A GHS2.5 million grant has been announced by Absa Bank Ghana to assist companies in the Fintech and Agritech sectors.
The project is a component of the Absa Young Africa Works program, which was developed in collaboration with the Mastercard Foundation to enhance the capacity of 5,000 SME’s and generate 50,000 jobs for young people in Ghana over the course of five years.
The GHS2.5 million grant will mostly be used to support startups and enterprises that are ramping up, as well as companies that use technology to enhance financial services like loans, payments, insurance, investments, and education (financial literacy). Successful companies need to be older than three years old, tech savvy, and have proprietors between the ages of 24 and 40.
The grant complements the array of goods and services offered by Absa Bank, including free banking services, loans without collateral for SMEs, and programs for capacity building, all of which are designed to offer comprehensive support for startups and SMEs.
Managing Principal of Retail and Business Banking (RBB) at Absa Bank, Kobla Nyaletey, commented on the effort and stated that Absa Bank Ghana “is a firm believer in the potential of Ghanaian businesses, including startups, SMEs, and major local corporates, to promote sustainable economic growth. We view it as a significant social responsibility to support these enterprises and give the right kind of funding. I’m overjoyed that the Mastercard Foundation and I can use GHS2.5 million to support young companies that are harnessing technology to address issues facing our economy.
We are determined to continuously create solutions and products that bring the possibilities of our customers, clients, and stakeholders to life in a sustainable way and this is one of them.”
Businesses must visit the Absa Bank Ghana website and submit their bids to be considered for the funding. Successful companies will gain access to GHS200,000 apiece, as well as training, business development, and consulting services from Absa Bank and the Mastercard Foundation.