{"id":200836,"date":"2024-07-18T08:04:10","date_gmt":"2024-07-18T08:04:10","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/07\/18\/bog-facilitates-gh%c2%a28-million-in-collateral-free-sme-loans\/"},"modified":"2024-07-18T08:04:10","modified_gmt":"2024-07-18T08:04:10","slug":"bog-facilitates-gh%c2%a28-million-in-collateral-free-sme-loans","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/07\/18\/bog-facilitates-gh%c2%a28-million-in-collateral-free-sme-loans\/","title":{"rendered":"BoG facilitates GH\u00a28 million in collateral-free SME loans \u2013"},"content":{"rendered":"<p><\/p>\n<div>\n<p><strong>The Bank of Ghana (BoG) has facilitated GH\u00a28million in collateral-free loans to 20 small and medium enterprises (SMEs) through the Ghana Integrated Financial Ecosystem (GIFE) initiative.<\/strong><\/p>\n<p>This development was revealed by Dr. Ernest Addison, Bank of Ghana Governor, in his remarks at the SME Growth and Opportunity Summit.<\/p>\n<p>The GIFE initiative, launched in June 2022, is part of the broader Business Sans Borders (BSB) project \u2013 a collaboration between the Bank of Ghana and Monetary Authority of Singapore (MAS). GIFE is a comprehensive financial development programme that provides SMEs with financial and digital literacy training, as well as offers the opportunity for SMEs to obtain trusted digital credentials \u2013 thus enhancing access to financial services and cross-border trade connectivity.<\/p>\n<p>A key feature of the GIFE initiative is its innovative \u2018intent-to-pay\u2019 credit assessment model. This model utilises digitally verified SME information to facilitate credit assessment without relying solely on traditional balance sheet strength or collateral requirements.<\/p>\n<p>Dr. Addison explained: \u201cIt relies on Application Programming Interface (API) integration with key government and private sector data sources to perform independent data verification for the development of trusted digital credentials\u201d.<\/p>\n<p>The SMEs landscape remains attractive in Ghana. Of an estimated 2.1 million businesses in the MSME sector, about 1.7 million \u2013 representing some 81 percent of the sector \u2013 is classified in the micro enterprises category. About 15 percent is categorised as small enterprise and 4 percent is expressed as medium enterprise companies.<\/p>\n<p>The success of this model is evident in the GH\u00a28million of collateral-free loans already disbursed to 20 SMEs. This achievement is particularly noteworthy given the challenging economic environment that Ghana has faced in recent years, including impacts of the COVID-19 pandemic and global economic shocks.<\/p>\n<p>Dr. Addison expressed optimism about the initiative\u2019s future, stating: \u201cAs the initiative expands, more partner financial institutions are expected to join and offer additional credit facilities to Ghanaian SMEs. While still in its early stages, the GIFE initiative shows a promising potential to significantly alleviate SME financing challenges\u201d.<\/p>\n<p>The Governor emphasised collaborative efforts between regulators and the private sector, leveraging innovative FinTech solutions to overcome financing challenges for SMEs. He noted that the initial success of GIFE has catalysed evolution of the Universal Trusted Credential (UTC) concept, now adopted by the United Nations Development Programme (UNDP).<\/p>\n<p>\u201cAs advocates for the UTC concept, efforts are underway to develop UTC standards that ensure international interoperability and incorporate key global credentials such as Legal Entity Identifiers or LEI numbers,\u201d Dr. Addison said. \u201cThis advancement is poised to significantly improve local SMEs\u2019 access to cross-border trade and financing opportunities.\u201d<\/p>\n<p>The Bank\u2019s efforts to support SMEs extend beyond the GIFE initiative. Dr. Addison also mentioned the SOLV digital marketplace, promoted by Standard Chartered Bank, which is currently being tested in the BoG\u2019s regulatory sandbox. SOLV aims to provide SMEs with access to a range of financial services, professional business services and eCommerce platforms.<\/p>\n<p>Acknowledging the fragmented nature of SME initiatives, Dr. Addison called for enhanced collaboration among stakeholders. \u201cBy fostering such coordination, Ghana can create a more cohesive and supportive environment for SMEs to thrive, contributing significantly to sustainable economic development and job creation,\u201d he stated.<\/p>\n<p>Source: thebftonline.com<\/p>\n<p><!-- CONTENT END 1 --><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Bank of Ghana (BoG) has facilitated GH\u00a28million in collateral-free loans to 20 small and medium enterprises (SMEs) through the Ghana Integrated Financial Ecosystem (GIFE) initiative. This development was revealed by Dr. Ernest Addison, Bank of Ghana Governor, in his remarks at the SME Growth and Opportunity Summit. The GIFE initiative, launched in June 2022, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":195707,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-200836","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BoG facilitates GH\u00a28 million in collateral-free SME loans \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\/07\/18\/bog-facilitates-gh\u00a28-million-in-collateral-free-sme-loans\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BoG facilitates GH\u00a28 million in collateral-free SME loans \u2013 - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"The Bank of Ghana (BoG) has facilitated GH\u00a28million in collateral-free loans to 20 small and medium enterprises (SMEs) through the Ghana Integrated Financial Ecosystem (GIFE) initiative. 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