Kumasi: The Head of Women Banking at Stanbic Bank Ghana, Marian Amartey, has asserted that the principal obstacle for women entrepreneurs in accessing finance is not the availability of funds but their preparedness to qualify for financial support. She made this assertion during the 3rd edition of the Women in Business Dialogue Series in Kumasi, an event aimed at empowering women-led SMEs and agribusinesses for inclusive and sustainable growth.
According to Ghana Web, Amartey highlighted that contrary to popular belief, access to funding is not the primary issue. The real challenge is ensuring that women entrepreneurs are bankable and prepared to expand their operations. She explained that Stanbic Bank addresses this issue through its 'Obaa Sima' products, which aim to make women entrepreneurs ready for financial onboarding.
Amartey pointed out that many women-owned businesses face difficulties due to a lack of proper registration and governance systems, which hinders banks from providing them with financial services. The 'Obaa Sima' initiative supports women throughout their business journey, assisting with business formalization, compliance, and growth.
The programme also emphasizes capacity building, offering training in financial literacy, bookkeeping, and financial management. Amartey noted the importance of digital skills training, especially for women who primarily use mobile money but are unfamiliar with other digital platforms. Stanbic Bank aims to bridge this gap by providing the necessary digital skills.
Additionally, the bank provides non-collateral loans to women who meet the necessary standards, thereby removing a significant barrier to accessing credit. Amartey stressed that enhancing readiness is crucial for enabling more women to secure credit and grow sustainable businesses.