ARB Apex Bank and the Rural and Community Banks (RCBs) have with the Ghana InterBank Payment and Settlement Systems (GhIPSS) to introduce the Automated Clearing House (ACH) Direct Credit Near Real Time (NRT) service to strengthen financial services delivery in rural communities.

The service, which allows businesses to transfer funds to accounts of different beneficiaries in different banks within 15 minutes marks a significant step towards bridging the financial inclusion gap that has long affected rural communities in the country.

The service is an improvement on the Standard and Express ACH Direct Credit service which allows the crediting of bank accounts within 24 hours and four hours respectively.

It addresses a critical challenge in Ghana's financial landscape where rural dwellers have faced barriers in accessing efficient banking services comparable to those available in urban centres.

Speaking to the Daily Graphic on the sidelines of the launch in Accra on Friday, the Deputy Managing Director of ARB Apex Bank, Curtis William Brantuo, said the NRT Direct Credit leverages modern payment technologies and infrastructure to facilitate swift fund transfers between banks.

He explained that when a sender initiates a payment system processes and transfers fund almost to the recipient’s bank account in a different bank.

With this system, he said customers of RCBs can now transfer funds to any bank account in Ghana within minutes, rather than the traditional days-long clearing processes that previously characterised such transactions.

He said the service aligns with Ghana’s financial inclusion agenda of ensuring that no Ghanaian is left behind towards a cashless economy.

Mr Brantuo added that it is expected to have a significant impact on rural economic activities where players in the informal sector, particularly market traders, farmers, and small and medium enterprises (SMEs) who rely on RCBs for their banking needs can now participate more effectively in the bigger economy through seamless fund transfers.

A Business Development Manager at the Ghana Interbank Payment and Settlement Systems (GhIPSS), Elsie Adiku, said the launch forms part of a campaign to promote the ACH Direct Credit-NRT service in the country.

She said the initiative seeks to increase awareness on the platform’s efficiency, reliability, and ability to credit funds across banks within 15 minutes.

She said it was designed for both individuals and corporate institutions to support fast transactions including salary payments, school fees, and goods purchases even in rural areas through the ARB Apex Bank’s networks.

He encouraged Ghanaians to adopt the platform and enjoy its seamless and nationwide payment benefit.

Source: Elizabeth Nyaadu Adu