Accra, April 2, GNA – Dr Kweku Arthur-Annobil, Strategy Lead and Business Manager at Stanbic Bank, has urged regulators and leaders in the financial sector to support female entrepreneurs to grow and expand their businesses.
He said this at the 2024 Women in Business Dialogue series, held at the La Palm Royal Beach Hotel, and on the theme, “Investing in Women-Owned Businesses for Ghana’s Transformation Agenda: A Call for Action”.
Organised by the Business and Financial Times, the event served as a platform to advocate increased investment in women-led enterprises as a catalyst for Ghana’s socio-economic transformation.
Speaking at the event, Dr Arthur-Annobil reiterated the importance of financial institutions to provide innovative solutions to empower women in business in both the formal and informal sectors of the economy.
“Many women remain stagnant in their businesses due to a lack of empowerment and resources. Empowering them to expand requires partnerships and financial assistance. That is where we as financial institutions must step in,” he said.
He noted that having a lending partner was crucial in facilitating their expansion efforts, and urged financial players to put the right structures in place and design relevant products and services to support the growth of women businesses.
“Traditional banks need to extend their services into the informal sector and develop innovative lending solutions tailored to its needs. While there are existing initiatives in place, there remains untapped potential for further support,” Dr Arthur-Annobil said.
He stated that with the rise of digital technologies, tracking business transactions had become easier.
It was, therefore, important to help women businesses to adopt creative approaches, including proper bookkeeping, that would enhance their access to funding and reach a wider market, he said.
Dr Arthur-Annobil also highlighted some initiatives Stanbic Bank had put together to support female-led businesses in Ghana, including the Bank’s SB Incubator, which has empowered and supported over 3000 businesses.
The Bank’s Trade Club provided a platform for networking among entrepreneurs with valuable customers and suppliers, to expand their reach and opportunities, he said.
The Strategy Lead and Business Manager also noted that they had formed a strategic partnership with ICBC, one of the world’s largest banks to assist clients in accessing markets, and facilitate international trade.
He said, “At Stanbic Bank, we say Ghana is our home, we drive her growth. This is why we are deeply committed to supporting our female entrepreneurs, whose businesses play a significant role in driving the Ghanaian economy forward.
GNA