Mr Farid Antar, the Managing Director (MD) of the Republic Bank Ghana, has disclosed the bank’s intention to add thousands of Ghanaians to the digital economy of Ghana by leveraging on Republic Bank’s one-in-all digital services platform called, the “Republic Bank Digital Suite.”

The digital suite is expected to provide customers, especially students, entrepreneurs and micro-small and medium enterprises (MSMEs) with banking, investment and insurance services.

The move, the Managing Director (MD) stated, is consistent with the Bank of Ghana’s strategy and that of the Government’s ambition to drive a cash-lite society.

“Our suite of digital services brings to the ordinary Ghanaian, the student, entrepreneur, the executive, the young and the old, all financial solutions just on their phones, be it smart or ‘yam phone’, your tablets and on your laptops, wherever you are in Ghana or even the corridors of Ghana.”
Farid Antar

Mr Farid Antar noted that the digital suite would provide good customer records, and promote a digital mind-set for Ghanaians to support the achievement of the government’s cash-lite and digital economy agenda.

The mobile application, compatible with Android and iOS devices, is available on the bank’s online portal. It also has a USSD function, which would allow non-smart phone users to also access the financial services and products of the bank. Users would also be able to pay for their Electricity Company of Ghana (ECG), DSTV bills, and also buy data from their mobile money (MoMo) account or through Surfline data bundle services.

The M.D indicated that the bank will take advantage of technology-driven solutions to add value to the platform. This, he said, will provide convenience and facilitate operational efficiency, and enable the bank to achieve its desired growth and profitability.

“People build apps with artificial intelligence in mind, we have built our app with you [customers] in mind. An app that is there for you when you badly need to transfer money to bank or mobile wallet just within seconds.

“When you need to invest to build a better future for yourself and family, when you need that loan to sort out few medical bills and when you need to express love by being there financially for your loved ones, you know Republic mobile app, Republic online or Republic USSD is there for you”.
Farid Antar

Mr Farid Antar asserted that the high mobile money (MoMo) penetration in the country is an evidence of inclusiveness that would support their move to bridge the formal-informal sector economy gap.

Recalling data provided by the Bank of Ghana (BoG), Mr Antar noted that the value of MoMo transactions for the first half of 2021 has increased to GHS89.1 billion from the GHS45.3 billion recorded within the same period in 2020.

Security of the App

On the issue of security, Mr Antar stated that the app has been incorporated with facial recognition and machine learning technologies to provide robust security system for users. He thus, assure that their funds would be secured.

“We have mastered the science of research and the art of innovation to deliver a robust and secured digital service with multiple functions for all financial transactions.”
Farid Antar

Mr Joseph Ashong, the General Manger (GM), Commercial and Retail Banking, also emphasised on using the digital platform to bring more people into the formal sector.

“We have everybody in mind, particularly those in the informal sector. That is the reason why the USSD is there for them. The informal sector is ably provided for on this app. With the USSD, they can do the simple transfers, and receive alerts for their basic transactions.”
Joseph Ashong

Mr Joseph Ashong underscored the essence of education in the digitisation drive, and charged the media to play a significant role in that regard, as they serve as a conduit between the bank, customers and the public.