By Sandra Agyeiwaa OTOO
Gloria Cabutey-Adodadji, the Sector Head of SME and Retail Banking at Zenith Bank Ghana, has highlighted the critical role of technology skills in business expansion, particularly for women-led businesses.
Speaking in Accra at the Women in Business (WIB) dialogue series organised by the Business and Financial Times (B&FT), themed ‘investing in women-owned businesses for Ghana’s transformative agenda: a call to action’, Madam Cabutey-Adodadji underscored how technology empowers female entrepreneurs for growth and success.
“Technology is key to empowering women entrepreneurs because if you want to expand your business and lack tech skills or fail to incorporate tech tools in your business model, you risk stagnation,” she argued.
She also cautioned against the potential consequences of neglecting digital tools in today’s fiercely competitive corporate landscape, noting that being tech-savvy is crucial for increasing sales and expanding market reach.
Mrs. Cabutey-Adodadji further advocated integrating technology to equip women entrepreneurs with the necessary resources and skills to thrive in dynamic markets.
This, she said, aligns with broader initiatives promoting gender-inclusive economic growth, recognising women as pivotal drivers of innovation and success.
She stressed the significance of detailed transaction records, urging entrepreneurs to utilise modern solutions for managing spending and human resources (HR) activities effectively.
“Entrepreneurs should prioritise proper bookkeeping, separate personal from business transactions, and opt for electronic payments over cash to suppliers for better record-keeping and financial insights,” she advised.
Madam Cabutey-Adodadji also urged women entrepreneurs to refrain from making excuses but rather match the diligence of male-owned businesses. Additionally, she advised women to develop financial capacity to offer collateral for loans and cultivate positive relationships with financial institutions.
“From an SME perspective, it’s crucial to assess the bankability of the product you’re selling and consider potential revenue streams. If your product is in demand beyond Ghana, it facilitates discussions with your financial institution. For instance, if you’re in the agribusiness sector, your bank is likely to engage with you due to the need for foreign exchange. We initially inquire whether you aim to start within West Africa, the broader African region or beyond,” she noted.
Regarding Zenith Bank’s support for SMEs, she mentioned that the bank offers discounted packages and subsidies, as well as other essential services to assist in the growth and financial sustainability of SMEs.
Explaining further, she said: “One of the things that we have done is to give them discounted packages where selected groups come together in groups of 100, and instead of them paying a certain fixed amount, the bank supports them with certain subsidies and then the returns on those investments go through their account at Zenith Bank”.
