Consolidated Bank Ghana (CBG)
Consolidated Bank Ghana (CBG) is the second largest bank in Ghana by branch network, 114 in
the entire country and has a large clientele of SMEs across board. CBG has well-developed
platforms to serve SMEs, through lending, digitalization of their operations, bookkeeping and
business advisory services. The bank recognizes its role in supporting and promoting SMEs
because they represent over 90% of all registered businesses, besides creating about 80% of
manufacturing jobs and contributing about 70% to Ghana’s GDP.
In the last two years (2yrs) CBG through collaborations with established Mobile Phone company (Vodafone) disbursed to over 150,000 individuals and concessionary loans to over 34,000 SME recipients valued at Ghs154m and GHS1 billion concessionary loans under the Youth and Employment program of the Government in collaboration with Ghana Enterprise Authority (GEA). The bank has been running a sustainable lending service for the SME sector through some its highly patronized products such as SME Classic Plus Account, SME Savings Account, SME Current Account, SME Smart & Advance Loans, and SME Hybrid Account, Trade Finance Facilities (that is, Export pre-shipment facility and Import Finance Facility) Import Duty Finance, Overdraft facilities and many more, all tailored to support growth of businesses in the SMEs. These products reduced transaction and credit costs while allowing smaller enterprises to borrow without collateral. To contend with the multiple barriers in accessing funds from traditional lending financial institutions, CBG has subscribed to the services of a supra-Bank, Development Bank of Ghana (DBG) which has a mandate to make huge funds available, mainly for the SME sector.
CBG as a Policy bank, has the core mandate, to support the SME sector growth via its digital agenda, to achieve the ambition of being the Best SME bank in Ghana by 2023, through its 114 branches.