By Jibril Abdul Mumuni
ACCRA, June 18, GNA -The Bank of Ghana (BoG) has directed all Rural Banks to complete their transition into Community Banks by December 31, 2026, under reforms in the microfinance sector.
The transition forms part of the Revised Microfinance Sector Framework, 2026, which formally converts the Rural Banking Sector into the Community Banking Sector.
A press release issued by the BoG said existing Rural Banks were required to undertake statutory changes, including corporate name adjustments, rebranding and compliance with revised regulatory requirements within the stipulated period.
“The banks are required to complete all statutory name changes, corporate rebranding, and other regulatory alignments by end-December 2026,” the BoG noted.
The Central Bank described the transition as a significant milestone in strengthening Ghana’s financial system and enhancing inclusive banking services at the community level.
It said the reform was intended to modernise the subsector and position Community Banks as key drivers of financial intermediation in both rural and urban areas.
The BoG said the transition coincided with the 50th anniversary of Rural Banking in Ghana, describing it as a timely step towards repositioning the sector for future growth.
It recalled that Rural Banking was introduced in 1976 through a collaboration between the Government of Ghana and the Central Bank to expand access to financial services, particularly in underserved communities.
According to the BoG, the sector currently comprises 147 licensed institutions operating nearly 1,000 branches nationwide and serving more than eight million customers.
The Bank urged management of the affected institutions to expedite their internal processes and ensure full compliance with the new requirements to facilitate a smooth transition.
It reaffirmed its commitment to providing guidance and oversight throughout the transition period to ensure all institutions met the prescribed standards.
GNA
Edited by Kenneth Sackey
Reporter: Jibril Abdul Mumuni