Absa Bank's 10% SME Loan Makes Big Impact With GHS100 Million In Funding

Absa Bank has disbursed an impressive GHs100 million under its 10% SME loan programme, marking a significant milestone that demonstrates the bank’s longstanding commitment to empowering and driving the growth of SMEs in Ghana.

 The initiative, which is in partnership with Mastercard Foundation, is a landmark financing programme from the Bank to help transform the landscape of small and medium-sized businesses (SMEs) with a lot of focus on women-owned businesses, young entrepreneurs, agribusinesses, and fintechs in Ghana.

 Absa Bank Ghana LTD has always been committed to the growth and success of small and medium-sized businesses, recognizing their power to transform the economy of the country.

This support programme is an exciting development that reflects the bank's unwavering commitment to empowering and partnering with SMEs as they navigate the challenges of today's marketplace.

This milestone is a testament to our unwavering dedication to supporting SMEs businesses for growth and sustainability," said Kobla Nyaletey, Executive Director - Retail and Business Banking, at Absa Bank Ghana LTD.

The initiative allows SMEs in scope of the programme to borrow up to GHS11 million from Absa Bank at a remarkably low rate of 10% p.a. It also allows them to borrow up to GHs1 million without collateral as against the average commercial borrowing rates that have soared above 25% making it harder for businesses to thrive and achieve their full potential.

Absa Bank Ghana has been on a journey over the last half a decade to design and offer a bouquet of solutions that truly and fully offer the help that SMEs need to survive and thrive.