The Managing Director of Stanbic Bank Ghana, Alhassan Andani says the bank, under its Business Incubator programme, has trained more than 1,200 entrepreneurs who have established their own start-up businesses.
The programme, established four years ago, has also trained 2,923 youth on how to develop business ideas, empowered 790 women, while 375 businesses have received technical support through mentorship to shape their businesses.
Mr Andani said this at the launch of the Stanbic Bank Business Incubator Unit for SMEs located at the bank’s office at Silver Star Towers, Airport in Accra.
The business incubator provides an enabling environment for entrepreneurs in SMEs through business development services, mentoring and coaching services and provide avenues for accessing markets and sourcing funds.
He said the establishment of the incubator was to enable SMEs to overcome some of the challenges faced in the sector, adding that the bank would continue to support small businesses to drive the country’s economic growth.
“The business incubator is running capacity building and entrepreneurship development programmes for SMEs and as well support and nurture SMEs to prepare for and harness business and growth opportunities”, he added.
The Managing Director observed a strong and viable SMEs sector was important for the growth of every economy both developed and developing.
In Ghana, more than 80 per cent of all registered businesses fall in this category with a similar proportion of the industrial sector making it into the category.
Mr Patrick Quantson, Head of Digital Transformation, Stanbic Bank said the bank had identified the need to develop and nurture SMEs for them to contribute to the socio-economic development of the country.
He said the business incubator project operated on five strategic pillars-ideation, incubation, acceleration, value chain and financial inclusion.