Apex Bank Ghana Embarks on a Digital Transformation Program in Partnership with Software Group
ARB Apex Bank, which operates as the ‘’mini-central bank’’ for the Rural and Community Banks (RCBs) in Ghana, has selected Software Group as the preferred technology partner to provide Agency Banking, Internet Banking, and Mobile Banking for ARB Apex Bank’s digital transformation program.
The program is part of the Ghana Financial Sector Development Project, a Government of Ghana project under the Ministry of Finance with financing from the World Bank, which objective is to promote financial sector soundness and access to financial services by individuals in the country.
With 10 branches located in 9 of the regional capitals and 147 licensed RCBs, operating from over 800 locations across the country, ARB Apex Bank currently serves a total of over 6 million active accounts.
The RCBs are the main providers of formal financial services to the low-income population segment of the economy living in the underserved communities in Ghana. Since the greater part of these communities lack technology infrastructure like telecommunication and internet connectivity, the majority of the rural populace are either unbanked or underbanked.
Utilizing Software Group’s proven technology and extensive know-how, ARB Apex Bank is seeking to implement an effective Agency Banking structure to reach the under-served/under-banked segment of the population and expand the existing network of RCBs at low servicing costs and maximum profitably. Based on Software Group’s Digital Banking Platform (DigiWave), Agency Banking comes with pre-built digital solutions such as Internet and Mobile Banking, helping the bank to promote a cash-lite culture and enable multiple products and payment facilities through a single agent across the RCBs network.
Quote from Alex Kwasi Awuah, Managing Director of ARB Apex Bank – “We are grateful that through the support of the Government of Ghana and the World Bank, the ARB Apex Bank is cementing a long-lasting relationship with Software Group to bring to life our vision of providing convenient, secure and affordable financial services delivery to millions of our citizens excluded from the formal financial intermediation process. Rural banking has come of age and we believe that this partnership provides us with the opportunity to live up to the true objective for which the rural banking concept was introduced into the country in 1976.”
Quote from Kalin Radev, CEO of Software Group - “We are honored to be the partner of choice for ARB Apex Bank on their digital transformation journey to enabling financial services that include everyone. As a leader and innovator in Agency Banking technology in Africa, we are confident that this type of infrastructure will boost the financial sector health and enhance financial inclusion in the country.’’
After the successful implementation of the project, ARB Apex Bank is expecting to deploy 5,000 agents within two years, and increase this number to 20,000 agents by the end of the fifth year, serving as a benchmark for the banking industry in Ghana.”
About ARB Apex Bank
The ARB Apex Bank Limited is a “mini”-central bank for the Rural and Community Banks (RCBs) aiming at positioning rural banking at the center of convenient, secure and affordable financial service delivery in Ghana. The Bank was registered as a Public Limited Liability Company in January, 2000. The shareholders are the RCBs. Presently, the Bank has 10 branches located in 9 of the 16 regional capitals and 147 licensed RCBs operating from over 800 locations across the country, serving a total of over 6 million active accounts. Find out more at www.arbapexbank.com.