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Stanbic, GIZ Sign Agreement To Support Fintechs Through “Nextgen Ghana Fintech Accelerator”

Fintech

Oct. 21, 2021, 11:22 a.m.

Stanbic Bank Ghana, in partnership with The Tech Entrepreneurship Initiative ‘Make-IT in Africa,’ a program implemented by Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH on behalf of the German Federal Ministry of Economic Cooperation and Development has today announced a partnership to help fast-track their journey towards commercially scalable and sustainable impact-oriented ventures.

Dubbed NextGen Fintech Accelerator, the program will assist growth stage technology companies in their market validation and customer acquisition phase in Ghana. The rolling accelerator program focuses on product validation, customer acquisition, and investment readiness.

The Chief Executive Officer (CEO) of Stanbic Bank Ghana, Kwamina K. Asomaning, signed on behalf of the bank. In contrast, the Head of the Network for Inclusive Economic Development (NIED) cluster at GIZ, Gerald Guskowski, signed for the International cooperation enterprise in Accra yesterday.

Mr. Asomaning said, “at Stanbic Bank, we believe that experiential learning is one of the best ways to leapfrog young entrepreneurs into established businesses contributing significantly to the country’s economic growth. For this reason, since 2018, we have been investing in young entrepreneurs through work-based learning, coaching, and the provision of an enabling environment to equip young people with the skills needed for work.”

Ghana has revolutionized its FinTech industry to embrace the use of smartphones and applications in transactions. There are presently over 11 million active users on mobile payment systems, with banks recording over 80% of their dealings originating from electronic and digital channels.

The Bank of Ghana (BoG), the regulator of payment systems, reports that about 71 fintech companies operate in the country. FinTech’s have proven to be the future of banking, especially in these times of the COVID- 19 Pandemic, where the use of digital payment systems is increasingly becoming mainstream. However, the Fintech Ecosystem in Ghana is at a blossoming stage hence the need for this initiative.

Mr. Asomaning also indicated that “our priority today is to build the capacity of FinTech businesses and startups through a 6-month intensive curriculum-based training. The training will focus on reconstructing and validating the business models to scale and adhere to industry best practices. The training will also refine, test, and validate their growth strategies and the operational framework. Ultimately, this initiative will coach and nurture the FinTechs to be investor-ready”.

Commenting on the launch of the program in Accra, Gerald Guskowski commented: “This is a significant and timely cooperation that will foster more relevant sustainability-driven innovation far beyond the financial industry. The NextGen Fintech Accelerator is unique in a way that will scale up innovative technology and business-based solutions to drive sustainable development.

Mr. Guskowski also added: “over the past two years, Make-IT in Africa has invested in supporting a pipeline of startups in Ghana in various sectors including health, education, smart city, agriculture among others. Financial technology is the next area that we are supporting, including using the instrument of regulations by the Central bank to enable startups in the field.”

“We look forward to supporting this ambitious initiative that we see as a key contributor to business growth and driver of economic development in future,”

The accelerator program will run one cohort of 20 selected early-to-growth stage FinTech startups. The Joint Stanbic Bank & GIZ NextGen FinTech Accelerator” aims to contribute to UN (United Nations) Sustainable Development aims to contribute to UN Sustainable Development Goal # 8 by supporting tech start-ups in FinTech to help advance their solutions in the local environment. The program features a 6-months long intensive curriculum-based training, after which participants will engage in a Mentorship program by experts from Stanbic Bank.

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The launch kicks off the application process, where potential applicants will go through a series of selection processes, and shortlisted applicants will move on to the Virtual Training Bootcamp.

The media event, which took place on October 18, 2021, at the Stanbic Incubator, Accra, brought together officials from both parties and ecosystem actors from the Private Sector to engage and network.

Stanbic Bank Incubator (SBIncubator) is a 3rd generation Business Incubator; a Corporate Social Initiative set up by Stanbic Bank Ghana, a member of the Standard Bank Group to contribute towards promoting entrepreneurship among the youth and women in Africa.

Its initiative is to contribute to improving the economic state of the country and the people of Ghana through job creation, access to the market, and providing an enabling environment for Small and Medium Enterprises (SMEs) and start-ups to grow.

tag: GIZ, Startup, Fintech,

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