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Absa Bank Ghana Ltd, in collaboration with the Mastercard Foundation, hosted a high-level stakeholder learning session to evaluate how non-bank financial institutions (NBFIs) contribute to inclusive lending for micro-enterprises in Ghana.
Titled “Role of Non-Bank Financial Institutions in Driving Economic Growth and Job Creation: Lessons from the Absa Young Africa Works Project,” the event gathered microfinance institutions (MFIs), rural banks, policymakers, and beneficiaries to exchange insights from the Absa Young Africa Works Project.
The Director of SME Banking and Partnerships at Absa Bank Ghana emphasized the effectiveness of these partnerships, noting that nearly $3 million has been disbursed to MFIs, which have then supported micro businesses in areas where Absa lacks a presence, thereby enhancing financial inclusion.
Mr. Gottfried Odamtten-Sowah, Head of Entrepreneurship at the Mastercard Foundation, highlighted the importance of partnerships by stating, “This collaboration has made affordable financing available to more than 7,900 businesses, with over 6,900 of them also gaining access to training, mentorship, and coaching, which has led to better business practices and growth.”
Joyce, an entrepreneur from Somanya, shared her personal success story and expressed her appreciation for the program’s impact on her business. She mentioned, “Before receiving support, my business was facing difficulties, and I even lost some employees. However, with the funds I received, I could buy new equipment, sustain my business, and finance my daughter’s tertiary education.”
With funding from the Mastercard Foundation, the five-year project has delivered over US$100 million in SME lending solutions and business support to over 5,000 enterprises, with a focus on women-led businesses, agribusiness, and rural entrepreneurs.
The event featured a panel discussion with loan beneficiaries, data-led presentations, and strategic discussions on sustainability and future directions.
Source: myghanadaily
