As part of efforts to improve access to financing for women entrepreneurs in the country, Absa Bank Ghana has unveiled its new banking proposition which offers tailored financial solutions to empower women to sustainably grow their businesses.
According to the bank, the new product, ‘Absa EMERGE’, will help bridge the financial gap which is currently skewed towards male-led SME businesses on the basis that less women-led SME borrowers than men.
According to the 2019 MasterCard Index of Women Entrepreneurs, Ghana placed second in the global ranking of countries with the most women entrepreneurs as 37.9% of all businesses in the country are owned by women.
Speaking at the launch of the product, Mrs. Grace Anim-Yeboah, Business Banking Director at Absa Bank Ghana, said, “the banking solution will facilitate the growth of women businesses which will ultimately lead to an increase in employment and contribute to poverty reduction which is a key objective in the UN sustainable development goals.”
The Second Deputy Governor of the Bank of Ghana, Mrs. Elsie Addo Awadzi, lauded Absa Bank Ghana for bringing a solution that supports the growth of women-led businesses.
“Absa Bank Ghana clearly sees the business case in helping to bridge the gender gap in access to finance through bespoke offerings that meet specific needs,” said Mrs. Awadzi.
She encouraged women entrepreneurs in Ghana to take full advantage of the suite of offerings under EMERGE to grow their businesses, develop themselves, grow their networks, and maintain balanced lives to stay more productive.
Absa EMERGE is available at all branches of Absa Bank across the country