Stanbic Investment Management Services (SIMS) has called for stronger collaboration between rural and community banks, fintech firms and mobile money operators to deepen financial inclusion and improve livelihoods across Ghana.

Speaking during a panel discussion at The Money Summit held in Accra recently, Desmond Bredu, Head of Client Coverage at SIMS, said financial inclusion must go beyond simply giving people access to financial services and focus more on delivering practical solutions that improve everyday lives.

Contributing to the topic, “Deepening Financial Inclusion: The Strategic Role of Rural Banks in Ghana’s Economic Transformation,” Mr Bredu stressed that partnerships across the financial ecosystem would be critical to expanding investment opportunities and access to banking, especially for underserved communities.

According to him, collaboration among rural and community banks (RCBs), Apex Bank, fintech companies, and mobile money operators has already begun to transform access to investment and banking services for many Ghanaians.

“As someone working in the asset management industry, I see firsthand how these partnerships are making transactions easier for ordinary people,” he said.

He explained that through collaborations with Apex Bank, customers can now make deposits and withdrawals more conveniently, and their investments are credited seamlessly regardless of their location.

Mr. Bredu noted that Apex Bank continues to play a significant role in advancing financial inclusion by supporting rural banks with systems that make financial transactions more accessible and efficient.

He cautioned against viewing fintechs and traditional banking institutions as competitors, arguing instead that the future of financial inclusion depends on strategic cooperation.

“We shouldn’t look at it in terms of competition. It should be more about collaboration because customers are simply looking for solutions that make their lives easier,” he stated.

Referencing the Apex Bank 2024 financial report, Mr Bredu indicated that the bank had recorded significant growth in deposits while reducing maintenance costs, partly driven by increased mobile money transactions and digital banking adoption.

He said the growing integration between mobile money platforms and banking services presents a major opportunity for rural banks to expand their reach and relevance.

Mr Bredu further encouraged rural and community banks to explore partnerships with fintech companies to embed services such as savings, insurance and investments into digital platforms already widely used by customers.

“If mobile money platforms can integrate services like insurance and savings, then community banks can also partner with fintechs to make these solutions more accessible and relevant to clients,” he said.

He added that customers are less concerned about which institution provides the service and more interested in convenience, accessibility, and solutions that effectively address their financial needs.

Mr Bredu therefore urged stakeholders in Ghana’s financial sector to strengthen partnerships to accelerate inclusion, support economic participation, and improve financial outcomes for people across the country.