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    E-cedi will not affect MoMo business – Bank of Ghana

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    Recent downgrades by S&P, Fitch ratings on Ghana unfair – African Peer Review Mechanism

    Private sector critical to renewable energy target – Sector Ministry

    Cedi Depreciation: Government urged to enforce laws on pricing in dollars

    Gov’t must invest more resources into agriculture sector – Agribusiness Chamber

    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

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    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

    Coronation Insurance launches marine insurance e-portal for importers

    Bank of Ghana to widen its scope on cryptocurrency

    Importers, Exporters Association calls for sympathy for Labianca following corruption claims

    BoG Deputy Governor chairs advisory board of UG’s College of Humanities

    GEXIM CEO is one of Ghana’s 100 most influential business leaders

    Zenith Bank Ghana wins premium quality West African banking brand of the year 2021

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    We’re ready to re-engage gov’t on acquisition of Vodafone shares – Telecel

    New deadline for SIM re-registration too short – MoMo agents association

    Extend SIM card re-registration exercise to January 2023 – MoMo agents

    Vodafone agrees sell stake in Ghana’s business to Telecel

    Telecoms Chamber and IIPGH advocate sustained coding education

    IIPGH to enter coding education partnership with Telecoms Chamber

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    African countries that could follow Sri Lanka into economic chaos

    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

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Absa Bank offers collateral-free loans to credible MSMEs – Grace Anim-Yeboah

June 10, 2021
in Banking And Finance, Top Stories
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In a bid to see Micro Small and Medium Enterprises (MSMEs) thrive, ABSA Bank Ghana has been offering loans as high as GHS 500,000 to start-ups without taking any form of collateral.

The Director of Business Banking at Absa Bank Ghana, Grace Anim-Yeboah, disclosed this on the on-air series of the Citi Business Festival on the theme “Financing your MSMEs”.

“We have a competitive lending product for SMEs, and it is unsecured lending. What it means is that to borrow you need collateral. We know that for SMEs that is the challenge, so what we have said at Absa Bank is that we are able to give 500,000 cedis without the borrower providing collateral and financials.”

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Collaterals are assets or properties given by an individual or entity to a lender in return for a loan.

It serves as a protection against potential loss for the lender if the borrower defaults in his or her payments.

Ms. Anim-Yeboah explained that these loans are usually given to MSMEs with a good track record of financial discipline.

“We look at SMEs behaviour pattern and discipline in running a business. You have to demonstrate that you have a track record of financial discipline. Collateral should not block small businesses. It is totally possible with ABSA Bank. It is a capital investment.”

The Citi Business Festival is an extensive program of business events and on-air activities providing inspiration, business ideas, and information to persons who are starting, building, or growing their businesses.

The virtual business fora are live on Citi TV every Tuesday from 11:00 am to 1:00 pm. The radio on-air series is themed to correspond with the various virtual forums at 9:20 am every weekday for the month of June.

This year’s edition is hinged on five thematic areas, namely:

Week 1: Digital Economy – Building a cashless society and the opportunities for business and job creation.

Week 2: Doing business in Ghana.

Week 3: AgriBusiness – Feeding Ghana with a sound import substitution strategy.

Week 4: Trade –  AfCFTA: Opportunities for investment & Job creation in Ghana.

Week 5: Oil and Gas  – The opportunities for indigenous businesses.

The Citi Business Festival is sponsored by Absa Bank Ghana with support from IT Consortium and the Ghana Investment Promotion Centre (GIPC).

It is also powered by Citi FM, Citi TV, and Ghana’s most comprehensive business news website, www.citibusinessnews.com.

Source: Marian Ansah/citinewsroom.com
Tags: Absa BankCiti Business FestivalGhana News
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