768.00) in 2017 to 16 million, 731 thousand, 354 Ghana Cedis (GH₵ 1,731,354.00) in 2018 representing 23%.
The Share capital of the Nandom Rural Bank over period under review increased by 18% from one million, 268 thousand, 537 Ghana Cedis (GH₵ 1, 268,537.00) to one million, 393 thousand,323 Ghana Cedis (GH₵ 1,393,323.00).
Mr. Beinpuo advised shareholders to disregard those who are using the banking sector clean-up to spread false information about the financial health of the Nandom Rural Bank.
The Board Chairman thanked the General Manger of the Bank, William W. Buukinter who has served the bank for 20 years and his staff for their commitment and dedication which had brought the bank this far.
Mr. Buukinter who read the notice convening the AGM also used the occasion to introduce the management team members at the meeting.
The DCE for Nandom, Thaddeus Arkum Aasoglenang in an address read for him by the District Coordinating Director, Madam Esther Abaching commended the Nandom Rural Bank for contributing significantly to the growth and development of the local economy through its financial intermediation role.
The DCE equally urged the Board and management of the bank to up their game in rolling out appropriate products at moderate cost to help alleviate poverty in the banks catchment area.
Story by Emmanuel Mensah-Abludo
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