Chief Executive Officers (CEOs) of Rural and Community Banks (RCBs) have been urged to be innovative in their strategies and collaborate with stakeholders to ensure growth and success in post Domestic Debt Exchange Programme (DDEP).
In an address at the 22nd Annual National CEOs’ Conference of the Rural and Community Banks (RCBs) in Ho yesterday, Board Chairman of the ARB Apex Bank, Dr. Toni Aubyn said, the DDEP, while aimed at restructuring the national debt and enhancing government capacity for economic growth, has had significant implications for RCBs, therefore, navigating these changes required a multifaceted approach.
Dr. Aubyn speaking on the theme: “Expanding the Frontiers of Business for Rural and Community Banks Post DDEP – Role of CEOs” laid out measures the CEOs can navigate to ensure growth at their various banks.
He emphasised that expanding the frontiers of business for RCBs post DDEP is a collective endeavor that requires visionary leadership, innovation, collaboration, and a strong sense of social responsibility.
In encouraging the CEOs to embrace innovation and technology emerged as a key strategy for business growth, Dr. Aubyn highlighted digital banking solutions, mobile payment platforms, and online lending services as tools to bridge the gap between rural communities and financial services.
The goal is to empower individuals and businesses to thrive by improving the efficiency and effectiveness of RCB operations.
According to him, the CEOs must foster strategic partnerships and collaborations by working together with other RCBs, government agencies, and development organizations to ensure a constant development in their banking operations.
He explained that this would leverage collective strengths and resources, create a more inclusive and sustainable financial ecosystem and it would also be essential to unlock new potential and opportunities for meaningful change.
Additionally, the CEOs were advised to focus on developing their human capital since employees are the backbone of their banks. The Board Chairman of ARB Apex Bank added that investing in their training and support is crucial for delivering quality financial services.
Also, Dr. Aubyn highlighted the importance of their social responsibility obligations and indicated that integrating sustainable practices and standards into their business models can contribute to the well-being of society and the preservation of natural resources.
He further commended the CEOs for their commitment and dedication to the bank leaders in driving these institutions forward despite the recent disruptions.
Lastly, Dr. Aubyn charged the CEOs to seize the opportunity to drive positive change, empower individuals and businesses, and create a more inclusive and sustainable financial sector.
About 22nd CEOs Conference
The ARB Apex Bank, together with Chief Executive officers of all rural community banks in the country, have met for the annual CEOs conference which is currently underway at the Volta Serene Hotel in Ho in the Volta Region.
This year’s conference is the twenty – second in the series and on the theme “Expanding the Frontiers of Business for Rural and Community Banks Post DDEP – Role of CEOs”
The conference, as usual, brought together chief executive officers of the rural and community banks with the primary focus of discussing the current happenings and some challenges in the rural banking sector, and to proffer solutions for them.
Organisers of the conference have brought on board a rich pool of consultants, who would be taking the CEOs through carefully selected topics as part of the conference’s major activities.
The topics, as well as the consultants, are always strategically selected to help equip CEOs with contemporary strategies to effectively tackle emerging issues in their daily operational activities in banking.
In the course of the conference, the CEOs would be concentrating their energies on treating topics like: Strategizing for Sustainability post DDEP, Embedding Environmental, Social and Governance (ESG) Principles in RCBs’ Operations and Mechanics of Government Treasury Auctions.
Other timely topics would include, Regulatory Support for RCBs’ post DDEP, Fintech as a Key Driver for Revenue Mobilization as well as Update on ICT Infrastructure – Core Banking Software, Wide Area Network.
The participants would be looking forward to an update on the banking industry and make time to look at matters arising from the communique issued in the 2022 conference at the 21st edition held at the same venue.
Rural and community banks have a key role in making a positive contribution towards the reduction of poverty. They also act as one of the key channels for distributing funds to businesses in their localities, and encouraging the spread of sound entrepreneurial activity.
It is also believed that rural and community banks can provide an additional channel to deliver essential financial services. They also play a key role in the country’s economic development and ultimately act as a catalyst to stimulate the rural economy by supporting micro and SME businesses based in rural areas.
This initiative can contribute to poverty reduction and help in bridging the gap between urban areas and the rural economy.
