Absa Bank Ghana, Mastercard Foundation launch phase 2 of Fintech Agritech programme
Absa Bank Ghana and Mastercard Foundation have launched the second phase of the Absa Fintech and Agritech Support Programme, aimed at supporting startups in the fintech and agritech sectors. Ten beneficiaries will receive a total grant of GH¢1 million to address technical, operational, and financial challenges. The programme also includes capacity building from Meltwater Entrepreneurial School of Technology (MEST) Africa to equip beneficiaries with entrepreneurial skills.
Speaking at the launch, Mrs. Audrey Abakah, Director of SME, Agency Banking and Partnerships at Absa, encouraged innovative and technologically driven startups, especially women-owned fintech and agritech businesses and persons with disabilities, to apply. She highlighted the success of the first phase, which awarded GH¢2 million to ten exceptional businesses, with half of the grants going to women-led businesses.
The Absa Young Africa Works project, funded by Mastercard Foundation, has committed to supporting Micro, Small and Medium Enterprises (MSMEs) and has invested over GH¢1.1 billion, benefiting over 5,900 businesses, including small holder farmers, with 65% being women-owned.
The launch featured a panel discussion with grant recipients from the first phase, who shared their experiences and highlighted the challenges faced by young entrepreneurs, including lack of entrepreneurial skills, reluctance to collaborate with startups, and unfavourable national policies. They emphasized the need for technical guidance, financial support, collaboration, delegation, market research, and localization of business ideas to succeed.
The programme aims to contribute to achieving the Sustainable Development Goals by promoting inclusive economic growth, reducing inequalities, and ensuring sustainable production and consumption patterns.
