Mr. Olumide Olatunji , the Managing Director of Access Bank Ghana PLC, has revealed that, the Bank will be receiving funds from Development Bank of Ghana (DBG) to provide long term credit facilities to Small and Medium Enterprises (SMEs).
According to him the partnership between DBG and the commercial banks has made it possible and hence, SMEs access to long term credit facilities in boosting their businesses will now be made easier.
“Our holistic interventions are also evident in the products we offer SMEs and such products have been made available digitally. Additionally, the Bank has partnered with various stakeholders to ensure that funds are readily available to SMEs, all in a bid to support the growth of the sector.”
Mr. Olumide Olatunji.
In accordance with Access bank’s partnership with DBG, the bank seeks to improve on its product and services offered to the client base of the Small and Medium Enterprises, thereby making a greater impact in the sector, he said.
According to Mr Olatunji, Access Bank will be receiving a long-term financing from DBG, and these funds will be escalated to prospective clients in SMEs who qualify under the criteria being set by DBG.
Access Bank To Leverage DBG Partnership To Achieve Bank’s Aspiration For SMEs.
Mr Olatunji stated that, this is an opportunity for Access Bank to scale-up significantly in terms of credit creation to support DBG’s aspiration and to make credit available to individuals operating in the Ghanaian business environment.
Prior to this, the bank was issuing capital facilities that were usually between 60 days to three years, but now DBG is making credit facilities available for a longer tenure and at a cheaper cost of borrowing, he said.
“Development Bank of Ghana, is extremely relevant to the macro-economic stability of Ghana with the one billion dollars seed fund to banks. This makes collaboration with commercial banks very timely and very relevant to the market within which we operate.
“The SME sector has seen an appreciable level of support from commercial banks, especially with Access Bank. DBG’s reinforcement seeks to make financing available for longer tenures and of course, provide cheaper forms of financing to the relevant sectors that can continue to add value to the economy of Ghana.”
Mr. Olumide Olatunji
Mr Olatunji further noted that, support given to SMEs will not only be about financing, but also seeks to train and build their capacity. This will also ensure that banks provide the necessary intermediation that is necessary for credit creation for any economy to flourish, he said.
According to him, this is an opportunity for the bank to reach its goals of adding value to the economy.
“This is so because Access Bank considers SMEs as a very strategic pillar to the growth of the economy as they contribute over 70 percent to GDP as well as create over 80 percent of employment opportunities.”
Mr. Olumide Olatunji
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