Absa bank Ghana limited, has unveiled She Business, an upgraded women’s banking experience aimed at removing barriers to women’s access to finance, boost women-led businesses and entrepreneurs in Ghana.
The She Business proposition offers women a collateral-free loan up to GH₵2 million at 10% per annum, in partnership with the Mastercard Foundation, bundled business insurance and capacity-building from Absa business clinics.
The unveiled She Business builds on the impact of EMERGE, Absa’s earlier programme for women-led businesses, introducing a more tailored suite of financial and non-financial solutions.
Dr Edward Nartey Botchway, Managing Director Absa Bank Ghana Limited, emphasised that the launching of the updated women business model was a statement of intent and commitment to women’s development.
He said the She Business was a compelling financing opportunity to help women businesses thrive and a bold statement to bridge the over 40-billion-dollar business financing gap across Africa.
Mrs Audrey Abakah, Director, SME banking and Partnership Absa Bank, recalled that a report in 2020 indicated that only 13% of women were on the loan book of Absa bank Ghana limited.
She said: “We then made thorough research and realised that women had difficulty in borrowing from banks including Absa due to cumbersome bank processes and high interest rate and based on these insights we developed the EMERGE, which also gave women collateral free loans at two percent.”
Today, Absa Bank Ghana has moved from 13% women on their loan books to 55%, due to the EMERGE which simplified banking for women and gave collateral-free loans and an additional financial solution education.
Women-led businesses represent nearly half of Ghana’s Micro Small Enterprises (MSMEs), yet faced significant barriers to finance, market access and business support.
Statistics also show that only six percent of women borrow from formal institutions, widening the gender gap in financial inclusion.
Mrs Patience Akyianu, Group CEO of Hollard Insurance, whiles congratulating Absa bank for such a bold initiative, she urged women to take advantage of insurance policies to insure their businesses and livelihoods.
Madam Catherine Krobo Edusei and Madam Esther Baidoo, entrepreneurs shared their stories of how the Absa women banking solutions had improved and expand their business portfolios.
However, Madam Krobo Edusei, Founder and CEO of Eden Tree Limited, appeal to Absa bank to extend the loan duration from 24 months to 36 months.
