Ghana’s community banking sector has recorded total assets of GH¢26 billion and serves more than eight million customers nationwide as the Bank of Ghana (BoG) prepares to transition all rural banks into community banks by December 2026.
The milestone was attributed to the sector’s sustained commitment to providing financial services to Ghanaians who have traditionally been excluded from mainstream banking since the establishment of the country’s first rural bank 50 years ago.
Dr Johnson Pandit Asiama, Governor of the Bank of Ghana, announced the figures at the launch of the 50th anniversary celebration of rural banking and the transition to community banking.
“What began with one bank at Nyakrom is today 147 licensed institutions, about 1,000 branches, more than GHS8m customers, and an asset base of approximately GHS26bn as of May this year. It is one of the fastest-growing segments of our banking industry,” he said.
Dr Asiama called for stronger regulatory compliance and sound corporate governance to safeguard depositors’ funds and sustain public confidence in the sector.
He assured stakeholders of the Central Bank’s support to ensure the transition created a modern community banking sector capable of deepening financial inclusion in both rural and urban communities.
The Governor said all existing institutions would be required to complete statutory name changes, corporate rebranding and other regulatory requirements by December 2026.
He explained that ongoing reforms, including the licensing of urban community banks and enhanced governance standards, were intended to preserve the community ownership model while expanding services to a wider customer base.
“The idea was right. The framework around it must now be strong enough to deserve it,” Dr Asiama said, adding that community ownership should be complemented by professional management and prudent operations.
Mr Thomas Nyarko Ampem, Deputy Minister of Finance, described the transition as a renewed commitment to expanding financial inclusion and creating greater economic opportunities for Ghanaians.
He said community banks had become critical pillars of Ghana’s financial system by extending banking services to farmers, traders and small businesses that had previously been excluded from the formal financial sector.
“The community bank of the future must therefore be more than a lender; it must become a trusted development partner, a digital financial service provider, and a champion of financial literacy,” he said.
Mr Paul Baffoe-Bonnie, Chief Justice, in a speech read on his behalf, said the principle of bringing banking services closer to ordinary citizens should also guide efforts to improve access to justice.
He said farmers, traders and small business owners required both accessible financial services and an effective justice system to protect their livelihoods and investments.
Dr Frank Boateng, Vice President of the Association of Rural Banks, said the rebranding reflected the institutions’ evolving role in serving both rural and expanding urban communities.
He said community banking had grown beyond villages and farming communities to include townships and urban centres, helping transform the livelihoods of cocoa farmers, market women and other households through improved access to financial services.
Dr Boateng also commended the Bank of Ghana for steering the sector through challenging periods, saying stronger capital requirements and enhanced supervision had strengthened resilience and restored public confidence.
He expressed appreciation to the Central Bank, the Government and other stakeholders for supporting reforms and safeguarding depositors’ confidence.
