Stanbic Investment Management Services (SIMS) has called for stronger collaboration among rural and community banks, fintech firms and mobile money operators to deepen financial inclusion and improve livelihoods across the country.
Speaking during a panel discussion at The Money Summit held in Accra, the Head of Client Coverage at SIMS, Mr Desmond Bredu, stated that financial inclusion must go beyond merely providing access to financial services and focus on delivering practical solutions that improve everyday lives.
Contributing to a discussion on the topic, “Deepening Financial Inclusion: The Strategic Role of Rural Banks in Ghana’s Economic Transformation,” Mr Bredu stressed that partnerships within the financial ecosystem were essential to expanding investment opportunities and improving banking access, particularly for underserved communities.
He explained that collaboration between rural and community banks (RCBs), Apex Bank, fintech companies and mobile money operators had already begun transforming access to investment and banking services for many Ghanaians.
Mr Bredu noted that, from his experience in the asset management industry, such partnerships were making financial transactions easier for ordinary people.
He further explained that through collaborations involving Apex Bank, customers were now able to make deposits and withdrawals more conveniently, while ensuring that their investments were credited seamlessly regardless of their location.
Mr Bredu stated that Apex Bank continued to play a significant role in advancing financial inclusion by supporting rural banks with systems that made financial transactions more accessible and efficient.
He cautioned against perceiving fintech firms and traditional banking institutions as competitors, arguing that the future of financial inclusion depended on strategic cooperation. He explained that the focus should be on collaboration, as customers were primarily interested in solutions that made their lives easier.
Referring to the Apex Bank 2024 financial report, Mr Bredu indicated that the bank had recorded significant growth in deposits while reducing maintenance costs, partly driven by increased mobile money transactions and the adoption of digital banking services.
He added that the growing integration between mobile money platforms and banking services presented a major opportunity for rural banks to expand their reach and relevance.
Mr Bredu further encouraged rural and community banks to explore partnerships with fintech companies to integrate services such as savings, insurance and investments into digital platforms already widely used by customers.
He explained that if mobile money platforms could incorporate services such as insurance and savings, community banks could similarly collaborate with fintech firms to make such solutions more accessible and relevant to clients.
He added that customers were less concerned about which institution provided a service and were more interested in convenience, accessibility and solutions that effectively met their financial needs.
Mr Bredu therefore urged stakeholders within Ghana’s financial sector to strengthen partnerships to accelerate financial inclusion, support economic participation and improve financial outcomes for people across the country.
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