CEOs of RCBs urged to innovate, collaborate for post-DDEP success

Chief Executive Officers (CEOs) of Rural and Community Banks (RCBs) have been urged to be innovative in their strategies and collaborate with stakeholders to ensure growth and success in post Domestic Debt Exchange Programme (DDEP).

In an address at the 22nd Annual National CEOs’ Conference of the Rural and Community Banks (RCBs) in Ho yesterday, Board Chairman of the ARB Apex Bank, Dr. Toni Aubyn said, the DDEP, while aimed at restructuring the national debt and enhancing government capacity for economic growth, has had significant implications for RCBs, therefore, navigating these changes required a multifaceted approach.

Dr. Aubyn speaking on the theme: “Expanding the Frontiers of Business for Rural and Community Banks Post DDEP – Role of CEOs” laid out measures the CEOs can navigate to ensure growth at their various banks.

He emphasised that expanding the frontiers of business for RCBs post DDEP is a collective endeavor that requires visionary leadership, innovation, collaboration, and a strong sense of social responsibility.

In encouraging the CEOs to embrace innovation and technology emerged as a key strategy for business growth, Dr. Aubyn highlighted digital banking solutions, mobile payment platforms, and online lending services as tools to bridge the gap between rural communities and financial services.

The goal is to empower individuals and businesses to thrive by improving the efficiency and effectiveness of RCB operations.

According to him, the CEOs must foster strategic partnerships and collaborations by working together with other RCBs, government agencies, and development organizations to ensure a constant development in their banking operations.

He explained that this would leverage collective strengths and resources, create a more inclusive and sustainable financial ecosystem and it would also be essential to unlock new potential and opportunities for meaningful change.

Additionally, the CEOs were advised to focus on developing their human capital since employees are the backbone of their banks. The Board Chairman of ARB Apex Bank added that investing in their training and support is crucial for delivering quality financial services.

Also, Dr. Aubyn highlighted the importance of their social responsibility obligations and indicated that integrating sustainable practices and standards into their business models can contribute to the well-being of society and the preservation of natural resources.

He further commended the CEOs for their commitment and dedication to the bank leaders in driving these institutions forward despite the recent disruptions.

Lastly, Dr. Aubyn charged the CEOs to seize the opportunity to drive positive change, empower individuals and businesses, and create a more inclusive and sustainable financial sector.