Absa unveils initiative to enhance growth of local startups

Photo: Abena Osei-Poku - MD, Absa Bank Ghana Limited. Credit: Absa Bank Ghana

Absa Bank Ghana has unveilled an ambitious proposition known as Absa StartUp Banking, a new initiative that will support the grooming and growth of Ghanaian-owned start-ups with solutions which will bring their possibilities to life.

The Absa StartUp Banking initiative, which was launched in Accra earlier this week, will see the bank provide start-up businesses with clear-cut, tailor-made solutions and support in key areas of Market Access, Mentorship, Visibility among others.

The bank in its bid to alleviate some of the financial burden characteristic of startups, is also offering free banking services: such as zero commission on turnover (COT), free cheque-books, free transfers and free debit-card printing to startups.

Speaking at the virtual launch, Abena Osei-Poku, Managing Director of Absa Bank Ghana said: “As a passionate, bold and forward-looking bank, Absa is committed to helping entrepreneurs scale-up their businesses by connecting their dreams to financial services and opportunities. We are excited and motivated to do this, because of our social commitment to be a Force for Good in society”.

Mrs. Osei-Poku added: “We have the opportunity to help and build start-up businesses to become multinational companies. Absa has supported the development of Ghana over the past 100 years, and this is another opportunity for the bank to reinforce its commitment to ensure economic development, growth and transformation”.

In his remarks, the Deputy Minister of Finance, Charles Adu Boahen, commended Absa for launching such a courageous initiative at a time when there is global uncertainty. “This solution from Absa is not only an important addition and enabler in our agenda toward, building a strong economy for jobs and prosperity, it is also a courageous move – particularly at a time when the entire globe has been thrown into a state of uncertainty.

“With over 100,000 students graduating from our tertiary institutions annually, it is fundamental that all key stakeholders provide support in creating an enabling environment that supports entrepreneurship, lowers the barriers of entry and leads to job creation,” he added.

“Over the last couple of years, the consistency with which Absa has shown commitment in supporting new businesses and the SME sector has been impressive.”

Starting a business can be daunting, and Absa through its StartUp Banking initiative is calling on Ghanaians to encourage and support startups as well as young people with business ideas, so they can thrive and grow their business.

The Absa StartUp Banking programme is open to young Ghanaian businesses registered for less than three years and engaged in the production of local goods and services. The initiative is designed to equip startup businesses with relevant business skills, knowledge and opportunities to scale-up.

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