By Stanley Senya, GNA
Accra, March 12, GNA – Stanbic Bank Ghana, in collaboration with International Finance Corporation (IFC) and Mastercard, has launched a partnership aimed at expanding access to finance and business support for female-owned small and medium enterprises (SMEs) and professionals in Ghana.
The initiative, under IFC’s Banking on Women Programme, will see the three institutions committing US$600,000 to develop tailored financial solutions and strengthen support systems for women entrepreneurs across the country.
The partners said women entrepreneurs and professionals represented a significant but underserved segment of Ghana’s business landscape, often facing barriers to accessing capital and business development support.
To address these challenges, the collaboration will focus on developing specialised financial and non-financial products designed to expand access to capital for female-owned SMEs.
It will also enhance Stanbic Bank’s institutional capacity to deliver sustainable services to women-led businesses while promoting gender-responsive banking practices that can be replicated across Ghana’s financial sector.
The partnership combines IFC’s expertise in gender-smart banking, Stanbic Bank’s experience in Ghana’s financial services market, and Mastercard’s technology and payments infrastructure aimed at promoting inclusive financial systems.
Speaking at the signing ceremony in Accra, Ms Nathalie Akon, Division Director for West Africa, Gulf of Guinea at IFC, said empowering women entrepreneurs was critical to driving economic growth and job creation.
She said women played a vital role in Ghana’s economy and expanding their access to finance would have far-reaching benefits for businesses and communities.
“Women are essential drivers of Ghana’s economic growth, and unlocking capital for them is a direct investment in jobs and inclusive growth,” she said.
Ms Akon noted that IFC was pleased to welcome Stanbic Bank as a partner under its Banking on Women Programme, which works with financial institutions to expand financial services for women entrepreneurs.
Mr Kwamina Asomaning, Chief Executive of Stanbic Bank Ghana, said the collaboration reflected the bank’s commitment to inclusive economic development.
According to him, working with IFC and Mastercard would strengthen the bank’s ability to design targeted financial solutions that respond to the specific needs of women entrepreneurs and professionals.
“This partnership reflects our deliberate commitment to inclusive growth. By working with IFC and Mastercard, we are scaling our ability to deliver precision banking and gender-responsive financial solutions that empower women to create jobs and contribute more significantly to the economy,” he said.
Dr Folasade Femi-Lawal, Country Manager and Area Business Head for West Africa at Mastercard, said female-owned SMEs were central to building resilient and inclusive economies.
However, she said many women entrepreneurs continued to face structural barriers that limited their access to finance, markets and business support.
Dr Femi-Lawal said the collaboration would help strengthen financial infrastructure and support systems that enable women-led businesses to grow sustainably.
“Through our collaboration with Stanbic Bank and IFC, we are strengthening the infrastructure that enables women-led businesses to access capital, build financial resilience and grow sustainably,” she said.
The partners said the initiative aligns with Ghana’s national development priorities and contributes to the global Sustainable Development Goals, particularly Sustainable Development Goal 5 on gender equality and Sustainable Development Goal 8 on decent work and economic growth.
They added that improving access to finance for women-led SMEs would help drive inclusive growth, support job creation and strengthen the long-term resilience of Ghana’s SME sector.
GNA
Edited by George-Ramsey Benamba