DBG to Provide Long-Term Financing to Youth Entrepreneurs Through Partnership With Amenfiman Rural Bank
In a significant move to empower Youth Entrepreneurs in Ghana, Development Bank Ghana (DBG) has partnered with Amenfiman Rural Bank Plc as the first rural bank in its network of Participating Financial Institutions (PFIs).
This partnership underscores DBG’s commitment to bridging the financing gap for Youth Entrepreneurs in underserved communities, driving inclusive growth, and promoting sustainable development in Ghana.
As Ghana’s wholesale financial institution dedicated to economic development, DBG partners with financial institutions across the country to bring much-needed financing and capacity-building support to micro, small, and medium enterprises (MSMEs).
By welcoming Amenfiman Rural Bank into its Partner Financial Institution (PFI) network, DBG aims to expand its footprint in Ghana’s rural community in four regions—Western, Western North, Central, and Ashanti Regions—ensuring that Youth Entrepreneurs in these regions have access to the financing required for sustainable growth.
This partnership is projected to disburse GHS 72 million in the next three years through Amenfiman Rural Bank, with GHS 18 million already successfully disbursed.
In addition to funding, DBG will also provide technical assistance to Amenfiman’s management and staff, especially in Environmental Social and Governance (ESG), bolstering their capacity to handle the diverse needs of Youth Entrepreneurs within the agricultural, manufacturing, ICT, education, health, and tourism sectors.
Since its founding in 1980, Amenfiman Rural Bank has been at the forefront of economic development in Ghana, serving MSMEs, government employees, and private-sector workers through a network of 18 branches, 7 mobilization centres, and 3 microfinance offices.
Having demonstrated consistent leadership in rural banking, Amenfiman was recently recognized as the Overall Best Rural Bank in Ghana for the 2022/2023 financial years at the 5th Rural and Community Banks Excellence Awards Ceremony.
With DBG’s support, Amenfiman will now have access to medium-to-long-term financing options, empowering it to better serve the growth and expansion needs of its clients.
“DBG’s partnership with Amenfiman Rural Bank represents a pivotal moment in our mission to increase financial accessibility for underserved markets,” said Kwamina Duker, CEO of Development Bank Ghana. “Our goal is to provide MSMEs in rural areas with the resources they need to scale, create jobs, and uplift their communities. Amenfiman’s extensive presence in four regions makes it an ideal partner as we work to expand our reach and impact.”
Michael Mensah Baah, Deputy CEO of Development Bank Ghana, also added, “At DBG, our commitment is to unlock the potential of Ghana’s Youth Entrepreneurs in remote parts of the country by delivering financial solutions tailored to their distinct needs. Partnering with Amenfiman Rural Bank goes beyond expanding our reach—it’s about building real, lasting economic transformation in the remote parts of the country by providing long-term funding with handholding support for Youth Entrepreneurs to build resilience in their businesses.”
Dr. Alexander Asmah, CEO of Amenfiman Rural Bank, expressed his enthusiasm for the partnership, stating, “Our collaboration with DBG marks a new chapter for Amenfiman. This access to long-term funding will enable us to serve our clients’ larger projects more effectively, addressing an area where traditional short-term funds often fall short. We are committed to using this partnership to deepen our impact and lead by example within Ghana’s rural banking sector.”
The collaboration with Amenfiman aligns with DBG’s core focus on empowering local businesses, facilitating job creation, and promoting economic resilience. Through this partnership, DBG is expanding the reach of the Government of Ghana’s “SME GO” programme to rural Ghana, enabling Amenfiman to scale its support for MSMEs and small corporate clients while actively contributing to the nation’s economic growth.
