Ghana: Absa Unveils Startup Banking Initiative to Support Ghanaian Start-Ups

Absa Bank Ghana has unveiled an ambitious proposition known as 'Absa StartUp Banking', a new initiative that will support the grooming and growth of Ghanaian-owned start-ups with solutions that will bring their possibilities to life.

The Absa StartUp Banking initiative, which was launched in Accra on Monday, will see the bank provide start-up businesses with clear- cut and tailor-made solutions and support in key areas of market access, mentorship, visibility, among others.

The bank in its bid to alleviate some of the financial burden, characteristic of start-ups, is also offering free banking services such as Zero Commission on Turnover (COT), free cheque books, free transfers and free debit card printing to start-ups.

Speaking at the virtual launch, the Managing Director of Absa Bank Ghana, Mrs Abena Osei-Poku, said, "As a passionate, bold and forward-looking bank, Absa is committed to help entrepreneurs to scale up their businesses by connecting their dreams to financial services and opportunities. We are excited and motivated to do this because of our social commitment to be a force for good in society."

Mrs Osei-Poku added: "We have the opportunity to help and build start-up businesses to become multinational companies. Absa has supported the development of Ghana over the past 100 years and this is another opportunity for the bank to reinforce its commitment to ensure economic development, growth and transformation."

Starting a business can be daunting and Absa, through its StartUp Banking initiative, she said and called on Ghanaians to encourage and support start-ups as well as young people with business ideas, so they can thrive and grow their businesses.

Mrs Osei-Poku said the Absa StartUp Banking was open to young Ghanaian businesses registered for less than three years and engaged in production of local goods and services.

The initiative, she said was designed to equip start-up businesses with relevant business skills, knowledge and opportunities to scale up.

In his remarks, the Deputy Minister of Finance, Charles Adu Boahen commended Absa for launching such a courageous initiative at the time when there "is global uncertainty".

"This solution from Absa is not just only an important addition and enabler in our agenda towards building a strong economy for jobs and prosperity; it is also a courageous move, particularly at a time when the entire globe has been thrown into a state of uncertainty," he said.

"With over 100,000 students graduating from our tertiary institutions annually, it is fundamental that all key stakeholders provide support in creating an enabling environment that supports entrepreneurship, lowers the barriers of entry and leads to job creation," Mr Boahen added.

"Over the last couple of years, the consistency with which Absa has shown commitment in supporting new businesses and the SME sector has been impressive," he said.

More From: Ghanaian Times

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