• About
  • Advertise
  • Privacy Policy
  • Contact
Tuesday, August 5, 2025
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

Financial Service Providers Partner With GIZ to Develop Innovative Financial Products for MSMEs in Ghana

July 15, 2024
Stephen M.Cby Stephen M.C
in Vaultz Business
0
Financial Service Providers Partner With GIZ to Develop Innovative Financial Products for MSMEs in Ghana

In a move to bridge the financing gap for micro, small, and medium-sized enterprises (MSMEs) in Ghana, 15 financial service providers have partnered with the Support to Private and Financial Sector (PFS) Programme.

Funded by the German Cooperation through Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, this initiative aims to develop innovative financial products tailored specifically to the needs of MSMEs.

A kick-off meeting held in Accra brought together key stakeholders, including insurance and pension regulators, partner financial service providers, and consultants. The meeting served as a platform for stakeholders to discuss and strategize on improving MSMEs’ access to financial services through the development of these new financial products.

RelatedPosts

Shaibu Haruna Crowned ‘CEO of the Year – Fintech’ at 4th Ghana CEO Awards

MTN Ghana’s Profit After Tax Surges by 55% in H1 2025

BoG Data Shocker: 54% of Mobile Money Agents Now Inactive Despite Sector Boom

The new financial products will encompass a range of offerings, including loans, savings, investments, and bundled products. The primary focus of this initiative is on MSMEs, with particular emphasis on businesses owned or operated by women, youth, and persons with disabilities (PWDs).

Angela Armah from GIZ articulated the significance of this initiative during the meeting, stating, “GIZ is happy to support this because MSMEs are considered efficient and prolific job creators, the seeds of big businesses, and the fuel of national economic engines. We are here to discuss together how we bring need-based financial products to the doorstep of MSMEs.”

Challenges Faced by MSMEs

Despite their critical role in the economy, employing approximately 85% of Ghana’s workforce, MSMEs continue to face significant challenges in accessing finance. Many MSMEs lack a comprehensive understanding of the various financial products available and the requirements associated with them. This knowledge gap often hampers their ability to secure the necessary financing to grow their businesses.

The initiative aims to address these challenges by developing tailored financial solutions that enhance MSMEs’ access to finance. By doing so, it hopes to empower these enterprises to expand their operations, create more employment opportunities, and contribute more significantly to the national economy.

153552171 284673

To achieve these objectives, GIZ has partnered with 15 financial service providers and 15 trade associations. This collaborative effort underscores GIZ’s commitment to fostering economic growth and supporting the backbone of Ghana’s economy—its MSMEs.

The participating financial service providers bring a wealth of experience and expertise in developing and offering financial products. Their collaboration with trade associations ensures that the developed products will be well-suited to the unique needs and challenges of MSMEs in various sectors.

Innovative Financial Products for Enhanced Access

The development of innovative financial products is a cornerstone of this initiative. By creating products that are specifically designed for MSMEs, the initiative aims to make financial services more accessible and relevant. These financial products will include loans, savings, investments and bundled products. The primary target of this product development intervention is on MSMEs, with particular attention to businesses owned or run by women, youth, and persons with disabilities (PWDs)

The initiative places particular emphasis on supporting businesses owned or run by women, youth, and persons with disabilities. These groups often face additional barriers in accessing finance, and tailored financial products can help mitigate these challenges. By focusing on inclusivity, the initiative aims to create a more equitable financial landscape for all MSMEs.

The partnership between 15 financial service providers and GIZ represents a significant step forward in addressing the financing challenges faced by MSMEs in Ghana. By developing innovative, need-based financial products, this initiative aims to enhance MSMEs’ access to finance, enabling them to grow their businesses, create jobs, and contribute to the national economy

READ ALSO: Ghana Remains in Debt Distress Despite DDE Program Completion- IMF and World Bank Report

Tags: Financial Service ProvidersGIZLoansMSMEsPWDssavings
Please login to join discussion
Previous Post

IEA to Host Presidential Debate Ahead of December 2024 Elections

Next Post

Security Plan For RNC Bolstered

[mc4wp_form id="1264"]

Related Posts

Hon. Vincent Ekow Assafuah, Stadium, Kotoko
General News

Fix Baba Yara or Risk National Pride – Assafuah Warns Government

August 5, 2025
Kremlin Spokesman, Dmitry Peskov says Difficult Negotiations Await Russian And US Delegations
Europe

Kremlin Decries Trump’s Tariff Threat On India Over Russian Oil Purchases

August 5, 2025
Hon. Francis Asenso-Boakye, Member of Parliament for Bantama
General News

Bantama MP Questions Logic Behind New Accra–Kumasi Expressway

August 5, 2025
Cocoa sector Production in Ghana affected by illegal mining (galamsey)
General News

MP Defends Recent Cocoa Price Rise Amid Cocoa Sector Reforms 

August 5, 2025
UK Leaders Demand Police Reveal Suspect Details
UK

UK Leaders Demand Police Reveal Suspect Details

August 5, 2025
Akwatia by-elections in focus
General News

Poll Shows NPP’s Hold On Akwatia Slipping

August 5, 2025
Hon. Vincent Ekow Assafuah, Stadium, Kotoko
General News

Fix Baba Yara or Risk National Pride – Assafuah Warns Government

by Silas Kafui AssemAugust 5, 2025
Kremlin Spokesman, Dmitry Peskov says Difficult Negotiations Await Russian And US Delegations
Europe

Kremlin Decries Trump’s Tariff Threat On India Over Russian Oil Purchases

by Comfort AmpomaaAugust 5, 2025
Hon. Francis Asenso-Boakye, Member of Parliament for Bantama
General News

Bantama MP Questions Logic Behind New Accra–Kumasi Expressway

by Evans Junior OwuAugust 5, 2025
Cocoa sector Production in Ghana affected by illegal mining (galamsey)
General News

MP Defends Recent Cocoa Price Rise Amid Cocoa Sector Reforms 

by Lilian AhedorAugust 5, 2025
UK Leaders Demand Police Reveal Suspect Details
UK

UK Leaders Demand Police Reveal Suspect Details

by Lawrence AnkutseAugust 5, 2025
Akwatia by-elections in focus
General News

Poll Shows NPP’s Hold On Akwatia Slipping

by Lilian AhedorAugust 5, 2025
Hon. Vincent Ekow Assafuah, Stadium, Kotoko
Kremlin Spokesman, Dmitry Peskov says Difficult Negotiations Await Russian And US Delegations
Hon. Francis Asenso-Boakye, Member of Parliament for Bantama
Cocoa sector Production in Ghana affected by illegal mining (galamsey)
UK Leaders Demand Police Reveal Suspect Details
Akwatia by-elections in focus
[/vc_row_inner]

Recent News

  • Fix Baba Yara or Risk National Pride – Assafuah Warns Government
  • Kremlin Decries Trump’s Tariff Threat On India Over Russian Oil Purchases
  • Bantama MP Questions Logic Behind New Accra–Kumasi Expressway
  • MP Defends Recent Cocoa Price Rise Amid Cocoa Sector Reforms 
  • UK Leaders Demand Police Reveal Suspect Details
The Vaultz News

Copyright © 2021 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2021 The Vaultz News. All rights reserved.