Access Bank Ghana PLC has launched its new ‘The Business Startup Challenge’, an initiative to support startup businesses in the country.

The initiative is in partnership with Platinum Africa Solutions. According to Access Bank, it seeks to reinforce its position as a Small and Medium-sized Enterprises (SME)-focused bank through its "W" initiative.

Managing Director of Access Bank Ghana PLC, Olumide Olatunji noted that it is imperative to support local startup businesses as such investment would in the long run, have a positive impact on the economy.

“Globally, startups dominate the business environment with the sector referred to as the 'backbone of the global economy.'”

According to him, after realising lack of funds, proper planning and management skills, among others, are challenges stifling the growth of businesses, the bank's intervention was needful.

About 500 Ghanaian entrepreneurs between the ages of 18 and 35 years, who will be shortlisted, will be provided with the needed resources to set or strengthen their businesses through the Challenge.

Call for applications that opened on September 15, is scheduled to end on October 1. The Business Startup Challenge will run for five weeks.

Applicants will be auditioned from October 4-7, by a three-member jury. Also, participants will receive training in key business practices at various stages of the challenge.

This will provide them with the opportunity to equip themselves with technical know-how to navigate the technology space.

There will be a boot camp workshop to train participants on principal business practices such as Team Building and Leadership, Excellent Customer Service, Marketing Concepts and Strategies among others.

Participants will pitch their ideas and the 30 shortlisted, will undergo a master class and final pitching to a six-member jury.

The top three finalists will receive a share of GH¢30,000 as cash prizes, business advisory & mentorship sessions and a GH¢20,000 worth of Life Insurance cover.