Rather, the Bank of Ghana in a Notice dated August 16, 2019, made it clear that, RCBs are key in its financial inclusion agenda and therefore will work with the ARB Apex Bank to reposition the rural and community banking sector to enable them to better support rural economic development.

A statement signed by Kojo Mattah, the Managing Director of the ARB Apex Bank, advised the public to ignore the malicious message circulating on social media platforms, including WhatsApp that Bank of Ghana would close down some RCBs.

"A malicious audio message circulating on social media platforms, including WhatsApp, purporting that Bank of Ghana has plans to withdraw the licences of some operating Rural and Community Banks (RCBs) has no basis," the statement said.

"The Bank of Ghana has completed the clean-up exercise and will NOT "descend" on RCBs as is being maliciously circulated," it added.