Absa Bank Ghana has rolled out a free banking service for any Ghanaian start-up business that is less than three years old. It is an industry first and a game changer expected to support young start-ups in the country to scale up.
The free banking service forms part of the bank’s newly launched ambitious proposition known as “Absa StartUp Banking” which is an initiative that supports the grooming and scaling up of Ghanaian-owned start-ups with solutions that will bring their possibilities to life.
The Absa StartUp Banking, which is available across the bank’s branches and offices, will provide start-up businesses with clear- cut and tailor-made solutions such as opportunity to tap into Market Access, Business Mentorship, and free banking services.
Detailing the opportunities available for Start-ups, Mrs. Grace Anim-Yeboah, Business Banking Director at Absa Bank Ghana indicated that the free banking offering includes services such as zero commission on turnover (COT), free cheque books, free local transfers, free transactions on digital channels, free debit card and more.
“The start-up ecosystem in Ghana is developing rapidly. Every SME was once a start-up but the reality is that nine out of ten start-ups fail due to various reasons. Key amongst them is the lack of financial resources. At Absa Bank, we are being intentional to support start-ups. With the right support, we believe that small businesses are able to grow three times faster and are able raise finances seven times more than they could have done on their own,” said Mrs Anim-Yeboah during an interaction on Absa Business Connect Series, the bank’s virtual interactive platform.
Reinforcing Absa’s social commitment to be a Force for Good in society, Mr. Kobla Nyaletey, Director of Markets for Absa Bank, West Africa, noted that the bank is committed to help entrepreneurs to grow their businesses by connecting their dreams to financial services and opportunities.
According to Mr. Nyaletey, the Absa StartUp Banking is an industry’s first in terms of the offerings and opportunities available for start-ups. “This is a very exciting proposition designed to offer solutions for start-ups to achieve sustainable growth.”
“The Absa StartUp Banking has a deliberate strategy to call on identifiable stakeholders, partners and institutions that will work with Absa to move start-ups forward in Ghana. We will be working with clients, partners among others to provide market access that will create demand and avenues for start-ups to sell their products and services,” he added.
Mr. Nyaletey indicated that the bank will bring start-ups under its enterprise business solution programme, which will afford them access to mentors, financial training and capacity building opportunities.
Starting a business can be daunting and Absa, through its StartUp Banking initiative, is calling on Ghanaians to encourage and support start-ups as well as young people with business ideas, so they can thrive and grow their businesses.
The Absa StartUp Banking is open to young Ghanaian businesses registered for less than three years and engaged in production of local goods and services. The initiative is designed to equip start-up businesses with relevant business skills, knowledge and opportunities to scale up.