Absa Bank Ghana LTD, in partnership with the Mastercard Foundation, has convened a high-level stakeholder learning session to assess the role of non-bank financial institutions (NBFIs) in supporting inclusive lending to microenterprises across Ghana.
Held under the theme “Role of Non-Bank Financial Institutions in Driving Economic Growth and Job Creation: Lessons from the Absa Young Africa Works Project,” the event brought together MFIs, rural banks, policy actors, and project beneficiaries to share insights and lessons from the Absa Young Africa Works Project.
Audrey Abakah, Director of SME Banking and Partnerships at Absa Bank Ghana, highlighted the impact of these collaborations, stating, “Over the period, we have been able to disburse to MFIs to the tune of almost $3 million, and these institutions have supported micro businesses in areas that Absa has no presence, improving financial inclusion.”
Mr. Gottfried Odamtten-Sowah, Head of Entrepreneurship at the Mastercard Foundation, reinforced the significance of such partnerships, emphasizing, “Through this partnership, we have unlocked affordable financing to over 7,900 businesses, with more than 6,900 also benefiting from training, mentorship, and coaching, resulting in improved business practices and growth.”
Sharing a personal success story, Joyce, an entrepreneur from Somanya, expressed her gratitude for the program’s impact on her business, saying, “Before I received support, my business was struggling, and I even lost some employees. But with the funding I got, I was able to purchase new equipment, keep my business running, and send my daughter to tertiary school.”
With funding from the Mastercard Foundation, the five-year project has delivered over US$100 million in SME lending solutions and business support to over 5,000 enterprises, with a focus on women-led businesses, agribusiness, and rural entrepreneurs.
The event featured a panel discussion with loan beneficiaries, data-led presentations, and strategic discussions on sustainability and future directions.
