Connect with us

News

Access Bank Ghana collaborates with DBG to expand the SME market

Access Bank Ghana collaborates with DBG to expand the SME market

Published

on

Advertisements
Wema Bank Alat

 

Access Bank and the Development Bank of Ghana (DBG) have teamed up to promote the nation’s small and medium-sized businesses (SMEs).

Advertisements
Advertisements

As part of the cooperation, DBG will provide funding to Access Bank for long-term loans to SMEs.

Olumide Olatunji, the managing director of Access Bank Ghana PLC, commented on the cooperation and stated that the bank was devoted to enhancing the economy. One way the bank gauges this commitment is through the quantity of credit it distributes to the market, particularly to SMEs.

 

He said this was because Access Bank considered SMEs as a very strategic pillar to the growth of the economy as they contributed over 70 percent to GDP as well as created over 80 percent of employment opportunities.

 

He noted that over the years, the bank had been actively engaged in the SME space, creating relevant products to support its growth.

 

In the last two years, he said the bank had impacted over 6500 SMEs with over GH₵50 million in loan support and through technical backstopping in the form of hands-on training on digitalization from its capacity building workshops and SME Clinics held across the regions.

 

“Our holistic interventions are also evident in the products we offer SMEs and such products have been made available digitally.

 

“Additionally, the Bank has partnered with various stakeholders to ensure that funds are readily available to SMEs, all in a bid to support the growth of the sector,” he stated.

 

 

Funds to customers

He said the long-term financing being provided by DBG would be made available to customers who qualify under the criteria that had been set by DBG.

He also added that through this partnership, Access Bank would be able to scale up significantly in terms of credit creation to support DBG’s aspiration to make credit available to Ghanaians and to Ghanaian businesses operating in our environment.

 

Access Bank plans to leverage the partnership with DBG to continuously support the Bank’s aspiration for SMEs. Through its network of branches and offices across the country, as well as its digital platforms, the bank’s clients and potential clients are encouraged to start the process to seek funding for their businesses.

 

Relevance of DBG

Commenting on the relevance of DBG, Mr. Olatunji said DBG was extremely relevant to the macroeconomic stability of Ghana, with a $1 billion seed fund to banks.

“This makes collaboration with commercial banks very timely and very relevant to the market within which we operate.

“The SME sector has seen an appreciable level of support from commercial banks, especially with Access Bank,” he stated.

He said DBG’s reinforcement sought to make financing available for longer tenors and, of course, provide cheaper forms of financing to the relevant sectors that could continue to add value to the economy of Ghana.

Advertisements
Advertisements

Copyright © 2021 NewsReport. Designed by DasodHub.

Verified by MonsterInsights