FMO supports women entrepreneurs in Ghana
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FMO has signed a $25m facility (7 years, 5-year Grace), to Access Bank Ghana, the second largest subsidiary of its long-term partner Access Bank PLC.
FMO has signed a $25m facility (7 years, 5-year Grace), to Access Bank Ghana, the second largest subsidiary of its long-term partner Access Bank PLC.
Access Bank Ghana is currently the 12th largest bank in Ghana by assets ($680m), but with the ambitious goal of becoming a top 3 bank in Ghana in the next five years.
The facility includes a $3.5m pilot line dedicated to supporting Access Bank Ghana’s female SME clients, the W initiative.
Supporting women is an important part of FMO and partner Access Bank’s strategy.
The W initiative dedicated to providing tailored banking services to women was launched in July 2014.
The $3.5m pilot will further strengthen Access Bank Ghana ‘s gender strategy and provide a platform for further collaboration.
Ghana emerged out of 57 different countries around the world as a leading country in the Mastercard Index of Women’s Entrepreneurship (MIWE); 46% of businesses in Ghana are owned by women and this underscores the relevance of FMO’s support for female owned businesses.
"For the next phase, we envision a continued strategic partnership focused on both funding and non-financial aspects that are critical to the success of the W initiative. The proposed collaboration, will also create learning Opportunities for both FMO, Access Bank and collaborating partners," FMO said.
In 2015, Access Bank’s W initiative has been awarded both the Outstanding Banking Initiative Award in Ghana and the Women’s Market Champion award from the GBA for women in Brazil.