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Republic Bank to add more Ghanaians to the formal sector through digital services

Accra, Nov. 16, GNA – The Republic Bank Ghana says, it will add thousands of Ghanaians to the formal sector of the economy with its one-in-all digital services platform, the “Republic Bank Digital Suite.

The digital suite, launched in Accra on Monday, would provide customers, especially students, entrepreneurs and micro-small and medium enterprises (MSMEs) with banking, investment and insurance services.
The mobile application, compatible with Android and iOS devices, is available on the bank’s online portal and has a USSD function, which would allow non-smart phone users to also access the financial services and products of the bank.
Additionally, users would be able to pay for their Electricity Company of Ghana (ECG) and DSTV bills, and also buy data from their mobile money (MoMo) account or through Surfline data bundle services.
The move, Mr Farid Antar, the Managing Director (MD) of the bank, said was consistent with the Bank of Ghana’s strategy and that of the Government’s ambitions to drive cashlite society.
He said, “Our suite of digital services brings to the ordinary Ghanaian, the student, entrepreneur, the executive, the young and the old, all financial solutions just on their phones, be it smart or ‘yam phone’, your tablets and on your laptops, wherever you are in Ghana or even the corridors of Ghana.
He added that the digital suite would provide good customer records, and promote a digital mindset for Ghanaians to support the achievement of the government’s cashlite and digital economy agenda.
He also said, by leveraging on technology-driven solutions to add value, the platform would provide convenience and facilitate operational efficiency, and enable the bank to achieve its desired growth and profitability.
“People build apps with artificial intelligence in mind, we have built our app with you [customers] in mind. An app that is there for you when you badly need to transfer money to bank or mobile wallet just within seconds,” Mr Antar said.
“When you need to invest to build a better future for yourself and family. When you need that loan to sort out few medical bills and when you need to express love by being there financially for your loved ones, you know Republic mobile app, Republic online or Republic USSD is there for you,” he added.
He said the high mobile money (MoMo) penetration in the country was an evidence of inclusiveness that would support their move to bridge the formal-informal sector economy gap.
Data provided by the Bank of Ghana (BoG) has indicated that the value of MoMo transactions for the first half of 2021 increased to GHS89.1 billion from the GHS45.3 billion recorded within the same period in 2020.
On the issue of security, Mr Antar said, the app has been incorporated with facial recognition and machine learning technologies to provide robust security system for users, therefore, their funds would be secured.
“We have mastered the science of research and the art of innovation to deliver a robust digital service with multiple functions for all financial transactions,” he emphasised.
Mr Joseph Ashong, the General Manger (GM), Commercial and Retail Banking, also emphasised on using the digital platform to bring more people into the formal sector.
“We have everybody in mind [particularly those in the informal sector]. That is the reason why the USSD is there for them; the informal sector is ably provided for on this app. With the USSD they can do the simple transfers, and receive alerts for their basic transactions,” he said.
He underscored the essence of education in the digitisation drive, and said the media played a significant role in that regard, as they serve as a conduit between the bank, customers and the public.
He, therefore, urged the media to continue to support the bank and heighten public education about the functionalities of the omni-channel digital platform as well as the government’s digitisation agenda.
In an interview with the Ghana News Agency (GNA) after the launch, Mr Ebenezer Tetteh Tagoe, the Director, Board of the Republic Bank Ghana, said, the bank would “leapfrog over all the others” providing similar service in the market.
He explained that the digital services would improve the bank’s profit, which would translate into better results for shareholders, adding that they would “come to the next annual general meeting and smile.”
GNA

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