Rural Financial Services Project (RFSP)

In its quest to holistically broaden and deepen rural financial intermediation and reduce poverty, the Government of Ghana initiated the RFSP.

The RFSP of wich the institutional establishment of the ARB Apex Bank Ltd was a component, sought to promote growth and further reduce rural poverty by broadening and deepening the provision of financial services (savings and credits) in the rural areas through the following measures:

 

Strengthening the network of RCBs to enable them to fully impact on rural economic and social development;

 

Strengthening the network of microfinance institutions in order to enhance their operational effectiveness;

 

Fostering linkages between rural/community banks and the microfinance institutions in order to expand financial services to a large number of the rural population.

 

The Government of Ghana and its development partners - the World Bank, the International Fund for Agricultural Development(IFAD) and the African Development Bank (AFDB) - jointly sponsored the project with a facility of US22.9 million. The project had a duration of 6 years and ended in 2008.