In a significant step toward advancing financial intermediation, rural and community banks in Ghana have launched their digital banking platforms.
This initiative has been made possible through the Financial Sector Development Project (FSDP), a collaboration between the Government of Ghana and the World Bank.
The government’s support underscores the strategic importance of the rural banking sector in promoting financial inclusion across the country. Customers can now access a variety of banking services simply by dialing the USSD code *992#.
The digital banking services available on this platform include fund withdrawals, money transfers, bill payments, and requests for account statements and cheques—all accessible from customers’ mobile phones. The RCB Mobile Banking App is also set to be rolled out soon.
During the pilot phase of the USSD platform, over 81,000 customers have registered, resulting in approximately 700,000 transactions valued at GH₵323 million. Alex Kwasi Awuah, Managing Director of ARB Apex Bank PLC, shared these insights at the recent 23rd Rural Banks’ CEOs Conference held in Ho, themed “Positioning Rural Banking at the Centre of the National Financial Inclusion Agenda.”
Furthermore, ARB Apex Bank plans to distribute 5,000 Point of Sale (PoS) devices to rural bank agents nationwide. So far, 2,000 devices have been processed, with distribution to rural and community banks set to begin shortly. The remaining 3,000 devices are expected to be distributed by June 2025. These PoS agents will include various businesses, such as restaurants and schools, that have partnered with rural banks for agency banking.
Awuah highlighted that this initiative would greatly enhance convenience for rural bank customers, allowing them to conduct transactions without the hassle of traveling to distant bank branches. It will also help reduce the overhead costs associated with building new branch offices, as PoS devices can offer nearly all the services provided by physical branches.
The implementation of the Financial Sector Development Project has facilitated the introduction of a Deposit Mobilization Module on the PoS devices, which is particularly beneficial for Susu collections. Currently, 688 PoS devices have been deployed for Susu operations, with an additional 823 requests received from various banks. To date, these devices have processed 491,743 transactions worth GH₵111,235,224.05.
Awuah emphasized that this innovative approach to deposit mobilization would help mitigate the cash suppression issues that have affected Susu operations in some banks.
He also announced that work on an Internet Banking solution is nearing completion, aiming to fully integrate the customer banking experience for rural and community banks.
He urged all CEOs of the 147 rural banks in the country to fully embrace these new platforms, ensuring that services reach both existing customers and potential clients.
Awuah reminded them of their crucial role in supporting the Government of Ghana’s financial inclusion strategy while expanding their businesses—a move he believes will significantly contribute to the country’s economic growth.
