By Elizabeth PUNSU, Kumasi
Women-led businesses are struggling to grow due to lack of access to crucial information and networks, according to Yaw Njorgnab, Manager of Agribusiness at Stanbic Bank.
Speaking at the Business and Financial Times (B&FT) Women in Business Dialogue Series’ second edition in Kumasi, Mr. Njorgnab emphasised that while many financial institutions in the country offer tailored products to support women entrepreneurs, these opportunities remain underutilised due to a lack of awareness.
He noted that Stanbic Bank provides specialised facilities for women-led businesses, including loans with single-digit interest rates and limited or no-collateral requirements.
“We really need to support women in business. Financing is key, but what we have realised is that sometimes it is not about large amounts. Even GH₵20,000 to buy a tool or scale up can make a significant difference. However, due to a lack of information, education and networks, many women do not know how to access these funds,” he explained.
He added that Stanbic Bank has introduced initiatives such as its trade hub, which serves as an incubator for young women and youth in business. The hub provides training and guidance on nurturing and developing businesses.
“After training, the next step is access to capital. We’ve developed partnerships with like-minded institutions and stakeholders to offer loans at considerably low rates, often in single-digits,” Njorgnab said.
He noted that agriculture, for instance, requires long-term financing which traditional bank funds often cannot support. That is why Stanbic Bank has introduced innovative solutions.
At Stanbic, women can access loans at 5% to 7% per annum compared to the standard 30% or 32%. This is specifically targetted at women and they are guided on how to structure their businesses to become bankable.
To address the challenge of collateral, which often disadvantages women, Stanbic Bank leverages tools such as grants and guarantees.
“You don’t necessarily need to provide a house or land to access a loan. For example, you can ride on government initiatives like the Ghana Enterprises Agency (GEA) to fund your business,” Mr. Njornab highlighted.
He further stressed the importance of education and awareness, noting that many women entrepreneurs remain unaware of the opportunities available to them.
“Most are struggling in their small corners, unaware that they can access affordable funding with little or no collateral. This lack of information is a significant barrier,” he said.
Njorgnab encouraged women entrepreneurs to actively engage with bank staff when visiting financial institutions.
“Don’t just go to the bank to make deposits or withdrawals. Spend time engaging with the staff, share your business ideas and ask about opportunities to grow your business. If you have a bankable business with growth potential, the funds to scale up are available,” he advised.
He also emphasised the availability of guidance and support at banks for various investment opportunities, whether in production or other sectors.
“There are so many opportunities you can explore. The key is to ask for help and take advantage of the resources available,” he added.
He then congratulated B&FT for the Women in Dialogue series, saying it is a platform that is helping to solve lack of information on the part of women-led businesses.
