Consolidated Bank Ghana Extends Responsible Credit Access to PWD Entrepreneurs

Consolidated Bank Ghana (CBG) is deepening its financial inclusion support for persons with disabilities (PWDs) by extending its existing programme beyond account ownership and financial literacy to include access to responsible credit for entrepreneurs.

The initiative forms part of the bank’s broader PWD Financial Inclusion Programme, under which 119 participants have so far been onboarded into the formal financial system.

Speaking at an engagement with beneficiaries, the Managing Director of CBG, Dr. Naomi Wolali Kwetey, said the programme was designed to address some of the barriers that prevent persons with disabilities from fully participating in the formal financial system.

“This balance matters. Inclusion without sustainability will not endure; and credit without responsibility will not empower,” she said.

As part of the programme, CBG funded the minimum opening balances required for participants’ accounts and approved service-fee waivers to encourage account usage and reduce some of the immediate costs associated with formal banking.

The bank has also introduced a dedicated loan component to support viable businesses owned and operated by PWDs.

According to CBG, the facilities are structured as loans rather than grants with the objective of positioning beneficiaries within the formal credit system while supporting the growth and sustainability of their businesses.

The initiative is being implemented in collaboration with Korklu’s Foundation, which supports efforts to empower persons with disabilities and improve their livelihoods.

“At Korklu’s Foundation, we remain committed to our vision of inspiring, empowering and transforming lives,” Madam Dorcas Naa Korklu Afotey, Founder of Korklu’s Foundation, said.

The bank said the lending approach would combine concessionary pricing with sound credit assessment, while allowing consideration for requirements that could unnecessarily exclude viable businesses because of their informal origins.

CBG stressed that responsible lending, transparency, proper appraisal and accountability would remain central to the process.

The bank said the success of the programme would not be measured solely by the number of accounts opened or loans provided but also by the resilience of beneficiaries’ businesses, the quality of their banking relationships, responsible loan repayment and their confidence in using formal financial services.

The programme also seeks to support entrepreneurs whose businesses began outside the formal financial system, ensuring that informality does not automatically prevent deserving business owners from accessing opportunities to grow.

CBG acknowledged the role of the Korklu’s Foundation and other partners in helping the bank better understand the needs of the PWD community and in strengthening efforts to make financial inclusion more meaningful.

The engagement also provided an opportunity for beneficiaries to share their experiences and receive recognition for their participation in the programme.

CBG said the broader objective was to recognise the economic potential of persons with disabilities and create opportunities for them to participate more sustainably in the economy as entrepreneurs, employers, producers, professionals and consumers.

The bank indicated that the programme would provide a foundation for developing more specialised financial products for PWD entrepreneurs and deepening partnerships to expand responsible access to finance for PWD-owned businesses across Ghana.

Source: thebftonline.com