‘It’s been an amazing partnership’ – Absa Bank hails Citi Business Festival

Absa Bank has praised its partnership with Citi FM and Channel One TV. This collaboration supports the annual Citi Business Festival in Ghana. It is a strategic alliance that adds value to the business landscape.

Cyril Nai, Head of Internal Communication and Sponsorship at Absa Bank, spoke on the Citi Breakfast Show. He reflected on their partnership, which started during the COVID-19 pandemic. “We joined during tough times. This is our 6th year with Citi,” Nai said. He noted that the partnership has been beneficial for businesses.

Nai emphasized that Absa’s role in the festival aligns with its mission to support customers. The bank focuses on helping small and medium-sized enterprises (SMEs) grow. “We walk this journey with our customers,” he explained.

He highlighted Absa's initiatives, including a partnership with the Mastercard Foundation. The bank offers a 10% interest SME loan facility to boost entrepreneurship in Ghana. “When we say ‘Your Story Matters with Absa,’ we mean it,” Nai stated.

Through these efforts, Absa has disbursed nearly $110 million in loans at 10% interest. About 57% of these loans have gone to women-led businesses. The bank has supported around 8,000 businesses financially and provided capacity building for another 7,000.

These initiatives have created over 53,000 jobs for young people in Ghana. “We don’t just provide funding; we ensure business growth and job creation,” Nai concluded.