ARB Apex Bank PLC secures USD4million under Post Covid-19 Development and Productivity Enhancement Project

Dr. Anthony Kwesi Aubynn, Chairman of the Board of Directors of ARB Apex Bank PLC, announced that the bank secured a five-year on-lending facility agreement of USD 4 million with the Ministry of Finance and the Social Investment Fund (SIF) in 2023.

This funding, part of the Post Covid-19 Development and Productivity Enhancement Project (PSDPEP), is designated for disbursement through Rural Community Banks (RCBs) and other institutions.

Speaking at the 22nd Annual General Meeting of ARB Apex Bank PLC in Kumasi, Dr. Aubynn revealed that the first tranche of USD 1 million (equivalent to GHS 11.85 million) has already been received. He urged RCBs that have not yet joined the project to do so promptly to benefit from the remaining USD 3 million that will be disbursed in the future.

Dr. Aubynn also announced the successful completion of the Bank's USSD, Mobile, Agency, and Internet Banking project. He encouraged RCBs to fully participate in this initiative to remain competitive in the current technologically driven and digital banking environment.

During the year under review (2023), ARB Apex Bank PLC continued to support 15 RCBs in procuring and retrofitting bulletproof bullion vans to meet regulatory requirements.

Managing Director of ARB Apex Bank PLC, Alex Kwasi Awuah, highlighted at the meeting that the USD 8 million facility allocated to the Bank for Digital Transformation under the Ghana Financial Sector Development Project (GFSDP) has been successfully utilized. This initiative aims to enhance the deployment of the Bank's digital banking platforms and deepen financial inclusion in the country. Awuah indicated that the technical deployment of all solutions is nearly complete.

He further mentioned that ARB Apex Bank has developed a shared interoperable digital banking platform through a network of agents for RCB customers. The Bank plans to roll out 5,000 agent touchpoints equipped with smart biometric POS terminals by the end of 2024. As of June 2024, 1,400 agent points had been deployed.

The Managing Director announced the operationalization of the Bank's complementary deposit mobilization application for Susu collections by RCB mobile bankers. This intervention is expected to significantly reduce cash suppression related to Susu mobilization at Bank branches.