CBG launches PWD loan initiative to deepen financial inclusion

Consolidated Bank Ghana Limited (CBG) initiated a targeted loan program aimed at enhancing financial inclusion for persons with disabilities (PWDs). The CBG PWD Inclusion Loan Initiative was introduced during the bank's Disability Conference held at the Du Bois Centre, Cantonments, on September 11. Senior officials and representatives from the Korklu Foundation advocated for a shift in perspective from viewing PWDs as recipients of charity to recognizing them as entrepreneurs and economic agents.

Deputy Managing Director Sheila Azuntaba emphasized that financial inclusion should facilitate access to knowledge, capital, and markets, enabling the establishment of sustainable livelihoods. The initiative signifies an advancement in CBG's engagement with PWD entrepreneurs, integrating finance access, financial literacy, and responsible business management.

While obtaining an account is a crucial initial step, meaningful inclusion occurs when the account connects the individual to essential resources and the confidence to build a sustainable livelihood.

Azuntaba highlighted that beneficiaries were chosen based on their commitment to their enterprises and growth potential, rather than being defined solely by their disabilities. She stressed the importance of financial literacy in the program, asserting that access to capital alone is insufficient for business success. Sustainable growth requires entrepreneurs to make informed financial decisions, demonstrating discipline and understanding the long-term implications of their financial choices.

The initiative is executed in collaboration with the Korklu Foundation. Dorcas Naa Korklu Afotey, the foundation's founder, emphasized that the program aimed to empower PWDs to enhance their businesses, improve their livelihoods, and contribute positively to their families and communities. Afotey stressed that disability should not be a barrier to opportunities and praised CBG for partnering with the foundation to promote genuine financial inclusion and economic empowerment.

She encouraged beneficiaries to manage the loans responsibly and utilize the funds to expand their businesses.

The program builds upon CBG's previous PWD Financial Inclusion Programme, which onboarded 119 participants, funding their minimum opening balances and waiving service fees to eliminate initial barriers to formal banking. Managing Director Dr. Naomi Wolali Kwetey stated that CBG is moving beyond account opening and financial literacy to provide responsible access to credit, recognizing PWDs as entrepreneurs, employers, producers, professionals, and customers.

The new facilities are structured as loans rather than grants, placing beneficiaries within the formal credit system while acknowledging their potential as economic partners.

CBG's approach is described as "inclusion with discipline," offering concessionary pricing and carefully considered exceptions to requirements that could potentially exclude viable informal businesses. However, the bank intends to maintain stringent credit appraisal, transparency, responsible lending, and accountability. Dr. Kwetey emphasized that inclusion must be sustainable, while credit must be provided responsibly.

The initiative incorporates financial literacy, concessionary finance, and ongoing business support. CBG plans to further develop it into a specialized credit proposition for PWD entrepreneurs. The bank intends to expand partnerships and extend responsible financing opportunities to PWD-owned businesses across Ghana. The effectiveness of the program will be evaluated not only by the number of loans provided but also by the resilience of beneficiaries' businesses, the quality of their banking relationships, responsible repayment, and their confidence in utilizing formal financial services.

Azuntaba emphasized that the initiative reflects a broader commitment to dignity, opportunity, and lasting economic inclusion, urging beneficiaries to reciprocate the bank's support with responsible management and a commitment to growing their enterprises.