Socio-economic wellbeing
Promoting women’s financial inclusion in Ghana
550 people employed and 35% of clients are women.
Ghana was the first country in Sub-Saharan Africa to become independent in 1957. Since then, thanks to a steady increase in the production of raw materials such as cocoa, oil and gold, this country of 30 million people has become one of the fastest growing economies on the continent, according to the International Monetary Fund.
But what stands out about Ghana on an economic level is that it has the highest percentage of women entrepreneurs in the world after Uganda. In addition, the participation of women in the labour market is 96.1%, which defies preconceived ideas one may have concerning Africa.
Privium Impact Fund
Through the Dutch bank FMO’s Privium Impact Fund, which focuses on lending to entrepreneurs in countries such as Zambia, Nigeria, Ghana and Rwanda, we are supporting Access Bank Ghana to contribute to the financial inclusion of women entrepreneurs in the country. Through affordable loans, many women are able to access long-term financing and support, something that has historically been beyond their reach through traditional banking channels.
This fund also supports the creation of long-term sustainable supply chains with small coffee and cocoa producers in West Africa. They support technologies to reduce the environmental impact of their processing operations. Cooperatives and agricultural enterprises are installing solar panels on their land and halving the use of fossil fuels to provide electricity for their processing plants.
About Access Bank Ghana
Access Bank GAccess Bank Ghana is a subsidiary of the Nigerian bank Access Bank Plc, a full-service commercial bank with over 500 branches in Nigeria and offices across Africa that FMO has partnered with for over 15 years. They provide comprehensive banking and financial services to individuals, businesses and corporations.
What makes Access Bank stand out is its “W-Initiative”, which aims to position it as “the bank of choice for women”. In 2019, Access Bank and FMO commissioned KIT – the Royal Tropical Institute (NL) – and Enclude to comprehensively strengthen the W-Initiative in Nigeria, Zambia, Ghana and Rwanda. They examined the needs of the most female-dominated market segments, developed a strategy based on these findings, and provided targeted training to their banking staff.