ARB Apex Bank Ltd Information

The ARB Apex Bank Ltd is a mini Central Bank in Ghana for the Rural/ Community Banks (RCBs) financed mainly through the Rural Financial Services Project (RFSP), which is a Government of Ghana project to holistically address the operational bottlenecks of the rural financial sector with the aim of broadening and deepening financial intermediation in the rural areas. The idea of rural banking was conceived some 32 years ago by the Bank of Ghana when it opened a dialogue with the Ministry of Finance about what was called junior league of banking institutions to serve the special needs of the rural population in Ghana. At the time, the traditional licenced banking institutions were all structured, equipped and managed as city-centered institutions with their clients mostly in the export/import business and in the mining sector. It was, therefore, necessary to bring the rural population into the banking system under rules designed to suit their socio-economic circumstances and the peculiarities of their occupation in farming and craft-making. The ARB Apex Bank Limited was incorporated as a public limited liability company on 4th January, 2000. Its shareholders are the Rural and Community Banks. It was granted a banking licence on 23rd April, 2001 and was admitted to the Bankers Clearing House as the 19th member in August, 2001. It had its certificate to commence business on 1st November, 2001, thus, completing all the legal processes for the commencement of operations. The ARB Apex Bank Limited began clearing services on 2nd July, 2002 in all the 11 clearing centres in Ghana. The bank has outlets in all the 10 regional capitals and Hohoe. The ARB Apex Bank Ltd was registered under the Companies Code 1963, Act 179 as a public limited liability company and licensed by the Bank of Ghana under the then Banking Law, 1989 (PNDCL 225) as repealed by the Banking Act 2004, (Act 673) . Apart from the above legal and regulatory framework in which the Bank is operating, it is also subject to the Bank of Ghana Act, 2002 (Act 612) and other directives issued by the Bank of Ghana from time to time. The Bank is also regulated by other legislations relating to the administration of financial matters which are in force for the time being, that is, Financial Administration Act, 2003 (Act 654), Public Procurement Act, 2003 (Act 663); among others. Furthermore, the ARB Apex Bank Ltd is regulated by its Regulations; ARB Apex Bank Regulation (L.I.1825).