Amenfiman Rural Bank supports MSMEs
The Amenfiman Rural Bank PLC, with its head office at Wassa Akropong in the Wassa Amenfi East Municipality in the Western Region, has allocated GH¢500 million collateral free loans to Micro Small & Medium Enterprises (MSMEs).
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The initiative has expanded the bank’s unsecured lending threshold from GH¢ 50,000 to GH¢ 400,000 for individual MSME.
The loans are offered without the usual stringent collateral requirements and at low interest rates, lesser restrictions, simple and fast-track approval processes, all within 24 hours after submitting applications.
The CEO of the bank, Dr Alex Asmah, who made this known in an interview with journalists recently at the launch of the AMERB Donkomi Promotion in Kumasi, said the rationale behind the initiative was because of its record of achieving a total deposit of GH¢1 billion as of July 2024.
“This also aligns with the bank’s vision to empower the MSME sector, drive growth and aid the recovery of the national economy,” he added.
Financial inclusion
The CEO further said the bank in the last 10 years had devised a mission to drive financial inclusion in its communities by serving the unbanked and the underbanked population of the market, especially MSMEs and giving them easy, convenient and cost-effective access to financial products using the appropriate technology and quality staff.
He said their vision was also aligned to the Ministry of Finance and the Development Bank Ghana (DBG) initiatives such as the SME Growth and Opportunity programme, and MSMES Innovate and Grow (MIG) Fund respectively, to enhance funding and development opportunities for MSMEs.
The Amenfiman Rural Bank is one of the selected banks approved by DBG to participate in the programme.
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Dr Asmah said the AMERB MSME Donkomi promotion was designed to support both micro and small businesses, with particular focus on empowering women and youth-led enterprises.
Beneficiaries of the programme would receive daily visits from the bank’s sales executives, who would collect loan repayments on a daily basis.
Also, businesses would be required to contribute at least 20 per cent of their own capital in addition to the bank's loan.
In addition, Dr Asmah said the bank was collaborating with the Mastercard Foundation to secure additional funding to support businesses.
Enhancing access
The CEO said the bank would continue to pave the way for innovative financial solutions, adding that its latest initiative marked a significant step in enhancing access to capital for the country’s vibrant small business sector.
Some business owners who were at the launch welcomed the initiative and took turns to praise the bank for their financial support over the years.
The vice-president of the Ashanti Regional chapter of the Ghana Union of Traders Association, Nana Kwame Amoah Nyame, appealed to the bank to give them good interest rates on their loans.