ARB APEX Bank to distribute 5,000 PoS devices to rural and community banks
News & Reports
Officials of ARB APEX Bank are set to distribute 5,000 Point of Sale (PoS) devices to agents of Rural and Community Banks (RCBs) across Ghana under the Financial Sector Development Project (FSDP).
So far, 2,000 devices have been processed, with distribution to various RCBs set to begin soon. The remaining 3,000 devices are expected to be ready by the second quarter of 2025.
This was revealed by the Managing Director of ARB APEX Bank, Mr. Alex Kwasi Awuah, during his remarks at the 23rd Annual National CEOs' Conference of Rural and Community Banks, held at the Volta Serene Hotel in Ho, Volta Region, on Thursday, October 17, 2024.
The RCB agents set to receive the PoS devices include businesses such as restaurants, supermarkets, standalone money operators, and schools, all of which have signed up for the Agency Banking service with RCBs.
This initiative aims to enhance convenience for customers, allowing them to perform banking transactions without needing to visit bank branches.
"This will also reduce the overhead costs of constructing new branches for RCBs, as the PoS system provides nearly all the services offered by physical bank branches," Mr. Awuah explained.
He also highlighted the successful introduction of a Deposit Mobilization Module for *Susu* collections via PoS devices, thanks to the FSDP. To date, ARB APEX Bank has deployed 688 PoS devices for *Susu* operations and received requests for an additional 823 devices.
"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," he stated.
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."
This was revealed by the Managing Director of ARB APEX Bank, Mr. Alex Kwasi Awuah, during his remarks at the 23rd Annual National CEOs' Conference of Rural and Community Banks, held at the Volta Serene Hotel in Ho, Volta Region, on Thursday, October 17, 2024.
The RCB agents set to receive the PoS devices include businesses such as restaurants, supermarkets, standalone money operators, and schools, all of which have signed up for the Agency Banking service with RCBs.
This initiative aims to enhance convenience for customers, allowing them to perform banking transactions without needing to visit bank branches.
"This will also reduce the overhead costs of constructing new branches for RCBs, as the PoS system provides nearly all the services offered by physical bank branches," Mr. Awuah explained.
He also highlighted the successful introduction of a Deposit Mobilization Module for *Susu* collections via PoS devices, thanks to the FSDP. To date, ARB APEX Bank has deployed 688 PoS devices for *Susu* operations and received requests for an additional 823 devices.
"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," he stated.
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."
Source: https://www.modernghana.com/
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