CBG adds 168 agents to expand banking access

Consolidated Bank Ghana aims for 8,000 'Sika Agent' locations by 2028 to boost financial inclusion.

Consolidated Bank Ghana (CBG) has officially launched its agency banking service, known as “Sika Agent”. This initiative aims to bring banking services to communities across Ghana. CBG has already enrolled 168 agents into the network. The bank plans to significantly grow this number in the coming years. This expansion is a key part of CBG’s strategy to increase financial inclusion. Financial inclusion means making banking services available to more people. This is especially important for those living in areas with limited access to traditional bank branches. The launch ceremony took place in Accra on Thursday. It brought together important people from the financial sector. Representatives from the Bank of Ghana and the technology partner, Modefin, were also present. Sheila Azuntaba, Deputy Managing Director of CBG, spoke at the event. She explained that the agency banking model is a major part of CBG’s transformation plan. This plan focuses on making banking services easier to access. It also aims to make them more secure and convenient for everyone. The “Sika Agent” network will allow accredited agents to offer essential financial services. These agents will be located in underserved and hard-to-reach areas. "This gathering is not just about introducing a service; it is about creating greater opportunities, empowering communities, and ensuring that banking services are available to more Ghanaians wherever they may be," Sheila Azuntaba stated. The initiative also supports CBG’s goal to become Ghana’s preferred bank. It focuses on delivering simple, secure, and distinct customer experiences. Dr. Naomi Wolali Kwetey, Managing Director of CBG, shared the bank’s ambitious growth targets. "I am pleased to announce that CBG has already onboarded 168 agents," she said. "We hope to onboard about 1,000 by the end of the year and, by 2028, we expect to have onboarded 8,000 agents." These figures show a strong commitment to expanding banking reach. The agency banking service is expected to improve access to financial services for many Ghanaians. It should also reduce barriers to conducting financial transactions. This will help strengthen economic participation at the grassroots level. The Bank of Ghana’s support was also acknowledged. This expansion aligns with national efforts to boost digital finance. Growing agent networks is a proven method to reach unbanked populations. This can lead to increased savings, credit access, and small business growth. The success of this initiative will depend on agent training and customer trust. It also relies on robust technology to ensure secure transactions. CBG’s move positions it to capture a larger share of the growing mobile money and agency banking market in Ghana. The Bank of Ghana has previously encouraged financial institutions to expand their reach through such innovative models. This strategy is crucial for achieving broad-based economic development. The focus on underserved communities is particularly important for national progress. It helps lift people out of poverty and encourages small-scale entrepreneurship. The bank’s commitment to onboarding a substantial number of agents shows a serious investment in this strategy. The plan to reach 8,000 agents by 2028 signals a long-term vision for financial accessibility. This will likely impact competition within the banking sector. It could also lead to increased financial literacy awareness among new users.

CBG adds 168 agents to expand banking access

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