The Bank of Ghana is advocating a strong collaboration among financial services players to support smaller and women led businesses with loans with favourable interest rates.

According to the Central Bank, this will be another effective way to revive the economy through micro enterprises.

Deputy Head of Payments at the Central Bank, Clarissa Kudorwu, made the call in a speech to launch the Pan African Savings and Loans Mama project, aimed at supporting women SMEs.

The MAMA Financial Support programme by Pan African Savings and Loans, Mastercard foundation and other partners will empower women businesses.

According to the Bank of Ghana, there is the need for Ghanaian women to take advantage of other innovative private sector led programmes to scale up their businesses and to make the society a better place.

Speaking on behalf of the Second Deputy Governor of the Bank of Ghana, the Assistant Head of Payment Systems at the Central Bank, called for more partnership to support women led SMEs.

“I will like to encourage SMEs particularly women led businesses to take advantage of this opportunity and also to encourage other financial institutions to join the first plus project in a bid to increase access to finance for women. As we expect interest rates on the market to trend downwards, I call for more partnership with Mastercard Foundation and the likes to increase support for the MSME sub-sector”, she noted.

Managing Director of Pan African Savings and Loans, Emelia Atta Fynn, expects the project will transform more women led businesses as well as drive financial inclusion among women.

“Pan-African Savings and Loans aims to provide access to credit, savings, and payments in a convenient and beneficial manner and thus support financial inclusion and increase of wealth and employment in Ghana. With our launch of the MAMA programme, we are excited to see the women empowered to impact the home, society, and the country,” she explained.

The Ghana Microfinance Institution Network is also supporting this initiative as part of their advocacy.