Dr. Kweku Arthur-Annobil, Strategy Lead & Business Manager (BCB) at Stanbic Bank, has urged regulators and business leaders in the financial sector to support female entrepreneurs to grow and expand their businesses.
He made this statement at the 2024 Women in Business Dialogue series, held at the La Palm Royal Beach Hotel.
Speaking at the event, Dr. Arthur-Annobil underscored the importance of financial institutions providing innovative solutions to empower women in business in both the formal and informal sector.
“Traditional banks need to extend their services into the informal sector and develop innovative lending solutions tailored to its needs. While there are existing initiatives in place, there remains untapped potential for further support.
For instance, how can individuals without formal bookkeeping access funding? With the rise of digital technologies, tracking business transactions has become easier, presenting an opportunity for banks to leverage this data for lending purposes. It’s imperative to explore creative approaches to push support for these sectors.”
“When we talk about growth for female business owners and SMEs we are looking at how they can expand their operations and reach a wider market with their products.
Recognizing an opportunity for growth is one thing, but being fully equipped to seize it is another. Many women remain stagnant in their businesses due to a lack of empowerment and resources.
Empowering them to expand requires partnerships and financial assistance. That is where we as financial institutions must step in. Having a lending partner becomes crucial at this juncture to facilitate expansion efforts. We need to put the right structures in place and design relevant products and services to support their growth,” he added.
Dr. Arthur-Annobil also highlighted some initiatives Stanbic Bank has put together to support female-led businesses in Ghana.
He said, “At Stanbic Bank, we say Ghana is our home, we drive her growth. This is why we are deeply committed to supporting our female entrepreneurs, whose businesses play a significant role in driving the Ghanaian economy forward. Through initiatives like the SB Incubator, we have already empowered and supported over 3000 businesses.
Our Trade Club provides a platform for networking, connecting entrepreneurs with valuable customers and suppliers, to expand their reach and opportunities.
Additionally, we have forged a strategic partnership with ICBC, one of the world’s largest banks. This partnership enables us to assist our clients in accessing markets, facilitating the buying and selling of their products on an international scale.”
The inaugural Women in Business dialogue series was organized by the Business and Financial Times to bolster support for female entrepreneurs and their businesses.
Held under the theme, ‘Investing in Women-Owned Businesses for Ghana’s Transformation Agenda: A Call for Action,’ the event served as a platform to advocate for increased investment in women-led enterprises as a catalyst for Ghana’s socio-economic transformation.
