Mr Alex Awuah, Chief Executive Officer (CEO) of ARB Apex Bank PLC, has called on the Chief Executive Officers of Rural and Community Banks (RCBs) to be alert on employee fraud and institute stringent mechanisms to curb them.

According to the Chief Executive Officer (CEO) of ARB Apex Bank PLC, employee fraud poses a major threat to the growth of Rural and Community Banks.

“The Chief Executive Officers of Rural and Community Banks should, therefore, make a determined effort to protect their banks from all forms of fraudulent acts for the community members not to lose confidence in rural banking.”
Mr Alex Awuah

Mr Awuah noted that the banking sector has become prone to fraud due to the advancement in technology and the introduction of electronic banking services.

That notwithstanding, ARB Apex Bank PLC averred that with hard work and perseverance, RCBs could build a thriving industry and meet the 85 per cent financial inclusion target to make them very useful to the economy.

Five-year Strategic Plan to Raise About GH₵25 million

Mr Awuah asserted that the five–year strategic plan to raise about GH₵25 million to move RCB banking forward is on course.

Mr Awuah urged the CEOs of rural banks to acquaint themselves with the challenges and changes in the economy to be abreast with current financial issues in order to meet the demands of customers. He charged them to support policy interventions for effective banking and embrace the mobile market services for effective mobilization of funds. “We must leverage this new service, embark on major crusade to also get customers registered,” he said.

Mr Awuah, meanwhile, encouraged the CEOs of RCBs to work harder to build a formidable financial institution to be above the needs of the public.

Mr Awuah made this known while speaking at the maiden Annual General Meeting (AGM) of the Association of RCBs CEOs, held in Kumasi. The maiden AGM afforded the CEOs the opportunity to share ideas and experiences, seek to their general welfare, deliberate on how to move the association forward and swear in new executive members.

Alhaji Awudu Ibrahim, President of the Executive Council of the association pledged their preparedness to improve on their services and work together to promote rural banking. “We will work with the existing structures to push the agenda of rural baking forward,” he said.

Mrs Comfort Owusu, the Executive Director of the Association of Rural and Community Banks (ARCBs), on her part, stated that a resilient and robust rural banking industry is the surest way to promote effective financial inclusion and vibrant local economic activities which are needed to open up rural communities. She added that rural and community banks have the potential to expand the frontiers of rural economies.

“It was, therefore, important for RCBs to develop and implement efficient strategies that would attract and encourage people to take advantage of their services to expand their businesses.”
Mrs Comfort Owusu