The First Deputy Governor of the Bank of Ghana, Dr. Zakari Mumuni, has stated that the rural banking story can be described as one of Ghana’s greatest innovations to financial inclusion and local financial intermediation.

He, therefore, argued that one cannot celebrate financial inclusion and local financial intermediation without talking about rural banking, now called Community Banking in Ghana.

Dr. Mumuni disclosed this at a programme to commemorate the 50 years of “Rural Banking and The Conversion to Community Banking” at the Bank Square in Accra.

According to the Bank of Ghana, the decision to convert rural banks to community banks is of a broader strategy to improve financial inclusion and aid what the regulator describes as a community level financial intermediation.

It is also in line with the Guidelines on Revised Microfinance Sector Farmwork, 2026, targeted at strengthening the sector as well.

In a regulatory, directive, the Central Bank disclosed that exiting rural banks required to complete all statutory name changes, corporate rebranding, and other regulatory alignments by the end of December 2026.

Speaking at the programme, the first Deputy Governor of the Bank of Ghana pointed out that “Ghana remains home to one of the largest and most vibrant Community Banking sectors on the African continent”.

“At 50, we can confidently say that this sector has come of age and there couldn’t have been an appropriate moment to undertake the transition from rural banking to community banking”, Dr. Mumuni added.

He also stated that “This is more than a change of name, but rather a renewal of purpose”.
The first Deputy Governor highlighted that through these reforms, “The Bank of Ghana seeks to strengthen institutions, improve business models, and expand opportunities for communities across Ghana”.

He praised the country’s development partners, like the IMF , World Bank  and the German Development Corporation for their role and contribution to the development of these community banks.

“They walked this journey with us; through financial support, technical assistance, institutional capacity building, and policy development”, he added.

Dr. Mumuni concluded, saying, their contributions have been instrumental to the growth and transformation of this sector, “and as we look forward to an even stronger partnership in the years ahead”.