Three institutions have entered into a strategic partnership to help accelerate access to finance and business support for female-owned small and medium enterprises (SMEs) in the country.
The institutions are Stanbic Bank Ghana, International Finance Corporation (IFC) and Mastercard.
The partnership is expected to bring together IFC’s global expertise in gender-smart banking, Stanbic Bank’s market leadership and Mastercard’s role as a technology and payments partner advancing women’s economic participation through secure and inclusive financial infrastructure.
Under the agreement, women entrepreneurs would gain access to finance, skills and mentorship to strengthen the SME sector, create jobs and build a more robust economy.
It would also support national development priorities and contribute directly to the UN Sustainable Development Goals, particularly SDG 5 on Gender Equality and SDG 8 on Decent Work and Economic Growth.
As a result, a memorandum of understanding was signed by the Chief Executive of Stanbic Bank Ghana, Kwamina Asomaning; Senior Country Manager for Ghana and Liberia at IFC, Kyle Kelhofer, and Country Manager and Area Business Head, West Africa, at Mastercard, Dr Folasade Femi-Lawal, on behalf of their respective institutions, in Accra yesterday.
Significance
Mr Kelhofer said women were essential drivers of economic growth, and therefore, unlocking capital for them was a direct investment in jobs and inclusive growth.
“In Ghana, women own about 40 per cent of all MSMEs in the country. The sector accounts for about 90 per cent of all businesses and contributes a significant share of the country’s gross domestic product.
“Despite this contribution, many still face barriers to growing their businesses, which is why the partnership between the three institutions is very important,” he said.
Mr Kelhofer added that expanding access to finance and strengthening support systems for female-owned SMEs would drive inclusive growth, support job creation and enhance the long-term resilience of the SME sector.
Inclusiveness
Dr Femi-Lawal also said that female-owned SMEs were central to resilient and inclusive economies, yet many continued to face structural barriers to finance, markets and business support.
“Through our collaboration with Stanbic Bank and IFC, we are strengthening the infrastructure that enables women-led businesses to access capital, build financial resilience and grow sustainably.
“When women businesses secure funds to expand their businesses the impact compound by reaching their families and communities in general,” she said.
Commitment
For his part, Mr Asomaning said the partnership demonstrated the bank’s deliberate commitment to promoting inclusive growth and expanding opportunities for women entrepreneurs.
He explained that through the collaboration with International Finance Corporation and Mastercard, the partners had collectively committed funds to develop tailored financial and non-financial solutions aimed at expanding access to capital for women-owned small and medium-sized enterprises.
Mr Asomaning added that the initiative would also strengthen Stanbic Bank Ghana’s institutional capacity to serve female-led businesses while embedding gender-responsive banking practices that could be scaled across the wider financial sector.
Source:
www.graphic.com.gh
