Absa Bank Ghana has rolled out a free banking service for any Ghanaian start-up business that is less than three years old.
Known as “Absa StartUp Banking”, the initiative supports the grooming and scaling up of Ghanaian-owned start-ups.
The service is available across the bank’s branches and offices and 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.
The service 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.
Grace Anim-Yeboah, Business Banking Director said, “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.
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.