In an effort to alleviate the financial burden faced by Micro, Small, and Medium-sized Enterprises (MSMEs), Kintampo Rural Bank PLC, in collaboration with GIZ, have unveiled a tailored financial product designed to support these businesses for sustainable growth within the sector.
The new initiative, dubbed: ‘MSME Financing,’ aims to provide affordable credit alongside simplified payment systems and expert financial guidance, specifically addressing the unique challenges that often hinder MSMEs from accessing essential financial support.
Key features of the MSMEs financing product include prompt disbursement of funds, reduced interest rates, flexible repayment terms, convenient door-to-door cash collection, comprehensive mobile banking services, and essential financial literacy training.
The innovative financing solution is targeted towards formal associations, such as the Ghana National Tailors and Dressmakers Association (GNTDA) and the National Association of Beauticians and Hairdressers (NABH).
Speaking at the launch, Mr Martin Mensah, Chief Executive Officer of Kintampo Rural Bank, emphasised the bank’s commitment to leveraging the MSME financing product as a transformative tool to empower local enterprises.
“By equipping these businesses with the necessary financial resources, we aim to uphold our dedication to empowering local communities for sustainable growth,” he stated.
The Bono East Regional Minister, Mr Francis Owusu Antwi, commended Kintampo Rural Bank and GIZ for their innovative financing model, which he described as pivotal for the growth and development of MSMEs.
He then urged stakeholders, including government agencies, private sector leaders, and civil society organisations to collaborate in creating an enabling environment that empowers these enterprises to transform the local economy.
BY DANIEL DZIRASAH, KINTAMPO
