Absa Bank Mastercard Foundation Fire Up Women Persons With Disability In Micro Small And Medium Enterprises

The Mastercard Foundation has reaffirmed its dedication to supporting micro, small, and medium enterprises.

Mr. Seth Akumani of Masteracard Foundation speaking at the launch of the 2nd phase of Absa Fintech & Agritech Support Programme said over 5000 businesses benefited from its GH₵1.1 billion investment.

"Mastercard Foundation remains steadfast in its commitment to support Micro, Small and Medium Enterprises noting the significant obstacles they face in establishing and growing their businesses. This is evidenced by our investment of over GH₵1.1 billion which has benefited over 5,900 businesses including smallholder farmers out of which 65% are women. We have also provided business capability-building opportunities to about 7,000 MSMEs and smallholder farmers" he indicated.

Absa Fintech & Agritech Support

Absa Bank Ghana, in partnership with the Mastercard Foundation, on Thursday launched the second phase of the Absa Fintech & Agritech Support Programme which is part of the Absa Young Africa Works project.

This partnership is set to provide crucial financial grants and capacity-building opportunities to 20 selected businesses, each receiving up to GHS 50,000. An additional 120 businesses will benefit from extensive training and development programmes, designed to enhance their operational efficiency and market competitiveness.

The programme was designed to empower Ghanaian youth by supporting their businesses in the fintech and agritech sectors. The initial phase aimed to provide significant financial backing, offering grants and unsecured loans, specifically targeting businesses in the ideation or up-scaling stages. The programme provides a thorough package that includes capacity building, business development, and advisory services, all structured to help these startups and SMEs scale their operations effectively.

According to Seth Akumani the 2nd phase of this programme will encourage more women owners of fintech and agritech businesses as well as persons with disability to participate; adding "Inclusivity is at the heart of our initiative".

The launch of this 2nd phase of the grant program will benefit 10 agritech and fintech startups with a total grant fund of GH₵ 1 million.

Beneficiary's take

Elseland Ewudzie-Sampson, Founder, Big Samps Market and a Beneficiary, speaking to the media applauded Absa Bank and the MasterCard for such a programme.

She said: "The programme will be very helpful in creating employment and expanding... we'll be able to spread our wings with farmers and food processors in Ghana. (Even though) you need passion to work, passion alone doesn't push your business. You need finance, skills to push your business. So I'd urge that businesses take benefit of this to become better entrepreneurs"