Mrs Matilda Asante-Asiedu, Second Deputy Governor of the Bank of Ghana (BoG) has emphasised the importance of integrity, innovation, and inclusion in shaping the future of community banking in Ghana.
She said integrity, innovation and inclusion were the three pillars on which community banking hinged as they built strong community relations, kept banking relevant and fostered economic growth and social equity, respectively.
She explained that trust, transparency, ethics, adapting to technological advancements and customer needs to financial access were sub pillars that supported the three pillars to enhance their growth.
Mrs Asante-Asiedu made the statement at the 10th Rural Banking Week Celebration and the Second Association of Rural Banks (ARB) Women’s Conference in Ho held on the theme: “Driving Sustainable Financial Inclusion and Good Governance in Rural and Community Banks (RCBs) through Environmental, Social, and Governance (ESG) Principles.”
She said while the BoG remained a committed partner of RCBs and would continue to strengthen supervision, support capacity building, promote responsible innovation to deepen the sector’s resilience, a lot depended on the RCBs’ decisions made, risks taken and products designed.
“The future of community banking will not be shaped only by technology or regulation, but by integrity so that, when you are underwriting that loan, you know the loan has already gone bad at the point of underwriting it.
Mrs Asante-Asiedu touching on the theme of the event, highlighting the significance of financial institutions in driving sustainable financial inclusion and good governance, saying ESG was not a burden but an advantage, providing a clear and practical roadmap.
She said environmental stewardship required considering how rural banks’ lending, supported or undermined the natural systems and the communities that depended on it while governance discipline required leading with integrity, managing risks with foresight to ensure best interest of depositors, shareholders and communities were served.
“Let this event be a turning point, a moment where we commit to sustainability, fairness, gender equity, environmental responsibility, and good governance. These values are not optional. They are the currency of trust on which financial services provision hinges. They are also the currency of trust on which this fast-changing world is built.”
Mrs Asante-Asiedu appreciated rural banks for having nurtured livelihoods, built resilience and offered dignity to people whose economic activities, though vital, had been undervalued in their communities, and emphasised the importance of affirmative action in finance for women and promoting women in leadership roles in the financial sector.
Mr Thomas Clarkson Adade, Volta/Oti Chapter President, ARB said the joint celebration marking a decade of rural banking and a second gathering of ARB Women’s Conference symbolised more than just an anniversary but represented a new energy, the synergy of a decade of rural banking excellence, combined with a growing and a powerful movement towards women leadership and empowerment.
“This combination inspired us to pursue traditional boundaries and work together to create a more inclusive and equitable financial landscape.”
The conference which brought together industry leaders, policymakers, and women trailblazers, discussed key issues including gender leadership and innovation in rural finance, empowering women for sustainable leadership, and the power of collaboration among women in the financial sector.