By Deborah Asantewaah SARFO
Absa Bank, in partnership with Mastercard Foundation, has set out to support 10 businesses with GH¢1m under phase two of its grant initiative dubbed ‘Absa Fintech and Agritech Programme’.
The initiative, which mainly focuses on micro, small and medium enterprises (MSMEs) in the Agritech and Fintech space, also addresses some challenges in the sector; notably, access to finance, thereby fuelling business growth, expansion and sustainability.
The Head of SME, Agency Banking and Partnerships of the Bank, Audrey Abakah, announced the extension of the programme at the launch of the second phase, noting that the previous one which saw 10 beneficiaries receiving a total grant of GH¢2m has been “instrumental in propelling the businesses forward”.
Speaking about the programme’s prospective beneficiaries, Ms. Abakah said that in addition to financial investments, the bank has teamed with MEST Africa to provide critical expertise and business management skills.
“We have a partnership with MEST to provide capacity-building opportunities and equip them with relevant entrepreneurial skills so that they will be able to utilise the money for its intended purposes and leverage the knowledge to grow their businesses,” she stated.
She emphasised the programme’s commitment to inclusivity, urging persons with disability and women owners of Fintech and Agritech businesses to participate and leverage the support to scale up their establishments.
For her part, the Programme Department for Digital Economy at the Mastercard Foundation, Maame Serwaa Dzamesi, expressed confidence about the future of business and underscored the role of their contributions in creating an inclusive future where “financial services are accessible to all, innovation solutions thrive and job creation fuels economic development”.
To the entrepreneurs, she urged them: “We believe in your vision and will support you every step of the way”.
At the launch, a beneficiary of the first phase of the programme, Founder and Team Lead of Big Samps, Elseland Ewudzie-Sampson, indicated that with the financial assistance offered them, her company has “created employment, spread their reach with farmers and food processors in the country”.
Other beneficiaries who shared the impact of the grant on their businesses include the Founder and Chief Executive Officer (CEO) of Wonfliki, Hillary Adare and the Co-founder and CEO of Shopa, Frank Nana Addae.
Since its inception in 2020, the Mastercard Foundation and Absa partnership has invested over GH¢1.1billion, benefitting over 5,900 enterprises, including smallholder farmers – 65 percent of whom are women.
