{"id":182989,"date":"2024-05-16T10:09:04","date_gmt":"2024-05-16T10:09:04","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/05\/16\/msme-sector-set-to-receive-us100-million-capital-injection\/"},"modified":"2024-05-16T10:09:04","modified_gmt":"2024-05-16T10:09:04","slug":"msme-sector-set-to-receive-us100-million-capital-injection","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/05\/16\/msme-sector-set-to-receive-us100-million-capital-injection\/","title":{"rendered":"MSME sector set to receive US$100 million capital injection \u2013"},"content":{"rendered":"

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The\u00a0Bank of Ghana\u00a0(BoG) and the Development Bank Ghana (DBG), in collaboration with their digital partner Proxtera and supported by the Monetary Authority of Singapore (MAS), have announced plans to disburse US$100 million to MSMEs through the Ghana Integrated Financial Eco-system (GIFE).<\/p>\n

The deal, announced during the 3i Africa Summit sessions and signified by a signing ceremony between DBG and Proxtera, aims to accelerate the disbursement of up to GH\u00a21.83 billion via the wholly digital infrastructure set up by the GIFE programme.<\/p>\n

It follows the early signs of success exhibited by GIFE after its launch at the 2022 edition of the Singapore Fintech Festival and its operationalization in the first half of 2023 with the pilot financial institution partner, Consolidated\u00a0Bank of Ghana.<\/p>\n

GIFE is currently a digital journey for MSMEs, starting with financial literacy and the creation of trusted credentials leveraging the global Universal Trusted Credentials framework.<\/p>\n

It provides access to working capital and facilitates cross-border trade with Asia and the ASEAN region. An innovative regulatory sandbox continues to support GIFE in challenging traditional disbursal frameworks to fast-track growth and development for local businesses.<\/p>\n

This upcoming phase of GIFE will involve wider participation by more financial institutions, emphasizing scale and digital access to global trade markets with local financial and educational support.<\/p>\n

Saurav Bhattacharyya, Chief Executive Officer of Proxtera, said, \u201cWe continue to proudly support GIFE as a founding partner. As the exclusive operational partner of the SME Financial Empowerment (SFE) programme and the operational, technology, and digital infrastructure provider for the implementation of GIFE, Proxtera continues to work with local ecosystem partners to grow the usage of trusted credentials.<\/p>\n

\u201cWe strongly believe that the ambitious target set by our partners will propel Ghanaian MSMEs into the global digital cross-border trade and financial highways,\u201d he added.<\/p>\n

Commenting on the deal, K Duker, Chief Executive Officer of DBG said: \u201cWe are excited about this partnership, especially for what it brings as part of the 3i Africa Summit. At DBG, we believe that this partnership with the Monetary Authority of Singapore and the GIFE programme mark a pivotal moment in DBG\u2019s mission to provide sustainable finance solutions to Ghanaian businesses and facilitate multi-generational, sustainable economic growth.<\/p>\n

\u201cDBG recognises the crucial role of SMEs in our country\u2019s economy and the GIFE programme will further strengthen DBG\u2019s ability to catalyse SME growth by ensuring that they get the financial solutions they need to achieve their full potential. SMEs are a key pillar of Ghana\u2019s economic resilience, prosperity, and international competition, so I\u2019m optimistic that our journey to unlock their potential will yield excellent results for our people and country.\u201d<\/p>\n

\u201cThis memorandum further demonstrates BoG\u2019s commitment as a central bank, to working with key stakeholders to explore innovative financing models. It also further demonstrates our commitment to the Business Sans Borders initiative which we partnered with the Monetary Authority of Singapore to enhance MSME contribution to economic growth and in line with Government\u2019s broader economic transformation goals,\u201d Dr.\u00a0Ernest Addison, Governor of\u00a0Bank of Ghana, said.<\/p>\n

For his part, Sopnendu Mohanty, Chief FinTech Officer, MAS, said: \u201cMAS has worked closely with\u00a0Bank of Ghana\u00a0since the announcement of the Financial Trust Corridor in 2020. The GIFE is an important step to foster closer collaboration between the two central banks and important emerging markets.<\/p>\n

\u201cThe GIFE is a rethink to potentially leapfrog traditional financial inclusion approaches with combined support mechanisms powered by smarter data that MSMEs and financial institutions can tap in based on their needs.\u201d<\/p>\n

Source:\u00a0<\/strong>thebftonline.com<\/p>\n

<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

The\u00a0Bank of Ghana\u00a0(BoG) and the Development Bank Ghana (DBG), in collaboration with their digital partner Proxtera and supported by the Monetary Authority of Singapore (MAS), have announced plans to disburse US$100 million to MSMEs through the Ghana Integrated Financial Eco-system (GIFE). The deal, announced during the 3i Africa Summit sessions and signified by a signing […]<\/p>\n","protected":false},"author":1,"featured_media":182990,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-182989","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\nMSME sector set to receive US$100 million capital injection \u2013 - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/05\/16\/msme-sector-set-to-receive-us100-million-capital-injection\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MSME sector set to receive US$100 million capital injection \u2013 - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"The\u00a0Bank of Ghana\u00a0(BoG) and the Development Bank Ghana (DBG), in collaboration with their digital partner Proxtera and supported by the Monetary Authority of Singapore (MAS), have announced plans to disburse US$100 million to MSMEs through the Ghana Integrated Financial Eco-system (GIFE). 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