Audrey Abakah, Director of SME, Agency Banking, and Partnerships at Absa Bank Ghana, has urged women entrepreneurs in agritech and fintech to take advantage of supportive banking services designed to drive business growth.
Speaking at the Womenpreneur Tour, Abakah highlighted Absa’s commitment to enabling small and medium-sized enterprises (SMEs) by offering collateral-free loans, a significant shift from traditional lending practices.
“Whenever it comes to challenges, I’m not surprised that collateral requirements are a top concern,” Abakah noted during a panel discussion. “But do you know that today, banks are lending without collateral? Large barriers such as these have been addressed, at least to some extent.”
She added that Absa Bank has provided collateral-free loans of up to GHC 500,000 for over five years, facilitating accessible financing for SMEs.
Held on October 31, 2024, at the ALX Tech Hub in East Legon, the event, themed “Empowering Female Entrepreneurs in Agritech and Fintech Sub-Saharan Africa,” was organized by the Womenpreneur Initiative.
This organization, led by Founder Sana Afouaiz, supports women across 23 countries in tech and entrepreneurship, impacting over 20,000 women.
Afouaiz in an interview with ABC News GH explained that the initiative was developed to address funding challenges many women-led businesses face.
“Our objective is to highlight the success stories of startups built in Ghana while fostering support in the ecosystem,” Afouaiz stated.
The panel, moderated by Nina Neiss, featured accomplished speakers including Mary Aboagye, co-founder of aiScarecrow Technologies, and Nana Yaa Amarteifio, COO of Djembe Consultants, providing insights into best practices and industry opportunities.
The womenpreneur tour in Ghana is a collaboration between SANAD’s Entrepreneurship Academy and the womenpreneur initiative.
By Ruth Sekyi, Derrick kumi Kissiedu, Henry Ayisi