CBG launches PWD loan initiative to deepen financial inclusion

Consolidated Bank Ghana Limited (CBG) has introduced a loan initiative specifically for persons with disabilities (PWDs), aiming to broaden financial inclusion and support sustainable enterprise development. The CBG PWD Inclusion Loan Initiative was introduced at a recent Disability Conference held at the Du Bois Centre in Cantonments. The bank emphasizes moving beyond mere bank account ownership to fostering enterprise growth and economic participation.

Deputy Managing Director Sheila Azuntaba highlighted the importance of connecting PWDs to knowledge, capital, and markets to foster sustainable livelihoods. The initiative represents an advancement in CBG's engagement with PWD entrepreneurs, aiming to combine financial access with education and responsible management.

The initiative's beneficiaries were chosen based on their business commitment and growth potential rather than being solely defined by their disabilities. Financial literacy is deemed crucial for the program, as capital alone does not ensure business success. Sustainable growth necessitates combining financial access with informed decisions, discipline, and understanding of long-term impacts of financial choices.

The initiative is a joint effort between CBG and the Korklu Foundation. Dorcas Naa Korklu Afotey, the foundation's founder, commended CBG for partnering to empower PWDs and ensure genuine financial inclusion. She urged beneficiaries to manage the loans responsibly and use the funds to expand their businesses.

This initiative builds upon CBG's previous PWD Financial Inclusion Programme, which onboarded 119 participants. The bank provided minimum opening balances and waived service fees to eliminate initial barriers to formal banking. Managing Director Dr. Naomi Wolali Kwetey emphasized that the bank aims to move the intervention beyond account opening and financial literacy to responsible access to credit.

PWDs are recognized as entrepreneurs, employers, and contributors to the economy, and the initiative offers concessionary pricing while maintaining strict credit appraisal, transparency, and accountability.

CBG plans to further develop the initiative into a specialized credit proposition for PWD entrepreneurs and extend responsible financing opportunities to PWD-owned businesses across Ghana. The effectiveness of the program will be evaluated based on the resilience of beneficiaries' businesses, banking relationships, repayment quality, and their confidence in utilizing formal financial services. The bank views this as an ongoing commitment to dignity, opportunity, and lasting economic inclusion.