GCB Bank PLC has held a seminar to build the capacity of Small and Medium Enterprises (SMEs), with primary focus on the crucial role of digital tools in enhancing business operations in today’s competitive world.

The seminar themed “Empowering Growth: Optimizing People and Resources for the Digital Era” was also meant to empower the SMEs on accessing funding as well as understanding the dynamics in the market in order to be able to tackle all the challenges that pertain in that space.

The seminar, held in Accra, focused on topics such as global SME trends with focus on digital innovations and introduction to the Ghana Integrated Financial Ecosystem (GIFE).

Digital Transformation

The Managing Director of GCB Bank, John Kofi Adomakoh, mentioned that digital transformation was not just a trend but a necessity for businesses to thrive in today’s fast paced and competitive environment.

“We have looked at our SME programmes all over again and we have a new proposition. The world is changing and we have to change very fast so that we are not left behind. The world today is being driven by data and technology. Leveraging digital tools can help you better understand and serve your customers, improving satisfaction and loyalty. Technology is becoming very important and everybody must get involved. If SMEs are going to push the economy forward then you people must get involved,” he added.

Significance of SMEs

For his part, the Executive Director Wholesale and Investment Banking of GCB Bank, Sam Aidoo outlined the significant contribution of SMEs to the Ghanaian economy and reiterated GCB’s commitment to partner businesses for growth.

“In Ghana today, SMEs constitute about 92 percent of all registered companies in the country. They contribute about 85 percent of employment in the manufacturing sector. If you take SMEs away from Ghana, we would be in significant trouble. SMEs are undoubtedly the backbone of Ghana’s economy,” Mr Aidoo said.

“At GCB, we are not just a financial institution. We are your partner for growth. We understand the challenges and opportunities that SMEs face and we have made significant changes, particularly in our SME commercial banking department to be able to address their needs adequately.”

“We have restructured our SME banking. We are available all around the country. This decentralized structure helps us to segment our clients and support them,” he added.

Support

Head, Corporate Banking for GCB Bank, Linus Kumi, said the Bank was dedicated to supporting the growth and success of SMEs across the country.

“We believe SMEs play a very vital role in our economy so we consider it a good opportunity to come in and build their capacity on how to access funding and also understand the dynamics in the market in order to be able to address all the challenges that we have in that space. Part of our strategy is to look at the general SME spectrum. We look at businesses that are not fly-by-night in nature. We want businesses that go beyond generations. Our goal is to build up businesses for the next generation,” Mr Kumi said.

Global SME trends

The CEO of Maxwell Investments Group, Maxwell Ampong, who led the discussion on global SME trends with focus on digital innovations, stated that the use of AI and machine learning was transforming how SMEs operated by automating processes, enhancing customer experiences and providing valuable insights.

He cited examples of SMEs in the retail sector that used AI-driven chat box to provide customer support, handle common queries, and personalised shopping experiences which he said would lead to increased customer satisfaction and loyalty.

“Companies have to be able to be competitive and keep up with the competition beyond the borders because it is critical to their growth. Artificial Intelligence is the newest technology in vogue and SMEs can take advantage of it to increase sales. Having a 24/7 chat box can help to offer ready information to your customers even if you are not available because they can access the information they need. Adopt digital marketing strategies to boost your businesses,” he concluded.