Absa commits GH¢1m to startups
Absa Bank Ghana, in collaboration with the Mastercard Foundation and MEST Africa, has launched the second phase of the Absa Young Africa Works programme, committing GH¢1 million in grants to support 10 promising Agritech and Fintech startups in the country.
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This new phase aims to build on the significant achievements of the first phase by providing essential financial backing and capacity-building opportunities to drive growth and innovation in these critical sectors.
Speaking at the launch of the second phase of the programme in Accra last Thursday, the Director for Small and Medium-sized Enterprises (SMEs), Agency Banking and Partnership at Absa Bank Ghana, Audrey Abakah, highlighted the programme's focus on addressing the technical, operational and financial challenges faced by startups in agriculture and financial technology.
“Recognising the potential within these sectors to contribute to our country's economic growth, we developed this initiative to provide grants and capacity-building support to young entrepreneurs. This effort aims to help them to easily access finance to fuel their business growth,” she said.
She explained that the first phase of the programme, initiated in November 2022, invested GH¢1.1 billion in Fintech and Agritech startups in Ghana, benefitting over 5,900 businesses, including smallholder farmers, with 65 per cent of the beneficiaries being women.
“Around 7,000 Micro, Small and Medium-sized Enterprises (MSMEs) and smallholder farmers received business capability-building opportunities. Ten youth-owned businesses, half of which were women-led, received up to GH¢250,000 each, totalling GH¢2 million in grants,” she added.
Mrs Abakah emphasised the programme's commitment to inclusivity, encouraging more women entrepreneurs and persons with disabilities to participate.
Commitment
The Programme Partner for Digital Economy at Mastercard Foundation, Maame Serwaa Dzamesi said the programme, which aims to create decent and sustainable jobs for young people in Ghana, aligned with the foundation’s commitment to foster entrepreneurship and create an environment where young people can thrive, innovate and lead.
She said the success of the inaugural cohort was inspiring as passionate entrepreneurs developed innovative solutions that are transforming the financial landscape and empowering the agricultural sector.