Zenith Bank Spotlights Opportunities for Ghanaian Women in Business
At the maiden edition of the Women in Business Dialogue series organised by the Business and Financial Times and held in Accra, the Sector Head, SME & Retail Banking at Zenith Bank, Gloria Cabutey-Adodoadji has urged businesswomen to leverage on the golden opportunities of the African Continental Free Trade Agreement (AfCFTA) to expand their reach and grow their businesses and also ensure their products meet export standards.
“With the arrangement, a free trade zone encompassing 54 nations with a combined GDP of US$3.4 trillion and a market of 1.3 billion people, offers a superhighway for Ghanaian businesswomen to expand their reach," she said.
To leverage on the AfCFTA, however, she urged businesswomen to ensure their products meet export standards, form partnerships to reduce costs, and seek guidance, all of which Zenith Bank ranks high in the industry for facilitating.
She further explained that while women take advantage of the AfCFTA and the many opportunities available to them, it was also important for women to be technologically inclined to enable them reach a wider audience through online sales and marketing channels.
“As you leverage on the benefits of AfCFTA, it is imperative for businesswomen to also leverage on technology. Technology empowers women entrepreneurs by providing them with the tools needed to sell online, manage finances, and keep track of business activities,” she added.
Financial literacy
Mrs. Cabutey-Adodoadji again said it was also essential for women entrepreneurs to have proper bookkeeping practices and maintaining separate business and personal transactions which she said was key to securing funding from banks.
“Businesses with viable products and strong revenue streams are more likely to get loans from Banks. With proper bookkeeping practices, Banks are more willing to offer various solutions to help women entrepreneurs grow their businesses”, she said.
She highlighted Zenith Bank’s business solutions that include discounted onboarding packages, training programmes, and financial products tailored to the needs of SMEs, adding that the bank also encourages entrepreneurs to focus on product viability and have a clear expansion plan.
Support
Zenith Bank's SME account she said, is a prime example of a product which offers support for women businesses. The account she said offers women entrepreneurs training, mentorship, and resources to help them navigate the challenges of formalization and growth.
Also, the Zenith SME Business Card, which is a must have for all women entrepreneurs, along with the SME account, equips women with tools that would enable them to manage finances, access working capital, and earn rewards.
Additionally, she elaborated on the Bank’s Z-Woman service which is a unique lifestyle service dedicated to increasing financial inclusion, improving entrepreneurial skills and enhancing the lifestyle of every woman. She stated that as a Z-Woman, women who own or lead businesses are provided with loans, overdrafts, working capital online and mobile banking applications, budgeting tools and workshops to build financial literacy.
Only recently, Zenith Bank entered into a strategic risk sharing partnership with the African Guarantee Fund to provide access to funding for Micro, Small and Medium Enterprises (MSMEs) here in Ghana with particular focus on women-owned/led business as well as green businesses.
With these initiatives, Zenith Bank continues to reaffirm its commitment to empowering women-owned and women-led businesses in Ghana for business growth success.
