Adansi Rural Bank, GIZ empower MSMEs with credit support for growth

A new financial product was launched last Thursday at Adansi Asokwa. This product aims to help Micro, Small, and Medium-sized Enterprises (MSMEs) with their financial challenges.

The offerings include savings and loan products. They are designed for fast, flexible, and accessible financing. The main products are Adwuma Nkosuo Savings, Adwuma Nkosuo Loans, and Flexi-Save Fixed Deposit (FABISIE).

These products aim to provide affordable financing for MSMEs. They will help unlock growth potential and empower businesses to scale up. The Adwuma Nkosuo product is tailored to meet specific MSME needs.

It offers lower interest rates and flexible repayment options. Alternative collateral choices enhance accessibility for small businesses. Beneficiaries will also receive training, mentorship, and market linkages.

Daniel Amponsah, CEO of Adansi Rural Bank Plc, spoke at the launch. He emphasized the bank's commitment to helping clients grow their businesses. He noted that MSMEs drive job creation and innovation in Ghana.

However, access to finance remains a challenge for many small businesses. This new product aims to bridge that gap and empower entrepreneurs. Mr. Amponsah encouraged artisans and apprentices to maintain loyalty with the bank.

The ‘Adwuma Nkosuo’ product focuses on women and youth artisans. These groups significantly contribute to job creation in the economy. The available options under this product include various savings and loan plans.

Benefits include easy access to loans and competitive interest rates. There are also flexible savings plans and free financial advisory services available.

This initiative arose from GIZ’s PFS programme involving nine banking institutions including Adansi Rural Bank PLC. It aims to provide demand-driven financial services tailored for MSMEs.

The goal is fostering business growth while creating employment opportunities for women and youth. Businesses securing the ‘Adwuma Nkosuo’ Loan will also gain entrepreneurial skills training.

Cynthia Odonkor from GIZ PFS Programme reaffirmed their commitment to supporting MSMEs. She expressed confidence that these products would significantly impact business success in Ghana.

Dr Joseph Mensah Ansah closed the launch by advising clients on responsible borrowing practices. He urged them to take their businesses seriously so they can qualify for future loans.