CBG extends helping hand to SMEs
Story: Isaac AIDOO, Accra
CONSOLIDATED Bank Ghana (CBG) is reinforcing its commitment to small and medium enterprises (SMEs) with a suite of accessible, convenient digital solutions aimed at fostering business growth and improving financial management.
At a thought leadership event in Accra themed ‘Harnessing Emerging Technologies for SME Growth,’ CBG Managing Director, Daniel Wilson Addo, emphasized the bank’s dedication to helping SMEs in Ghana leverage technology to thrive.
Mr. Addo described SMEs as the “engine of growth for most economies, including Ghana,” stressing that “technology is the key to productivity.” CBG’s digital initiatives are designed to streamline financial processes, making it easier for SMEs to conduct business and maintain healthy cash flow.
Key tools include the Bank’s Point of Sales (POS) systems and Mobile Money solutions, both offering simplified and seamless ways for SMEs to receive sales transactions, manage daily revenues, and bolster financial stability.
The CBG mobile app and USSD Code *924# add further value, enabling SMEs to make payments, transfer funds, and track transactions in real time, from anywhere.
“By leveraging these digital channels, CBG is simplifying banking for our SMEs, enabling them to focus on growing their businesses and contributing to the broader domestic economy,” Mr. Addo noted.
The bank’s proactive approach to supporting SMEs also involves a commitment to fast, efficient service. With its Loan Origination Software (LOS) and integration with credit reference bureaus, CBG has improved the speed and quality of loan processing, allowing more businesses to access financing quickly.
This LOS system ensures streamlined due diligence and supports CBG’s sustainability agenda by advancing green banking with paperless loan processing.
Mr. Addo underscored the significance of the event’s theme, “Emerging Technologies for SME Growth,” describing it as highly relevant in today’s fast-paced, technology-driven world.
“Technology is critical for business processes, efficiency, and success,” he said. “CBG is an SME Bank; and is intentional about curating interventions that support the growth and sustainability of businesses, particularly Ghanaian businesses.”
The benefits of technology are increasingly evident in the mobile money sector. In May 2018, Ghana’s Vice President Dr. Mahamudu Bawumia launched Africa’s first mobile money interoperability system, enabling transactions across networks.
The impact has been transformative: the latest Bank of Ghana Economic Summary shows a 69% increase in mobile money transaction value from August 2023 to GHS274 billion in August 2024.
The float balance rose by 61% to GHS22.2 billion, with total mobile money transactions reaching GHS1.8 trillion by August 2024. This growth underlines the pivotal role mobile money plays in supporting SME financial activity across Ghana.
Additionally, CBG recognizes the potential of the Pan-African Payment and Settlement System (PAPSS), which aims to enhance trade among African countries through a connected payment infrastructure. By integrating such systems, CBG is working to open more doors for local businesses within the African market.
In his concluding remarks, Mr. Addo emphasized that maximizing technology’s potential depends on driving awareness, ensuring system accessibility, and advancing secure, sustainable frameworks.
“We trust that this event will be a significant step in our collaboration with sector stakeholders, regulatory institutions, fintechs, and policymakers,” he said, expressing optimism that these partnerships will strengthen support for SMEs and foster Ghana’s economic resilience. CBG’s initiatives showcase its vision for a digitally empowered SME sector that can drive Ghana’s economic growth and contribute to a vibrant, interconnected African marketplace.
