Absa Bank Ghana, in partnership with the Mastercard Foundation, has launched the second phase of the Absa Fintech & Agritech Support Programme.
This initiative is a pivotal part of the Absa Young Africa Works project, aimed at providing essential financial and capacity-building support to Micro, Small, and Medium Enterprises (MSMEs) in Ghana.
This phase of the programme is set to deliver critical financial grants and extensive training to a select group of businesses. Specifically, 20 businesses will receive grants of up to GHS 50,000 each, while an additional 120 businesses will benefit from comprehensive training and development programs. These initiatives are designed to enhance operational efficiency and boost market competitiveness.
The Absa Fintech & Agritech Support Programme primarily targets Ghanaian youth, with a focus on the fintech and agritech sectors. The initial phase of the programme provided substantial financial backing, offering grants and unsecured loans to businesses in their ideation or scaling stages. The overarching goal is to empower young entrepreneurs by supporting their innovative business ventures.
The programme offers a holistic support package, encompassing capacity building, business development, and advisory services. This structure aims to equip startups and MSMEs with the tools and knowledge necessary to scale their operations effectively.
Significant Investment Impact
Audrey Abakah, Head of SME, Agency Banking, and Partnerships at Absa Bank Ghana, highlighted the significant impact of the investment during the launch event. She noted that over 5,900 businesses, including smallholder farmers, have benefited from the GH₵1.1 billion investment. Notably, 65% of these beneficiaries are women. Additionally, the programme has provided business capability-building opportunities to approximately 7,000 MSMEs and smallholder farmers.
“Mastercard Foundation remains steadfast in its commitment to support Micro, Small and Medium Enterprises noting the considerable challenges they face in establishing and growing their businesses. This is evidenced by our investment of over GH₵1.1 billion which has benefited over 5,900 businesses including smallholder farmers out of which 65% are women. We have also provided business capability-building opportunities to about 7,000 MSMEs and smallholder farmers.”
Audrey Abakah
The second phase of the programme emphasizes inclusivity, encouraging more women and individuals with disabilities to participate, particularly those in the fintech and agritech sectors. Abakah stressed that “Inclusivity is at the heart of our initiative,” underlining the programme’s commitment to supporting diverse entrepreneurs.
Grants for Startups
This phase will provide a total grant fund of GH₵1 million to 10 selected agritech and fintech startups. This financial support aims to catalyze their growth and development, fostering innovation within these crucial sectors.
Elseland Ewudzie-Sampson, Founder of Big Samps Market and a beneficiary of the programme, expressed her gratitude towards Absa Bank and the Mastercard Foundation. She emphasized the programme’s potential to create employment and expand business operations, particularly for farmers and food processors in Ghana.
“The programme will be very helpful in creating employment and expanding… we’ll be able to spread our wings with farmers and food processors in Ghana. (Even though) you need passion to work, passion alone doesn’t push your business. You need finance, skills to push your business. So I’d urge that businesses take advantage of this to become better entrepreneurs.”
Elseland Ewudzie-Sampson
The partnership between Absa Bank Ghana and the Mastercard Foundation represents a significant investment in the future of Ghana’s MSMEs, particularly in the fintech and agritech sectors. By providing financial grants, comprehensive training, and development opportunities, this initiative aims to empower young entrepreneurs, promote inclusivity, and foster sustainable business growth.
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