The Development Bank Ghana (DBG) has announced its partnership with Amenfiman Rural Bank Plc, marking the first collaboration with a rural bank within its network of Participating Financial Institutions (PFIs).
This partnership is set to inject significant financial and technical resources into underserved communities across four key regions—Western, Western North, Central, and Ashanti—where access to long-term funding has often been a major challenge for micro, small, and medium enterprises (MSMEs). Through this initiative, DBG is not only expanding its reach but also creating a framework that promises lasting economic transformation.
DBG was established as Ghana’s wholesale financial institution with the sole purpose of supporting economic growth through strategic partnerships with financial institutions nationwide. With a focus on promoting access to finance and providing capacity-building support to MSMEs, DBG aims to empower local businesses and stimulate job creation.
The partnership with Amenfiman Rural Bank is a prime example of this vision in action. This initiative will see a remarkable GHS 72 million being disbursed over the next three years, with an initial GHS 18 million already allocated to assist youth entrepreneurs in the targeted regions. These funds are expected to facilitate the growth and expansion of youth-led enterprises, contributing to the overall economic resilience of these rural areas.
A critical aspect of the DBG-Amenfiman collaboration goes beyond just financial assistance. Recognizing that long-term success requires more than just capital, DBG will provide comprehensive technical support, particularly in the areas of Environmental, Social, and Governance (ESG) practices. This will empower Amenfiman’s management and staff to better serve the needs of youth entrepreneurs, helping them navigate the complexities of running and scaling businesses.
By bolstering the capacity of Amenfiman Rural Bank, DBG is ensuring that the financial support is effectively utilized, fostering an ecosystem where youth entrepreneurs can access the resources needed for sustainable and impactful growth.
Amenfiman Rural Bank, which has been a leader in rural banking since its establishment in 1980, has consistently demonstrated its commitment to economic development and service delivery. Its expansive network—comprising 18 branches, 7 mobilization centers, and 3 microfinance offices—makes it an integral part of the financial landscape in the regions it serves.
The bank’s consistent performance was recently acknowledged when it was named the Overall Best Rural Bank in Ghana for the 2022/2023 financial years at the 5th Rural and Community Banks Excellence Awards Ceremony. With DBG’s support, Amenfiman is now poised to extend its capabilities, offering medium-to-long-term financing options that better address the needs of its clients and enable it to manage larger, more ambitious projects.
The Importance of The Partnership
Kwamina Duker, CEO of DBG, emphasized the importance of the partnership, stating, “DBG’s partnership with Amenfiman Rural Bank represents a pivotal moment in our mission to increase financial accessibility for underserved markets. Our goal is to provide MSMEs in rural areas with the resources they need to scale, create jobs, and uplift their communities. Amenfiman’s extensive presence in four regions makes it an ideal partner as we work to expand our reach and impact.” This initiative, he added, is a step forward in DBG’s ongoing commitment to fostering economic development and inclusion throughout Ghana.
Michael Mensah Baah, DBG’s Deputy CEO, further highlighted the transformative nature of the partnership.
“At DBG, our commitment is to unlock the potential of Ghana’s Youth Entrepreneurs in remote parts of the country by delivering financial solutions tailored to their distinct needs. Partnering with Amenfiman Rural Bank goes beyond expanding our reach—it’s about building real, lasting economic transformation in the remote parts of the country by providing long-term funding with handholding support for Youth Entrepreneurs to build resilience in their businesses.”
Michael Mensah Baah
Dr. Alexander Asmah, CEO of Amenfiman Rural Bank, echoed this sentiment, describing the partnership as a game-changer for the bank and its clients.
“Our collaboration with DBG marks a new chapter for Amenfiman. This access to long-term funding will enable us to serve our clients’ larger projects more effectively, addressing an area where traditional short-term funds often fall short. We are committed to using this partnership to deepen our impact and lead by example within Ghana’s rural banking sector.”
Dr. Alexander Asmah
This strategic partnership between DBG and Amenfiman Rural Bank aligns seamlessly with the Government of Ghana’s “SME GO” programme, which seeks to empower small and medium enterprises to play a significant role in economic development. By facilitating access to financial and technical support, DBG is not only supporting individual entrepreneurs but also contributing to job creation, economic stability, and community upliftment.
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