The apex body for rural and community banks (RCBs), the ARB Apex Bank, says it is guiding the community-based banks to recapitalise to GH¢1 million by February 2020.
The move is in line with the Bank of Ghana’s (BoG) directive to the banks to recapitalise.
The Managing Director of the ARB Apex Bank, Mr Kojo Mattah, has, therefore, asked the general public and customers of the 144 banks to remain calm as they went through the processes to comply with the central bank directive.
He told the GRAPHIC BUSINESS on August 20 that beyond helping individual banks to recapitalise, the ARB Apex Bank was also providing professional advice to banks that were voluntarily going through merger processes.
“There is nothing wrong with banks talking about merger; it brings efficiency and takes out unnecessary competition although we say competition is good,” he said.
“We think that if you can merge, then it will improve efficiency,” he said.
