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3i Africa Summit: DBG Signs $100m Pact With Proxtera to Support Ghanaian SMEs


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3i Africa Summit: DBG Signs $100m Pact With Proxtera to Support Ghanaian SMEs.

Development Bank Ghana(DBG) has signed a $100million pact with Proxtera, a Singaporean company.

The pact which was signed on Tuesday (May 14, 2024) on the sidelines of the ongoing 3i Africa Summit in Accra was to enable the Development Bank Ghana to support the SMEs through Ghana Integrated Financial Eco Platform systems.

Addressing the media after the signing, the CEO of Development Bank Ghana(DBG), Mr. Kwamena Duker explained that this platform allows that process to be much quicker, and effective, and as a result of that, the risk premium of the interest rate being applied to SMEs, will over time come down.

“If today, it takes about three to six months to get a loan, with a huge amount of documentation, and we can cut that down to turnaround of literally a real-time of 24-hours… then we can appreciate the benefits of digitalisation,” Mr Duker said.

He stated that because no one bank could bridge the huge financing gap of SMEs, the bank was catalysing to de-risk the environment for other banks to also support SMEs with affordable loans for their operations, and to create jobs for the Ghanaian youth.

On his part, Mr Saurav Bhattacharyya, CEO of Proxtera, stressed that they would through their technological platform build a credit engine for SMEs to be evaluated quickly for the disbursement of loans

He stated that Ghana is the fourth country to benefit from their platform, which he expressed confidence that would help solve the access of credit challenge of Ghanaian SMEs.

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The agreement was witnessed by the Governor of Bank of Ghana, Dr. Ernest Addison who was commended for great regulatory leadership.


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