Absa Bank Ghana reiterates commitment to support SMEs to grow

ABSA Bank Ghana has reiterated its commitment to develop bespoke prod­ucts and services to support Small and Medium-scale Enterprises (SMEs) to grow.

“Over the years, Absa Bank has not hidden its strategic pur­pose of supporting SMEs in Gha­na to grow and become sustain­able. SMEs continue to serve as the main engine of transformation in Ghana’s developing economy. However, as is the case with most emerging economies, access to credit remains one of the funda­mental issues facing these busi­nesses,” Absa Bank Ghana said in a statement copied to the Ghanaian Times in Accra yesterday.

The statement is in connection of a set of impressive testimonial videos from their SME customers, to highlight the power of a bank to transform and grow SME busi­nesses in a developing economy.

The videos, organically driven by its customers across a variety of sectors in the SME space, reflect the extent to which the bank has gone to support these entrepre­neurs and startups as they take their business to the next level.

Through a sustained partner­ship with the Mastercard Foun­dation, Absa Bank has stepped up its support for SMEs under a programme called the Absa Young Africa Works, which provides collateral free loans, training, mentorship and direction for such businesses.

Drawn from several sectors in­cluding agriculture, stationery and cosmetics, the innovative videos, now screening on a variety of elec­tronic and digital media channels, are a demonstration of the true function of financial institutions and the impact their support, training and guidance can have on enterprises, leading to socio-eco­nomic growth and development.

The Director of Marketing and Corporate Relations at Absa Bank, Nana Essilfuah Tamak­loe, said: “There are no greater joys in life than to witness, at first hand, the testimonies from our customers about how their businesses are growing success­fully due to the funding and assistance we give them. We are always looking for opportunities to draw our customers close to us,” she said.

“Beyond the financial support we give them, our partnership with the Mastercard Foundation, also gives us the opportunity to train and advise them to keep their books well, track operational costs, and embrace new technology,” Ms Tamakloe, stated.

The Absa Young Africa Works (YAWs) project is a partnership with the Mastercard Foundation to fund and train 5,000 local businesses with the aim of creating 50,000 jobs in Ghana in the next five years.

It is in direct alignment with Absa’s strategy to become an SME-focused bank, helping entrepreneurs, startups and new businesses, to grow and become sustainable in the medium to long term.


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