CBG offers lasting support to SMEs

Consolidated Bank Ghana (CBG) is advancing its support for small and medium enterprises (SMEs) with a range of digital solutions designed to drive growth, enhance financial management, and boost operational efficiency. At a thought leadership event in Accra titled “Harnessing Emerging Technologies for SME Growth,” CBG Managing Director, Daniel Wilson Addo, highlighted the bank’s commitment to empowering SMEs through technology.

Mr. Addo described SMEs as the cornerstone of Ghana’s economic development, emphasizing that digital transformation is essential for improving productivity. CBG has introduced various digital tools that streamline financial transactions, providing SMEs with smoother cash flow management and secure access to banking services. Notable offerings include the bank’s Point of Sale (POS) systems and Mobile Money solutions, which simplify payments, enhance revenue management, and strengthen financial stability for small businesses.

CBG also offers a mobile app and USSD code *924# to allow SMEs real-time access to essential banking services, including payments, fund transfers, and transaction tracking, making banking accessible from anywhere. These digital platforms enable SMEs to manage finances efficiently, allowing business owners to focus more on growth and scaling.

To further facilitate SME financing, CBG has implemented a Loan Origination Software (LOS), which accelerates the loan approval process by integrating credit reference checks and improving the speed of processing. This LOS system also aligns with CBG’s sustainability goals, advancing green banking through paperless processing.

The event’s theme of “Emerging Technologies for SME Growth” resonates with the growing need for digital solutions to enhance business processes and success. As Ghana’s mobile money ecosystem expands, digital platforms are playing a transformative role for SMEs. Since the launch of Africa’s first mobile money interoperability system in 2018, Ghana has seen mobile money transaction values surge, totaling GHS1.8 trillion by August 2024, with balances rising significantly. These figures highlight the critical role of digital finance in supporting SME growth across the nation.

Additionally, CBG is exploring the Pan-African Payment and Settlement System (PAPSS) to support cross-border trade and broaden market access for Ghanaian businesses within the African continent. Integrating such systems aims to enable local businesses to tap into larger markets, reinforcing the bank’s vision of a connected and competitive African marketplace.

In closing, Mr. Addo stressed the importance of creating awareness around digital banking benefits, ensuring accessibility, and establishing secure systems. By strengthening partnerships with regulatory bodies, fintechs, and policymakers, CBG aims to build a robust support network for SMEs, fostering resilience and sustained growth in Ghana’s economy. Through its focus on digital innovation, CBG aspires to build a digitally empowered SME sector that drives Ghana’s economic future and contributes to a dynamic African trade environment.