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Stanbic Bank Engages Hotels Association Of Ghana

Stanbic Bank Ghana, as part of its commitment to enhance and grow the capacities of Ghanaian SMEs, has engaged with members of the Greater Accra Region Hotel Association.

This regional forum, which convened over 100 hotels, took place at the Erata Hotel in Accra.

Richmond Kwabena Aboagye, Manager of Ecosystems at Stanbic Bank Ghana, discussed the importance of the hospitality industry and shared various interventions the bank offers to businesses in the hospitality industry.

He stated, “The Ghanaian tourism sector presents a dynamic landscape with abundant opportunities for growth. As a bank committed to driving the country's development, the hospitality industry is vital due to its potential to spur economic growth.

Recognizing this, we have crafted tailored solutions to meet the specific needs of this sector.”

Mr. Aboagye spoke about access to finance for businesses aiming to expand their infrastructure or build new facilities. Secondly, he addressed the provision of working capital finance for businesses needing to bolster their capital for expansion.

Additionally, Stanbic Bank offers equipment financing through its Vehicle and Asset Financing (VAF) program, enabling businesses to acquire essential equipment to scale their operations.

Beyond financial assistance, Mr. Aboagye emphasized the importance of essential services crucial for business growth. He explained, “Financial support is not the only assistance we provide. We help businesses access different markets to facilitate growth. For instance, we leverage our partnership with the Industrial and Commercial Bank of China (ICBC) to support clients interested in doing business in China or accessing that trade corridor.”

He also added that Stanbic Bank has the Trade Club platform through which the bank connects businesses with partners from across the world.

Finally, Mr. Aboagye mentioned the bank’s incubator programme designed to nurture business growth. Over the years, Stanbic Bank has been at the forefront of supporting SME growth in line with its commitment to driving the country’s development. Through its incubator and other structured programs, the bank has supported over 7,288 entrepreneurs, 682 businesses, and 1,639 women-owned start-ups.