Clozar Group, a company focused on streamlining cross-border commerce for businesses across West Africa, has launched a ‘GH₵1,000,000 Entrepreneurship Fund’ to support small and medium-sized enterprises (SMEs) to scale up and grow as part of its first anniversary celebration.
Clozar, a global marketplace for buying and selling products, offers a range of services including order fulfillment, product sourcing, international delivery, and global payments; hence, all local entrepreneurs who trade using the platform are qualified to apply for the fund to support the growth of their business.
Founder and Chief Executive Officer, Clozar Group, Abioye Oyetunji, emphasised that as a logistics platform for businesses to trade, including SMEs, it has been noted that some startups have good products and services but lack funding to scale up and increase production; hence, the entrepreneurship fund to support this business increases capacity.
“So, we are partnering with banking institutions to deploy credit to SMEs because we have identified their inability to access commercial loans due to collateral demands. What we are doing is using the sales record of these businesses on our platform as a credit score and giving them loans. Thus, the more you sell, the more credit you can access,” he said.
He elaborated that, depending on sales records, these businesses can access loans ranging from as low as GH₵5,000 to a maximum of GH₵30,000.
Touching on the company’s journey, the CEO stressed that over the past 12 months, Clozar has built more than a logistics company, integrating culture and inclusivity to drive businesses to go bigger.
“We have built a bridge connecting the gap between local businesses and international clients by handling local and cross-border payment, shipment, customs clearance assistance, and order fulfillment, while also bridging language barriers.
“We built a strong foundation- a family of likeminded and innovative individuals who understand that we’re not just trying to run a business that’ll provide us monthly salaries but that we’re delivering happiness to doorsteps and playing a very key role in ensuring that the world sees Africa as the self-sufficient continent,” he added.
Mr. Oyetunji noted that by 2030, he aims to build Clozar to become one of the most exciting and fulfilling places to work. a hub where creativity, innovation, and community thrive.
Representing the Minister for Communications, Technology and Digital Innovation, Samuel Nartey George, Director at the ministry, Emmanuel Ofori, commended the Clozar Group on the tremendous strides made in just one year, successfully transforming an ambitious vision into a robust and impactful platform that now supports businesses across Africa, Europe, and East Asia.
“This accomplishment is truly commendable, particularly given the dynamic and often challenging landscape of global trade and logistics. The launch of the GH₵1,000,000 Clozar Entrepreneurship Fund stands as a clear signal of your commitment to empowering micro, small, and medium-sized enterprises (MSMEs), which serve as the true engine driving both our national and regional economies,” he said.
He added that the establishment of this Fund, which prioritises facilitating access to capital for MSMEs, with particular emphasis on youth-led and tech-driven businesses, is fully aligned with the ministry’s strategic objectives for digital transformation.
“This initiative directly supports our overarching goal of fostering a digitally inclusive economy that nurtures innovation and expands opportunities for all citizens,” he reiterated.
The first anniversary commemoration of the Clozar Group was attended by many industry stakeholders, friends and family. It featured panel discussions on the logistics industry, presentation of awards to some key pillars in the success of the business and merrymaking.
