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FMO has signed a USD 25 mln facility (7 years, 5-year Grace), to Access Bank Ghana, the second largest subsidiary of our long-term partner Access Bank PLC.
Access Bank Ghana is currently the 12th largest bank in Ghana by assets (USD 680 mln), but with the ambitious goal of becoming a top 3 bank in Ghana in the next 5 years. The facility includes a USD 3.5 mln pilot line dedicated to supporting Access Bank Ghana’s female SME clients, the W initiative. Supporting women is an important part of FMO and partner Access Bank’s strategy. The W initiative dedicated to providing tailored banking services to women was launched in July 2014.
The USD 3.5 mln pilot will further strengthen Access Bank Ghana ‘s gender strategy and provide a platform for further collaboration. Ghana emerged out of 57 different countries around the world as a leading country in the Mastercard Index of Women’s Entrepreneurship (MIWE). 46% of businesses in Ghana are owned by women and this underscores the relevance of FMO’s support for female owned businesses.
For the next phase, we envision a continued strategic partnership focused on both funding and non-financial aspects that are critical to the success of the W initiative. The proposed collaboration, will also create learning Opportunities for both FMO, Access Bank and collaborating partners.
In 2015, Access Bank’s W initiative has been awarded both the Outstanding Banking Initiative Award in Ghana and the Women’s Market Champion award from the GBA for women in Brazil. FMO has also supported an industry first Female Leadership Programme which was hosted by Access Bank Ghana in May 2017. Two female entrepreneurs, both alums of this program, will also attend the Power of Partnerships event.