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Sinapi Aba Savings & Loans Partners DBG To Reach Grassroots

The Development Bank Ghana (DBG) has expanded its network of strategic partners by including Sinapi Aba Savings & Loans Ltd as a new collaborator through which it extends loans to local businesses. Since its inception in June 2022, DBG has been actively forming strategic alliances with key Participation Financial Institutions (PFI), including universal banks, to provide support to Micro, Small, and Medium Enterprises (MSMEs).

Sinapi Aba is the first Savings & Loans company to join DBG as a PFI. This decision was based on Sinapi Aba's outstanding reputation for delivering reliable financial services to both MSMEs and individuals who have limited access to traditional banking services.

This partnership will enable DBG to leverage Sinapi Aba's extensive network, consisting of forty-four branches spread across 14 of Ghana's 16 regions. It will also allow DBG to reach the 65 percent of Sinapi Aba Saving & Loans’ customers residing in rural areas, providing essential long-term capital for business growth and expansion. Conversely, Sinapi Aba will receive wholesale capital from DBG, which it can then lend to its base of MSME customers, many of whom are in rural areas and require patient capital.

Mr. K. Duker, CEO of Development Bank Ghana, emphasized the importance of this partnership, highlighting that it will enable the bank to reach a previously untapped group of grassroots businesses, a vital component of the overall MSME sector. He also noted that the partnership will bring several benefits, including increased access to financial support for local businesses, business growth opportunities, capacity development, and the preservation of livelihoods, particularly among lower-income communities.

Mr. Anthony Gyasi Fosu, CEO of Sinapi Aba Savings and Loans, echoed these sentiments during a working visit to DBG's office. He mentioned that the alliance with DBG opens up new opportunities to provide long-term patient capital to local businesses, helping them grow and deliver value to their stakeholders. He also expressed gratitude for DBG's recognition of Sinapi Aba's pivotal role in promoting financial inclusion and empowerment over its 29-year history.

Sinapi Aba Savings and Loans Ltd. has been licensed and supervised by the Bank of Ghana since 2013. The company is dedicated to offering innovative financial solutions and training to MSME entrepreneurs in Ghana, with a focus on improving their businesses and creating income-generating opportunities to enhance the standard of living and transform lives, particularly in the areas of Agriculture, Business, Housing, and Education.

DBG, established by the Ghanaian government, is a Development Finance Institution that aims to facilitate and strengthen long-term financing for Ghanaian businesses while also providing appropriate non-financial services to bolster the business ecosystem. The bank is committed to applying sustainable and globally recognized best practices across all its operations.

About Sinapi Aba

Sinapi Aba Savings and Loans is a new company born out of Sinapi Aba Trust. It is a Non-Banking Financial Institution licensed under the Non-Bank Financial institutions Act 2008(Act 774), authorized to carry on the business of Savings and Loans on the 28th of March, 2013 in Ghana. All loan and savings activities that were previously managed by the Trust are new under the care of the savings and loans company.