Mrs Comfort Owusu, the Executive Director of the Association of Rural and Community Banks (ARCBs), who stated this, said rural and community banks had the potential to expand the frontiers of rural economies.

It was, therefore, important for RCBs to develop and implement efficient strategies that would attract and encourage people to take advantage of their services to expand their businesses.

Speaking to Ghana News Agency (GNA) in an interview in Kumasi after the maiden annual general meeting of the association of chief executives of RCBs, she said efficient rural banking services were the catalyst for rural development.

She said the formation of the association of chief executives of RCBs was a laudable initiative to encourage fair competition and improve the activities of rural and community banking.

It would also ensure vibrant rural and community banking while strengthening the bond of unity among members and staff to help avoid acts that could be detrimental to sister banks.

Mrs Owusu said rural banks were committed to expanding their networks, which was key to contemporary banking.

She encouraged chief executives of rural banks to use the association to seek their welfare and not rival each other.

They must advocate development in rural banking, work hard to improve the local economy and expand their branches.

Mrs Owusu appealed to RCBs to continue to support small and medium-scale enterprises in the communities, reduce poverty and improve the lives of rural folks.