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30.01.2006 Business & Finance

ARB Apex Bank poised to attract foreign remittances

By GNA

Accra, Jan. 30, GNA - The ARB Apex Bank on Monday signed an agreement with Placid Express, a worldwide money transfer company, to mobilise resources from abroad.

The agreement would enable Ghanaians resident abroad to send money to Ghana through Placid Express. The money would be channelled to recipients through the ARB Apex Bank under its 120 Rural and Community banks nationwide.

Mr Emmanuel K. Kwapong, Managing Director of the ARB Apex Bank, who signed on behalf of the Bank, said under a new product to be launched next month; transfers would reach beneficiaries through the Bank's extensive network.

He said at the moment, the Bank uses its network to channel remittances to beneficiaries in the rural areas. According to him inward remittances from residents abroad, mainly Ghanaians, were having a positive impact on the lives of beneficiaries and the economy as a whole.

Mr Kwapong said the ARB Apex Bank in 2003 introduced APEXLINK, the domestic funds transfer product while in 2005 it introduced the HOME CASH under which it mobilised resources from urban centres to rural communities to boost the rural economy.

Dr Kamal U. Ahmed, President of the Placid Express, said the decision to enter into the agreement stemmed from the good performance of the ARB Apex Bank since its inception. He said the two-year agreement would target people mainly in rural communities.

Financial Innovations, a financial network consultancy/compliance company, that initiated the agreement between the two institutions, would serve as the representative for Placid Express in Ghana.

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