The Bank of Ghana (BoG) has announced a USD100 million initiative to support Ghanaian Micro, Small, and Medium Enterprises (MSMEs) via the Ghana Integrated Financial Ecosystem (GIFE).
The move is being undertaken by the Development Bank, Ghana (DBG), in partnership with digital infrastructure provider Proxtera and supported by the Monetary Authority of Singapore (MAS),
This was revealed on Wednesday at the just-ended 3i Africa Summit held in Accra, where a signing ceremony between DBG and Proxtera took place.
The Governor of the Bank of Ghana, Dr. Ernest K.Y. Addison, in his remarks, noted the BoG’s commitment to exploring innovative financing models and supporting the Business Sans Borders initiative to enhance MSME contributions to economic growth.
According to him, the initiative aims to disburse up to 1.83 billion Ghanaian Cedis through GIFE’s digital infrastructure, building on the platform’s early success since its launch at the 2022 Singapore Fintech Festival and its operational rollout in early 2023 with the Consolidated Bank of Ghana.
Additionally, the GIFE will provide a digital journey for MSMEs, offering financial literacy, the creation of trusted credentials through the Universal Trusted Credentials framework, access to working capital, and opportunities for cross-border trade with Asia and the ASEAN region.
An innovative regulatory sandbox supports GIFE, challenging traditional financing models to accelerate local business growth.
The GIFE will also expand its reach to include more financial institutions, focusing on scaling up and enhancing digital access to global trade markets with robust local financial and educational support.
Saurav Bhattacharyya, CEO of Proxtera, expressed pride in supporting GIFE as a founding partner.
He highlighted Proxtera’s role as the operational and technological backbone of GIFE, working with local partners to enhance the use of trusted credentials and drive MSMEs into global digital trade.
K Duker, CEO of DBG, on his side also emphasized the significance of the partnership for DBG’s mission to provide sustainable finance solutions and promote economic growth.
-BY Daniel Bampoe