Adansi Rural Bank, GIZ empower MSMEs with credit support for growth

…launches ‘Adwuma  Nkosuo’ product

By Seth KRAMPAH, Adansi Asokwa

Adansi Rural Bank Plc at Fomena in the Adansi North District of Ashanti Region in partnership with GIZ, a German Development Agency is empowering Micro Small Medium Enterprises with its flagship ‘Adwuma Nkosuo’ product.

The product which was officially out doored last Thursday at Adansi Asokwa seeks to address key financial challenges of MSMEs.

The range of products are savings and loan products designed to provide fast, flexible, and accessible financing for Micro, Small, and Medium-sized Enterprises (MSMEs). The enhanced products are Adwuma Nkosuo Savings, Adwuma Nkosuo Loans and Flexi-Save Fixed Deposit (FABISIE)

This product is to provide flexible and affordable financing for MSMEs and to address key financial challenges, unlock growth potential and empower them to scale up their business.

The Adwuma Nkosuo’ product is a tailored financial solution created to meet the specific needs of MSMEs including lower interest rates, flexible repayment options suited to business cash flows, and alternative collateral choices to enhance accessibility.

Beyond financing, beneficiaries would also receive capacity building— training, mentorship, and strategic market linkages to help their businesses thrive.

The CEO of Adansi Rural Bank Plc, Daniel Amponsah, in his opening address expressed the bank’s commitment to help scale up the businesses of their clients.

Mr Amponsah recognises that MSMEs are the backbone of the Ghanaian economy that drives job creation, innovation, and community development.

He however emphasized that access to finance remains a major challenge for many small businesses; hence the reason to introduce this transformative product—designed to bridge the financing gap, empower entrepreneurs, and fuel sustainable business growth.

He advised ‘masters’ of artisans and apprentices who are potential beneficiaries of the product to exhibit great sense of loyalty and integrity in their dealings with the bank to enhance their business relationship for symbiotic business growth and benefit.

The ‘Adwuma Nkosuo’ product has special consideration for women and youth artisans because of their significant contributions to job creation and ultimately the economic growth of any thriving and growing economy, “The Adwuma Nkosuo’ product is designed to provide fast financing options for MSMEs.

The available options under Adwuma Nkosuo are: Adwuma Nkosuo Savings, Fabisie (Flexi-Save FD), Adwuma Nkosuo Individual Loans and Adwuma Nkosuo Group Loans.

The product benefits include easy access to loans, competitive interest rates, flexible savings plan, flexible loan repayment, free financial advisory services, able to meet clients’ deadlines and financial inclusion.

GIZ PFS programme

This business changing product came about as a result of GIZs PFS programme where nine banking sector institutions of which Adansi Rural Bank PLC is included and developed the ‘Adwuma Nkosuo’ Savings and Loans Products with technical support assistance from GOPA APC in consortium with CDC Consult under the “Capacity Building for Banking and Microfinance institutions on MSME Product Development.

This initiative is designed to provide demand-driven financial services tailored to the needs of MSMEs with overarching goal of fostering business growth and creating employment opportunities for the many job seekers especially women and the youth.

In addition to financial support, businesses that secure the ‘Adwuma Nkosuo’ Loan will gain access to entrepreneurial skills training and financial literacy programmes, equipping them with the knowledge and tools for sustainable success.

The Component Manager, GIZ PFS Programme, Cynthia Odonkor, mentioned that the two variants of financial products reaffirmed their commitment to supporting MSMEs. She further emphasized that they would continue to create an enabling environment that fosters action, growth and sustainability.

She then expressed confidence that these products would make a significant impact, helping MSMEs to thrive and contribute to the country’s development.

The Chairman of the programme Dr Joseph Mensah Ansah a director of the Bank in his remarks to close the official launch, advised the clients and prospective ones to be mindful of their businesses and attach a lot more seriousness so that they would be able to pay back the facility to qualify them to apply for more loans.

The post Adansi Rural Bank, GIZ empower MSMEs with credit support for growth appeared first on The Business & Financial Times.

Read Full Story