Access Bank secures GH¢10m to boost SME digital financing
Access Bank has taken a significant step by securing an initial GH¢10m support from the Development Bank Ghana (DBG) to facilitate access to essential funding for Small and Medium Enterprises (SMEs).
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This is in recognition of the indispensable role SMEs play by being the very backbone of thriving economies around the world, being pivotal in generating employment and fostering innovation.
This crucial support is earmarked to enhance Access Bank's digital platform designed to provide SMEs with unprecedented access to funding.
The platform, built by Access, was crafted in collaboration with DBG to address the unique needs and challenges faced by SMEs in Ghana.
Access to loan
A statement issued by the bank, explained that the digital platform offered SMEs streamlined access to loans, with a cap of GH¢200,000 per transaction, ensuring broad accessibility for various business needs.
It said the support revolutionised the loan approval and disbursement process, promising a turnaround time of just 72 hours as opposed to the traditional timeframe of four to six weeks.
The statement said in a move to foster inclusivity, the platform was open to all SMEs, not just those currently banking with Access Bank.
“This inclusive approach significantly broadens the platform's reach and impact.
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“This collaboration between Access Bank and DBG unlocks a treasure trove of opportunities for SMEs in sectors like Agribusiness, Manufacturing, ICT, Tourism, and Healthcare,” it said.
The statement said the platform not only simplified the financing process but also acted as a catalyst for SMEs looking to scale and innovate in their respective sectors.
Commenting on the DBG funding, the Chief Executive Officer of Access Bank Olumide Olatunji said, "This partnership with DBG is a testament to our commitment to SMEs in Ghana.
“By offering a streamlined digital solution, we aim to propel our SMEs to new heights, empowering them to compete and thrive in the global marketplace," he said.
DBG’s wholesale banking model has engendered partnerships with commercial banks and agencies seeking support for the growth of the SME sector such as Access Bank.
He said through the collaborations, DBG aimed to catalyse the transformation of the economy by providing long-term capital and capacity building to SMEs in its key focus areas of agribusiness, manufacturing, high value services and ICT.
Unwavering commitment
Reflecting on the partnership, the Chief Executive Officer of DBG, K Duker said, "our collaboration with Access Bank underscores DBG's unwavering commitment to the future of SME financing in Ghana.
“Through our involvement in the SME Financial Empowerment (SFE) platform and our financial backing, we are setting the stage for a new era.
It is imperative for SMEs to recognise this trust by ensuring diligent loan repayments, establishing a thriving and sustainable financial ecosystem,” he said.
Mr Duker said the DBG was not stopping here, adding that the Bank was committed to providing continuous support to the platform, always aligning with its strategic objectives and the broader goal of empowering SMEs to be formidable players in the economy.