Absa Bank Ghana Limited in partnership with Mastercard Foundation Thursday launched the second phase of the Absa Fintech and Agritech Support Programme.
The programme will benefit ten agritech and fintech startups with a total grant of GH ¢ 1 million to help them deal with the technical, operational, and financial challenges faced in those sectors and to contribute to economic growth in the country.
Speaking at the launch in Accra, Mrs Audrey Abakah, Director, SME, Agency Banking and Partnerships, Absa, said the beneficiaries would receive capacity building from Meltwater Entrepreneurial School of Technology (MEST) Africa, to equip them with relevant entrepreneurial skills to help them utilise the money for its intended purposes and to leverage the knowledge to grow their businesses.
She encouraged innovative and technologically driven startups, especially women-owned fintech and agritech businesses as well as persons with disability to apply for the programme.
Mrs Abakah noted that the first phase of the grant programme was launched in November 2022, where ten exceptional businesses were awarded a total grant of GH¢ 2 million, with each beneficiary receiving up to GH ¢ 250,000.
She indicated that all recipients were youth-owned enterprises, stressing that, half of the grants went to women-led businesses, saying, “these grants have been instrumental in propelling these businesses forward.”
She said the Absa Young Africa Works project funded by Mastercard Foundation remained steadfast in its commitment to supporting Micro, Small and Medium Enterprises.
“This is evidenced by our investment of over GH₵1.1 billion which has benefited over 5,900 businesses including small holder farmers out of which 65% are women. We have also provided business capability building opportunity to about 7,000 MSMEs and small holder farmers,” Mrs Abakah noted.
Mr Seth Akumani, Head of Exploration, United Nations Development Programme (UNDP) Ghana’s Accelerator Lab, said for young entrepreneurs to thrive in business, they should make their innovations people-centred, refocus on sustainable value creation, and invest in scalable innovations.
Mr Gerhard Malah, Programme Manager, MEST Africa, expressed delight in being associated with the grant programme.
He said the initiative would expose beneficiaries to like-minded entrepreneurs, investors and partners, as well as increased visibility through MEST’s extensive network and marketing efforts.
He said the programme would also contribute to achieving the Sustainable Development Goals by promoting inclusive economic growth, reducing inequalities and ensuring sustainable production and consumption patterns.
Maame Serwaa Dzamesi, Programme Partner, Mastercard Foundation, said the grant programme aligned with the Foundation’s commitment to fostering entrepreneurship and creating an environment where young people could thrive, innovate, and lead.
“It is our hope that as we nurture innovation to shape the future of business growth and job creation, our efforts will pave the way for a brighter and more inclusive future where financial services are accessible to all, where innovative solutions thrive, and where job creation fuels economic development,” she said.
Some of the grant recipients in the first phase of the programme were at the launch to share their experience.
Three of them were Ms Elselund Ewudzie-Sampson, Founder and Team Lead, Big Samps Market, Ms Hillary Adare, Founder and Chief Executive Officer, Wonfliki, and Mr Frank Nana Addae, Co-Founder and Chief Executive Officer, Shopa.
In a panel discussion, the beneficiaries highlighted that lack of entrepreneurial skills, reluctance to collaborate with startups, and unfavourable national policies were critical challenges that hindered young people from succeeding in business.
They mentioned that for youth businesses to thrive, there was the need for technical guidance, substantial financial support, collaboration with right partners, delegation and team building, market research, and localisation of business ideas.
