- IFC and Access Bank have partnered to provide $10 million for SME financing in Ghana, with a focus on supporting women-owned businesses.
- Access Bank aims to triple its women-owned SME loan portfolio to $60 million by 2028, boosting economic growth and job creation in Ghana.
- The initiative targets sectors such as agriculture and renewable energy, with 25% of funding directed towards women-owned SMEs, reducing the gender credit gap.
The International Finance Corporation (IFC) has partnered with Access Bank, the flagship subsidiary of Access Holding, a leading financial services group led by Nigerian banker Aigboje Aig-Imoukhuede, to increase financing for small and medium-sized enterprises (SMEs) in Ghana.
The partnership is expected to drive economic growth, job creation, and particularly support women-owned businesses in the country.
As part of the deal, the IFC will provide up to $10 million in local currency for an unfunded risk-sharing facility. This facility will guarantee 50 percent of SME loans, capping loans at $20 million in Ghanaian cedi to mitigate currency risks.
The initiative targets sectors like agriculture, health, education, and sustainable industries, promoting energy efficiency and waste reduction. At least 25 percent of the funds will go to women-owned SMEs, aimed at closing the credit gap for female entrepreneurs.
Focus on women-owned businessesThrough this partnership, Access Bank is poised to triple its women-owned SME loan portfolio to $60 million by 2028, according to the banks Managing Director, Olumide Olatunji. He noted that the collaboration with IFC will enable Access Bank to provide crucial financial support to Ghanaian small businesses, driving their growth and contribution to the national economy.
