ARB Apex Bank position members to compete with telecos, fintechs

The ARB Apex Bank has commenced a programme to introduce mobile banking to all its customers to enable them to enjoy the freedom of banking from the convenience of their phones wherever they may be.

The initiative is to help member banks compete favourably with the major telecommunication companies and Financial Technology (FINTECH) firms in the provision of mobile money services.

Head, Legal and Compliance, ARB Apex Bank PLC, Mr Curtis W. Brantuo speaking here on Saturday at the 36th annual general meeting of Dangme Rural Bank (DRB) Limited noted that mobile money and FINTECH providers were becoming a threat to Rural and Community banks because mobile money services were quick to process, relatively cheaper, their know your customer requirements were less cumbersome and operators required very low capital outlay to set up.

“Under the programme member banks will link customers’ accounts to their mobile phones to enable them to move money from their phone wallets to their account numbers with the rural bank community and vice versa” he said.

Mr Brantuo said after carefully studying the emerging trends in industry, the ARB Apex Bank had put in place the measure to enable member banks take full advantage of the emerging trend to deliver better value to their esteemed customers.

He said the ARB Apex Bank would in the first quarter of next year launch its much touted agency banking to bring more value to customers and create more jobs.

Mr Brantuo appealed to customers of DRB to pay back their loans so that those on the waiting list could also benefit.

Chairman of Dangme Rural Bank, Nene Affum Kaafra III, on his part said in spite of the difficult economic situation imposed by the COVID-19 pandemic, total asset of the bank increased from GH₵37,415,628.00 in 2019 to GH₵47,237,294.00 while short term investment moved from GH₵12,513,919.00 in 2019 to GH₵22,186,823.00 in 2020.

He said customer deposits also grew from GH₵31,893,619.00 in 2019 to GH₵41,560,183 in 2020.

Nene Kaafra added that shareholders fund increased marginally from GH₵3,147,986 in 2019 to GH₵3,363,510.00 in 2020, however the bank posted a loss of GH₵113,904 for the year under review and subsequently did not recommend dividend payment in line with the Bank of Ghana’s directive. 

Source: Ghanaian Times