Accra, 31 October 2023 – Access Bank Ghana has taken a significant step by securing an initial GHS10m support from Development Bank Ghana (DBG) to facilitate access to essential funding for Small and Medium Enterprises (SMEs). 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 the partner financial institution was meticulously crafted in collaboration with Development Bank Ghana to address the unique needs and challenges faced by SMEs in Ghana.
The digital platform offers SMEs streamlined access to loans, with a cap of GHS200,000 per transaction, ensuring broad accessibility for various business needs. It revolutionizes 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. In a move to foster inclusivity, the platform is open to all SMEs, not just those currently banking with Access Bank. This inclusive approach significantly broadens the platform’s reach and impact.
This collaboration between Access Bank and DBG unlocks a treasure trove of opportunities for SMEs in sectors like Agribusiness, Manufacturing, ICT, Tourism, and Healthcare. The platform not only simplifies the financing process but also acts as a catalyst for SMEs looking to scale and innovate in their respective sectors.
Commenting on the DBG funding, Olumide Olatunji, the Chief Executive Officer of Access Bank 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.”
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. Through the collaborations, DBG aims 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.
Reflecting on the partnership, K. Duker, Chief Executive Officer of DBG, 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 recognize this trust by ensuring diligent loan repayments, establishing a thriving and sustainable financial ecosystem. DBG is not stopping here. The Bank is 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.”
Operating from 54 business locations across the country with over 3000 agents, Access Bank continues to build solid long-term relationships with customers based on trust, digital innovation, good customer service and transparency. Access Bank has over the years developed a deep understanding of its customers, delivering excellent services and empowering them to achieve more through financial inclusion and digital innovation.
Development Bank Ghana is a wholesale financial institution established by the Government of Ghana. DBG acts as a provider of long-term capital to the market with a mission to foster strong partnerships to finance economic growth, create jobs, and build capacity for SMEs. The organisation is committed, aligned and strengthened to achieve UN Sustainable Goals (SDGs) ambitions and targets while implementing environmental, social, and governance (ESG) strategy aimed at creating shared value and impact with purpose.