The International Finance Corporation (IFC) has teamed with Access Bank, the flagship arm of Access Holding, a renowned financial services business led by Nigerian banker Aigboje Aig-Imoukhuede, to improve funding for Ghana’s small and medium-sized enterprises (SMEs).
The alliance is anticipated to boost economic growth, create jobs, and especially help women-owned businesses in the country.
As part of the agreement, the IFC will contribute up to $10 million in local currency to an underfunded risk-sharing facility. To offset currency risks, this facility will guarantee 50% of SME loans, with a credit maximum of $20 million in Ghanaian cedi.
The project focuses on sectors such as agriculture, health, education, and sustainable industries, boosting energy efficiency and waste reduction. At least 25% of the funding will be allocated to women-owned SMEs, with the goal of reducing the credit gap for female entrepreneurs.
Access Bank’s Managing Director, Olumide Olatunji, says the agreement will treble the bank’s women-owned SME loan portfolio to $60 million by 2028. He stated that the relationship with IFC will allow Access Bank to give critical financial support to Ghanaian small enterprises, hence accelerating their growth and contribution to the national economy.
The RSF is part of the International Finance Corporation’s Small Loan Guarantee Program, which is supported by the European Fund for Sustainable Development as part of the EU’s Global Gateway policy. In addition to financing, IFC will provide advisory services to improve Access Bank’s SME lending procedures, assisting businesses in improving their financial management capabilities.
Access Bank, formed in 1988 and currently part of Access Holdings, has over 700 offices globally and serves 60 million customers in 22 regions, including Sub-Saharan Africa, the United Kingdom, and Dubai. The bank has 28,000 employees in Nigeria and representative offices in China, Lebanon, and India.
Access Bank’s ‘Switch to Solar’ campaign demonstrates its commitment to sustainability by supporting renewable energy alternatives. Access Bank, in collaboration with the International Finance Corporation (IFC), is increasing funding for Ghana’s small and medium-sized enterprises (SMEs).
This collaboration expands on the IFC’s ten-year support for Ghana’s economy, which includes approximately $2 billion in funding across important sectors such as healthcare, energy, and agribusiness.
