Ecobank gives monetary literacy coaching for ladies in SMEs to drive monetary inclusion in native communities | Banking/Finance

Many Ghanaian ladies in Small and Medium-scale Enterprises (SMEs) have obtained information, abilities and monetary instruments from Ecobank Ghana to deal with important on a regular basis cash selections, reminiscent of bookkeeping, primary accounting, budgeting, financial savings and investments.

This coaching was organized to mark Ecobank Day, a flagship annual Corporate Social Responsibility to offer again to the communities wherein the financial institution lives, works and serves.

Addressing the gathering on the coaching heart at UPSA in Accra, the Managing Director of Ecobank Ghana, Mr Dan Sackey, stated the main focus of this 12 months's Ecobank Day was rising monetary literacy and monetary inclusion, notably for ladies and youth in marginalized communities.

“We recognize that financial literacy and financial inclusion are life-changing matters, and that is why we treat them very seriously. We are determined to help raise financial literacy, which in turn will drive financial inclusion in our local communities.”

“Ecobank Ghana is committed to playing an important role in our communities as a meaningful contribution to the development of the African continent, in line with our overall corporate vision”, he stated.

Financial literacy, Mr Dan Sackey defined was the flexibility to make use of one's information and abilities acquired by means of training and coaching to successfully handle monetary assets, ideally for a lifetime of monetary well-being.

And he stated monetary inclusion meant getting access to helpful and inexpensive monetary services and products to fulfill one's needs- funds, financial savings, private and small enterprise loans, and insurance coverage.

He added that monetary literacy and monetary inclusion a key enablers in decreasing poverty and boosting prosperity.

He nevertheless stated that 68 per cent of sub-Saharan Africans weren't financially literate and 62 per cent of the unbanked lived in rural areas with 40 per cent of them younger adults aged 15 to 24. Thus, 74 per cent of the unbanked had, at most, major training.

He talked about that as a part of the financial institution's contributions to decreasing these statistics, the Ecobank household in Ghana held 4 simultaneous occasions in Accra, Kumasi, Takoradi and Tamale to equip folks within the SME sector with information and abilities to handle their funds successfully.

He disclosed that there was one slated to happen in Manya Krobo later date resulting from unexpected circumstances.

Mr Sackey additionally stated that the coaching was one other avenue to supply the ladies and youth with easy accessibility to opening accounts remotely in addition to receiving and making funds and sending funds to family members with out visiting the department.

He added that it was a part of the purpose of Ecobank to assist folks enhance their funds, recordkeeping, and skill to efficiently begin and run companies and enhance their high quality of life.

Ecobank Ghana offered 50 stitching machines to susceptible ones recognized in every of the 4 places with the expectation that the beneficiaries with the information gained from the coaching would put the machines to business use to have the ability to generate incomes to enhance the lives of their households to achieve monetary independence.

Participants in Accra have been drawn from various backgrounds together with members of the assorted Seamstresses associations, working from disadvantaged and marginalized communities.

He nevertheless cautioned the shoppers of Ecobank to stay vigilant and never fall prey to the actions of fraudsters who're presently on the unfastened and defrauding unsuspecting prospects, particularly because the festive season of Christmas and New Year drew close to.

Executive Director and Head of Consumer Banking for Ecobank Ghana, Dr Edward Nartey Botchway disclosed that the coaching occurred concurrently in all of the 33 African nations the financial institution operates with the identical theme, “Financial Inclusion For All; Leave No One Behind” throughout the continent.

Dr Nartey Botchway stated it was not a one-off occasion however moderately Ecobank would proceed to have interaction the folks to place to good use the information and abilities acquired from the coaching to raised their tons within the Small and Medium-scale Enterprise sector.

“If you are going to know the performance of your business, it is not possible to do that without proper recording and tracking what you are doing. That is the reason why we think this training is keen”, he stated.