ARB APEX Bank has introduced Mobile Banking for all its Rural and Community Bank (RCB) customers.
The Agona Nkwanta branch Manager of ARB APEX Bank, Mr Jonathan Nkrumah Eshun, announced this at the 32nd annual general meeting for shareholders of Fiaseman Rural Bank Limited at Bogoso in the Prestea Huni-Valley Municipality.
He said, “with a mobile phone number, every customer can now have his/her bank account linked to the phone wallet with the RCB and vice versa. This is a major leap for the esteemed customers of our banks.”
Mr Eshun implored the banks to sign all their customers on this important service to enable them to enjoy the freedom of banking from the convenience of their phones.
He said Mobile Money popularly known as (MoMo) provided by major telecommunication companies and Financial Technology (FINTECH) firms have become a threat to RCBs because of some vital services they offer their customers.
The branch manager pointed out, ” MoMo services are relatively cheaper, set up for a MoMo operator is less than one percent of the capital outlay required to establish brick and mortar bank branch and also give the customer, real convenience and comfort.”
He emphasised, “this should tell us that we must either embrace them or face a future of uncertainty and anxiety for our banks.”
Mr Eshun added that the competitive environment would become keener because two Fintech companies were recently licensed by the Bank of Ghana to enable them to operate as a dedicated electronic money issuer, which would allow them to provide services such as cash in and cash out, peer to peer transfers, bill payments, airtime top-ups, and international money transfers.
The branch manager further explained that ARB APEX Bank has carefully studied the emerging trends in the banking industry and has therefore decided to put in the right measures to ensure that all its member banks take full advantage to be able to deliver better value to their esteemed customers.
He noted that the bank would soon launch their much-touted Agency Banking, which would help bring more freedom to the valued customers of the RCBs and create more jobs through the recruitment of Bank Agents.
He recalled that since the outbreak of the COVID-19 pandemic in Ghana, the way of doing business has been impacted.
The branch manager said it was, therefore, imperative that, as banks, they put in appropriate structures to ensure the sustainability of their operations in these arduous and unpredictable times, adding that, there would be the need to re-train staff in the new way of life.
He expressed appreciation to their customers across the country, for their loyalty in these challenging times where the Ghana Statistical Service has estimated that about 770,000 workers, representing 25.7 percent of the Ghanaian workforce had their wages reduced since the country embarked on a partial lockdown in April 2020 to fight the deadly virus.