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Sinapi Aba aims to provide credit to 50,000 women-owned Small and Medium Enterprises (SMEs) by the year 2024.

In the last five years, Sinapi Aba, backed by Opportunity International - Canada, has assisted roughly 26,000 small and medium enterprises (SMEs).

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Small business entrepreneurs in significant numbers, approximately 26,000, have received aid over...
Small business entrepreneurs in significant numbers, approximately 26,000, have received aid over the past five years thanks to Sinapi Aba and its partnership with Opportunity International – Canada.

Sinapi Aba aims to provide credit to 50,000 women-owned Small and Medium Enterprises (SMEs) by the year 2024.

In partnership with Opportunity International - Canada, Sinapi Aba has rolled out the Financial Inclusion for Enterprise Development (FINEDEV) program to assist women-led small and medium enterprises (SMEs) in Ghana. The initiative, which has already benefited 26,000 SMEs over the past five years, aims to reach twice as many by 2024.

Speaking about the project, Tony Fosu, the CEO of Sinapi Aba, highlighted the multiple cultural and social factors that make it difficult for women-led micro-businesses to access credit and other essential services. Often, women business owners are deprived of financial support due to a lack of collateral or because family assets are traditionally entrusted to men.

To overcome these challenges, FINEDEV has introduced an alternative collateral system, enabling thousands of women to access financial support. The programme initially supports 18,000 women operating micro-businesses in their growth journey to SME-level. This includes providing financial services, mentorship programmes, and other interventions geared toward business transformation, thereby enhancing household and societal impact.

During an interview at the project learning conference in Accra, Fosu shared that the five-year project is projected to positively impact over 200,000 women-led SMEs within the next ten years.

Joyce Owusu-Dabo, the Chief Programme Officer at Sinapi Aba, noted that the mentorship programme significantly improves SME knowledge and skillsets, allowing entrepreneurs to avoid costly business mistakes, network with others, and unlock new business opportunities.

Participating SMEs, primarily in Ghana, are key contributors to socio-economic development, accounting for 92 percent of all registered businesses. Recognizing their significance, Ismail Adam, the Deputy Director of Banking Supervision Department at Bank of Ghana, stressed the importance of prioritizing SME development, especially for women, to foster inclusive economic growth.

Dan Murray, the CEO of Opportunity International - Canada, praised the FINEDEV programme for creating a pathway out of poverty for its beneficiaries. He emphasized that the ultimate goal is to ensure beneficiaries acquire sustainable livelihoods, enabling them to create better futures for their families and provide jobs for others.

FINEDEV is supported by Global Affairs - Canada and has generated a brighter future for many women, offering them a sustainable pathway out of poverty. With its focus on financial inclusion and enterprise development, the programme empowers women in Ghana to lead successful SMEs and contribute to the nation's economic growth.

  1. The Financial Inclusion for Enterprise Development (FINEDEV) program, in partnership with Opportunity International - Canada, aspires to reach twice as many women-led small and medium enterprises (SMEs) in Ghana by 2024, aiming to impact over 200,000 by the end of the next decade.
  2. Speaking at the project learning conference in Accra, Tony Fosu, the CEO of Sinapi Aba, revealed that the FINEDEV program introduces an alternative collateral system, enabling thousands of women to access financial support and grow their micro-businesses into SMEs.
  3. Joyce Owusu-Dabo, the Chief Programme Officer at Sinapi Aba, has observed that the mentorship program significantly improves SME knowledge and skillsets, helping entrepreneurs avoid costly business mistakes, network with others, and unlock new business opportunities.
  4. In the banking sector, Ismail Adam, the Deputy Director of Banking Supervision Department at Bank of Ghana, emphasizes the importance of prioritizing SME development, especially for women, to foster inclusive economic growth, with SMEs in Ghana accounting for 92 percent of all registered businesses.
  5. Dan Murray, the CEO of Opportunity International - Canada, has praised the FINEDEV program for creating a pathway out of poverty for its beneficiaries, with the ultimate goal being to ensure they acquire sustainable livelihoods, enabling them to create better futures for their families and provide jobs for others.
  6. The FINEDEV program is backed by Global Affairs - Canada, focusing on financial inclusion and enterprise development, and has generated a brighter future for many women, offering them a sustainable pathway out of poverty.
  7. The FINEDEV program extends its reach beyond business and finance into other important areas of development, such as education and self-development and health and wellness, specifically women's health, to contribute to overall societal impact and the growth of the Ghanaian economy.

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