Kintampo Rural Bank unveils innovative financing initiative for MSMEs
Kintampo Rural Bank PLC, a financial institution in the Bono East Region, has launched an innovative financial product tailored for Micro, Small, and Medium-sized Enterprises (MSMEs).
In collaboration with Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH and funding from the German Federal Ministry for Economic Cooperation and Development (BMZ), the bank has introduced the ‘MSME Financing’ initiative, aimed at alleviating the financial challenges faced by small businesses.
This new product offers affordable credit, simplified payment systems, and expert financial guidance, directly addressing the unique issues that prevent MSMEs from accessing vital financial support. Key features of the MSME Financing initiative include:
– Prompt Disbursement
– Reduced Interest Rates
– Flexible Repayment Terms
– Door-to-Door Cash Collection
– Mobile Banking Services
– Financial Literacy Training
The MSME Financing product is available at all six branches of Kintampo Rural Bank located in Kintampo, Buipe, Jema, Techiman-Market, Techiman-Kenten, and Damongo. This initiative specifically targets formal associations such as the Ghana National Tailors and Dressmakers Association (GNTDA) and the National Association of Beauticians and Hairdressers (NABH).
At the launch event, Martin Mensah, Chief Executive Officer of Kintampo Rural Bank, expressed his optimism for the initiative, stating, “We believe that MSME Financing will serve as a transformative tool, enabling local enterprises to thrive and significantly contribute to the region’s economic development. By equipping these businesses with the necessary financial resources, we reaffirm our commitment to empowering local communities for sustainable growth.”
Francis Owusu Antwi, the Bono East Regional Minister, praised Kintampo Rural Bank and GIZ for their innovative financing model designed to support MSME growth and development. He urged all stakeholders, including government agencies, private sector leaders, and civil society organizations, to collaborate in creating an enabling environment that empowers MSMEs to drive the local economy forward.
