The Bank of Ghana (BoG), the Development Bank Ghana (DBG) working with its digital partner
Proxtera and supported by the Monetary Authority of Singapore (MAS,) are excited to announce
a fund with a target of of US$100 Million to be disbursed to the Ghanian (micro, small and medium
enterprises) MSME ecosystem through the Ghana Integrated Financial Eco-system (GIFE).
Against the backdrop of the 3i Africa summit sessions today, an announcement was made during
a signing ceremony between DBG & Proxtera to accelerate the disbursement of up to GHS 1.83
billion via the wholly digital infrastructure set up by the GIFE programme. This follows on the early
signs of success exhibited by GIFE after its launch at the 2022 edition of the Singapore Fintech
Festival, and its operationalization in the first half of 2023 with the pilot financial institution partner
– Consolidated Bank of Ghana (CBG).

GIFE, currently is a digital journey for MSMEs, beginning with a financial literacy/creation of
trusted credentials, which leverages the global Universal Trusted Credentials framework, access
to working capital, and cross-border trade with Asia and the ASEAN region. An innovative
regulatory sandbox continues to support GIFE in its challenge to traditional disbursal frameworks
to fast-track growth and development for local businesses. This upcoming phase of GIFE will see
wider participation by more financial institutions with an emphasis on scale and digital access to
global trade markets with local financial and educational support.

Saurav Bhattacharyya, Chief Executive Officer of Proxtera, said “We continue to proudly support
GIFE as a founding partner. As the exclusive operational partner of SME Financial Empowerment
(SFE) programme, and the operational, technology & digital infrastructure provider for
implementation for GIFE, Proxtera continues to work with local ecosystem partners to grow the
usage of trusted credentials. We strongly believe the ambitious target set by our partners will
propel Ghanian MSMEs into the global digital cross-border trade and financial highways”

K Duker, Chief Executive Officer of DBG, said: “We believe that this partnership with the Monetary
Authority of Singapore and the GIFE programme mark a pivotal moment in DBG’s mission to
provide sustainable finance solutions to Ghanaian businesses and facilitate multi-generational,
sustainable economic growth. DBG recognises the crucial role of SMEs in our country’s economy
and the GIFE programme will further strengthen DBG’s ability to catalyse SME growth by ensuring
that they get the financial solutions they need to achieve their full potential. SMEs are a key pillar
of Ghana’s economic resilience, prosperity, and international competition, so I’m optimistic that
our journey to unlock their potential will yield excellent results for our people and country.”

Dr Ernest K.Y. Addison, Governor of Bank of Ghana, said “This memorandum further
demonstrates BoG’s commitment as a central bank, to working with key stakeholders to explore
innovative financing models. It also further demonstrates our commitment to the Business Sans
Borders initiative which we partnered with the Monetary Authority of Singapore to enhance MSME
contribution to economic growth and in line with Government’s broader economic transformation
goals.

Adding on to the comments, Mr Sopnendu Mohanty, Chief FinTech Officer, MAS, said, “MAS has
worked closely with Bank of Ghana since the announcement of the Financial Trust Corridor in
2020. The GIFE is an important step to foster closer collaboration between the two central banks
and important emerging markets. The GIFE is a rethink to potentially leapfrog traditional financial
inclusion approaches with combined support mechanisms powered by smarter data that MSMEs
and financial institutions can tap on based on their needs.”