Lorraine Nyampong, Senior Manager, Enterprise Banking, Stanbic Bank Ghana

Stanbic Bank Ghana has reiterated its commitment to supporting local SMEs in Ghana at the third edition of the Made-In-Ghana Bazaar in Accra – a flagship program of the Ministry of Foreign Affairs and Regional Integration held at the Accra International Conference Center. 

Joining a panel to discuss the topic, ‘Equipping SMEs to take advantage of AFCFTA’ Lorraine Nyampong, Senior Manager, of Enterprise Banking, at Stanbic Bank, highlighted some initiatives the bank has been executing to support SMEs nationwide.

She said, “At Stanbic Bank, we believe that SMEs are the primary drivers of innovation and economic development in Ghana. That is why we have curated tailor-made initiatives to help our SMEs overcome certain challenges that hinder their growth. One of these is the Stanbic Incubator. This has been set up to provide SMEs with the advisory assistance they need from the start-up level through the life cycle of the business. We support local SMEs in building capacity to ensure that they have all the knowledge and skills to position their businesses to grow. And also provide training on basic marketing tools and bookkeeping, help them acquire the right certification for their business, among other things.”

She added that the bank through technological advancements, has made great strides in solving the SME challenge of access to funding across Ghana using behavioral data in the credit scoring process.

“In addition to supporting SMEs with their banking and funding needs, Stanbic Bank believes in going beyond banking to provide support that enables the growth of these businesses through innovative offerings such as The Trade Club that help entrepreneurs to access new markets digitally and internationally”.

Lorraine Nyampong also reemphasized the bank’s support for The African Continental Free Trade Area (AfCFTA) to create a single continental market for Africa’s 54 states and eight regional economic associations. According to her, Africa having its own seamless payment platform without relying on foreign parties is a step in the right direction, reiterating all that Stanbic Bank has been doing to equip local SMEs to benefit from the numerous opportunities it provides.

The 3rd Made-In-Ghana Bazaar sought to promote Ghanaian products internationally, using the network of Ghana’s diplomatic missions. The three-day event was on the theme: “Promoting Made-In-Ghana Goods and Services for Economic Prosperity,” organized by the Foreign Affairs Ministry. It was in collaboration with institutions like the Ministry of Trade and Industry, the Ghana Export Promotion Authority, the Investment Promotion Centre, the National Chamber of Commerce and Industry, the National Gas Company and the Association of Ghana Industries.