The Bank of Ghana and the Development Bank Ghana have inked a $100 million agreement with Proxtera, in a move aimed at bolstering the growth of Micro, Small, and Medium Enterprises (MSMEs).
The funds are designated to support MSMEs through the Ghana-integrated financial ecosystem platform.
The agreement, signed on the sidelines of the 3i Africa Summit's second day at the Accra International Conference Centre, underscores Ghana's commitment to fostering a conducive environment for small businesses to thrive.
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CEO of Development Bank Ghana (DBG), Kwamina Duker, expressed optimism about the transformative impact of the agreement.
The emphasis on making things happen is evident throughout this contract. It's not just about talk; it's about tangible action, he remarked.
Duker credited the leadership of the Central Bank of Ghana for laying the groundwork for small businesses to obtain legal identifiers, streamlining their credit evaluation process, and facilitating easier access to loans.
He emphasized the potential for reduced risk premiums and enhanced efficiency in evaluating and disbursing loans to MSMEs.
Meanwhile, Chief FinTech Officer at the Monetary Authority of Singapore (MAS), Sopnendu Mohanty, lauded Ghana's pioneering efforts in leveraging technology to address the credit needs of small businesses.
For nine years, I've aimed to solve the credit problem for small businesses. The only solution lies in good data, and Ghana, in partnership with Singapore, is leading the way in building a trusted, fast data ecosystem,
He also highlighted Ghana's innovative use of technology, including DNA-based query processes, to expedite loan disbursement to MSMEs.
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The 3i Africa Summit, focusing on Unleashing Africa's FinTech and Digital Economic Potential, has attracted prominent stakeholders from across the globe. Spearheaded by the Bank of Ghana (BoG) and the Development Bank Ghana (DBG), in collaboration with Elevandi, established by the Monetary Authority of Singapore, the summit aims to foster collaboration and innovation in Africa's FinTech landscape.
Distinguished speakers at the summit include Wamkele Mene, Secretary-General of the African Continental Free Trade Area Secretariat, alongside over 150 Chief Executives and Senior Executives from leading FinTechs and financial institutions worldwide. Participants are engaging in discussions to explore avenues for leveraging technology to drive economic growth and financial inclusion across the continent.
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