Women's Development Bank applies to BoG for banking licence – Vice President

The Women's Development Bank has submitted an application to the Bank of Ghana for a banking license, signaling progress towards its formation. Vice President Professor Jane Naana Opoku-Agyemang informed that a committee responsible for developing the institution has concluded its work and forwarded the application to the Ministry of Finance for regulatory review.

During the 15th Ghana Economic Forum, organized by the B&FT, the Vice President elucidated that the bank is tailored to tackle the financial hurdles faced by women-owned businesses, especially those in the informal sector. She elaborated on the bank's distinctive approach, emphasizing the provision of financial services in close proximity to women entrepreneurs and traders.

The Vice President revealed the committee's composition, comprising market women, susu collectors, representatives from women's business associations, financial sector experts, and other crucial stakeholders. She affirmed that the committee's deliberations were guided by the necessity to ensure the bank mirrors the true experiences and financial requirements of women.

Professor Opoku-Agyemang drew attention to Ghana Statistical Service data, which reveals that women manage approximately 60% of micro-enterprises but hold less than 10% of large businesses. She underscored the significance of this disparity, highlighting the necessity for targeted financial measures to aid women-owned enterprises in their growth and competitiveness.

The Vice President clarified that the Women's Development Bank is not intended to be an ordinary financial institution. Instead, it is envisioned as a 'last-mile' bank intended to bring financial services closer to the women whose labor and entrepreneurship sustain our markets and local economies.