Financial institutions’ lending requirements limits access to loans for women-owned businesses

The initiative, supported by Development Bank Ghana (DBG), aims to provide affordable financing to women-owned businesses at reduced interest rates, flexible collateral requirements, mentorship and business advisory services.

The Collateral Registry data supported that trend, showing that female borrowers and women-owned businesses received significantly lower credit values than their male counterparts despite accounting for the majority of secured credit facilities.

Mr Valence noted that some financial institutions required women entrepreneurs to involve their spouses in loan agreements, while others demanded collateral and extensive documentation before approving credit facilities.