Stanbic Bank Ghana, a subsidiary of the Standard Bank Group, has signed a Memorandum of Understanding (MOU) with the Ghana Medical Association (GMA) aimed at offering tailor-made financial solutions to members of the GMA.

Speaking at the MOU signing ceremony at Stanbic Heights in Accra, Kwamina Asomaning, Chief Executive of Stanbic Bank said health is one of the key areas the bank is committed to supporting because of its importance to economic development.

He said “With our focus on driving Ghana’s growth, we have identified key areas that are critical to the growth and development of the economy and the nation. The most important being the human resource, that is, the people who drive economic growth. It has therefore become a priority area for us to focus on professions in the country to provide them with sound financial support to help them achieve their individual aspirations which collectively contribute to our growth as a country.”

“Over the years we have demonstrated that we deeply care about the health and general wellbeing of people in communities we operate in. In 2023, we positively contributed towards quality healthcare delivery by donating ventilator machines, supporting the Child Cancer units of Ridge and Korle Bu Teaching hospital, paid for treatment cost for a number of patients, financed healthcare providers’ participation in international conferences and medical exchange programs, and supported development of health-related infrastructure in Ghana. Our employees also voluntarily fund health-related CSI initiatives,” Mr. Asomaning added.

On his part, Dr. Frank Serebour, President of the GMA, said the partnership will be key in advancing the wellbeing of medical doctors in the country.

He noted that “This MOU will be very critical in supporting both our professional and personal advancement. In our work as doctors, we face a lot of challenges and arrangements and partnerships such as what we have just done with Stanbic Bank are important in facilitating our work. We are very grateful to the bank not just for this partnership, but also for all the support they have been giving to the health sector.”

As part of the partnership, all members of the GMA will enjoy group practice financing, medical equipment and vehicle financing, family finance solutions, home loans, and transactional banking solutions. Other benefits include medical insurance, investment and advisory services, and financial wellness sessions.

Stanbic Bank has over the years supported a number of health-related initiatives across the country. These include the provision of medical equipment for Effia Nkwanta Hospital, sponsorship for Infanta Malaria Prevention, the Fistula-ending project, the funding of surgeries for children, and support for a mother and child nursery, among other efforts.

Stanbic Ghana has also provided tailor-made services that address specific challenges in Ghana’s healthcare sector.

It launched HealthPay, a revolutionary payments and collections system for hospitals in 2021 and developed NurseCare, a unique offer for the Ghana Registered Nurses and Midwives Association.