SIMS Executive Urges Community Banks, Fintechs to Partner for Deeper Financial Inclusion

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 on June 2, Head of Client Coverage at SIMS, Desmond Bredu, 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 within the financial ecosystem would be critical to expanding investment opportunities and banking access, especially for underserved communities.

According to him, collaboration between rural and community banks (RCBs), Apex Bank, fintech companies and mobile money operators has already begun transforming 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 involving Apex Bank, customers are now able to make deposits and withdrawals more conveniently while ensuring 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 are more interested in convenience, accessibility and solutions that address their financial needs effectively.

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