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Absa Bank Leads the Way in NBFI: Hosting Event for Inclusive Job Growth

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Absa Bank Ghana, together with the Mastercard Foundation, has organized a high-level stakeholder meeting aimed at evaluating how non-banking financial entities can enhance inclusive financing for small businesses throughout Ghana.

Organized with the theme ‘The Role of Non-Bank Financial Institutions in Fostering Economic Expansion and Employment Generation: Insights from the Absa Young Africa Works Initiative,’ the gathering convened microfinance institutions, community banks, policymakers, and project participants to exchange knowledge and experiences derived from the Absa Young Africa Works Program.

Audrey Abakah, who leads SME Banking and Partnerships at Absa Bank Ghana, emphasized the effect of these partnerships, noting, “During this time, we’ve managed to distribute approximately $3 million to Micro Finance Institutions (MFIs). These organizations have assisted small enterprises in regions where Absa lacks a presence, thereby enhancing financial inclusivity.”

Mr. Gottfried Odamtten-Sowah, who leads entrepreneurship initiatives at the Mastercard Foundation, highlighted the importance of these collaborations, stating, “This partnership has made affordable funding accessible to more than 7,900 enterprises, and over 6,900 of them have additionally received training, mentoring, and coaching, leading to enhanced business operations and expansion.”

Joyce, an entrepreneur from Somanya, shared her personal success story and conveyed her deep appreciation for how the program influenced her business. She mentioned, “Prior to receiving assistance, my enterprise was facing difficulties, and I had to let go of several staff members. However, thanks to the financial backing I secured, I could buy new machinery, maintain operations, and enroll my daughter in higher education.”

Thanks to financing from the Mastercard Foundation, this five-year initiative has provided more than $100 million in small and medium enterprise (SME) loans along with business assistance services to over 5,000 companies, particularly emphasizing women-owned ventures, agricultural firms, and countryside entrepreneurs. During the gathering, attendees participated in a panel session with individuals who received loans, reviewed data-driven presentations, and engaged in key talks about environmental durability and upcoming strategies.

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