A resilient and robust rural bank is needed to promote the rural economy—Ms. Owusu

A resilient and robust rural banking sector is the surest way to promote effective financial inclusion and dynamic local economic activities, necessary to open up rural communities.

Ms. Comfort Owusu, Executive Director of the Association of Rural and Community Banks (ARCB), who said this, said rural and community banks have the potential to expand the frontiers of rural economies.

It was therefore important for the RCBs to develop and implement effective strategies that would attract and encourage people to take advantage of their services to grow their businesses.

Speaking to the Ghana News Agency (GNA) in an interview in Kumasi after the first Annual General Meeting of the RCB Chief Executives Association, she said effective rural banking was the catalyst for rural development .

She said the formation of the association of chief executives of RCBs was a commendable initiative to encourage fair competition and improve the business of rural and community banks.

It would also ensure a vibrant rural and community bank while strengthening the bond of unity between members and staff to help avoid acts that could be detrimental to sister banks.

Ms. Owusu said rural banks were committed to expanding their networks, which was key to the contemporary banking system.

She encouraged the managing directors of rural banks to use the association to seek their well-being and not to compete with each other.

They should advocate the development of rural banking, work hard to improve the local economy and expand their branches.

Ms. Owusu called on the RCBs to continue to support small and medium enterprises in communities, reduce poverty and improve the lives of rural people.

About Keneth T. Graves

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