OmniBSIC Bank and GIZ Ghana join forces for impactful SME training

OmniBSIC Bank, in collaboration with GIZ Ghana, has successfully hosted Financial Literacy Trainings for Small and Medium-sized Enterprises (SMEs) in Accra and Koforidua.

The events, which attracted participants from diverse industries including trade, production and services, aimed to empower small and medium-sized enterprises (SMEs) and aspiring entrepreneurs with essential business skills as well as financial knowledge.

The seminars which are part of an ongoing initiative to support Ghana's SME sector, featured expert presentations on various topics crucial for business success in today's challenging economic landscape. Key areas covered included financial management, record-keeping, adapting to market volatility, and developing a progressive business mindset.

This initiative aligns with the recognition OmniBSIC Bank received as the Premium SME Brand of the Year at the 8th Global Business Brands Summit & Awards. This prestigious award acknowledges OmniBSIC Bank's dedication to supporting the growth and development of SMEs in Ghana through innovative financial products and services. The accolade further cements the bank's reputation as a leading partner for small businesses striving to achieve success in a dynamic market environment.

A report from the Bank of Ghana (BoG) earlier this year revealed that OmniBSIC Bank is at the forefront of supporting SMEs with the most competitive (lowest) loan interest rates in the country.

The BoG’s Annualized Percentage Rate (APR) report, released in April 2024, provides a comprehensive view of the true cost of borrowing faced by businesses. As explained by the Central Bank, "The APR reflects the true cost of a loan that economic agents are confronted with when they go through an approval process to secure a loan facility. It comprises the Ghana Reference Rate, Bank-specific risk-premier, and other bank-specific charges."

Mr. Daniel Asiedu, Managing Director of OmniBSIC Bank noted that “The Bank’s consistent offering of the most competitive rates is a clear demonstration of its dedication to fostering SME growth and contributing to Ghana's economic development. This aligns with the Bank's strategic focus on the SME sector and its role in driving financial inclusion and economic progress in the country”. 

Eugene Bawelle, Head of SME Banking at OmniBSIC Bank, emphasized the importance of SME training initiative: "At OmniBSIC Bank, we believe that when businesses thrive, we all benefit. These seminar series is our commitment to building capacity in the SME market. The enthusiastic response from participants reaffirms the need for such programmes."

The events featured presentations from industry experts, including Mr. Richard Asante-Amoah, CEO of Stravents and a consultant for GIZ, who introduced the concept of VUCA (Volatile, Uncertain, Complex, Ambiguous) to describe the current business environment. Mr. Asante-Amoah stressed the importance of developing systems and processes based on knowledge to withstand market challenges.

“The focal point today was for businesses to have a new mindset" according to Mr. Asante-Amoah. He further explained that “What we realized is that many businesses lack a progressive mindset that can withstand trials and challenges like what COVID-19 brought. We're hoping that with this information, participants will be able to go back, prepare themselves, and start building businesses that will become more sustainable,” he added.

Mr. Ebenezer Nii Sampane Adjaye, Executive Director for Consultancy and Advocacy at the Chartered Institute of Supply Chain Management, led a session on financial awareness and record-keeping. He emphasized the critical role of data-driven decision-making in business success. 

“During VUCA periods, the most important thing is to have information which will enable you to make informed decisions," Mr. Adjaye elaborated “This involves gathering appropriate data, collating them, and putting them in the form of a report. That will give you the ability to project and make forecasts into the future, knowing what risks or challenges lie ahead and how best to mitigate them to ensure your business can continue to make profits and become sustainable.”

Participants expressed their profound appreciation for the practical insights gained during the seminars. Sarah Mensah, owner of a local catering business, commented: "This seminar has been eye-opening. I have learnt so much about proper financial management and the importance of adapting to market changes. The concepts introduced, especially about record-keeping, will definitely help me run my business more efficiently."

The success of the events in Accra and Koforidua has paved the way for future seminars in other regions of Ghana. OmniBSIC Bank and GIZ Ghana plan to extend the programme to other cities in the Country aiming to reach and empower more SMEs across the country. This collaborative effort between OmniBSIC Bank and GIZ Ghana demonstrates a shared commitment to fostering a robust SME sector in Ghana. By providing essential knowledge and tools, the initiative aims to create more resilient businesses capable of driving economic growth and job creation in the country.