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.