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Absa introduces industry’s first free banking for young Ghanaian start-ups

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Kobla Nyaletey (left) and Grace Anim-Yeboah interacting with online participants during Absa Business Connect Series
Kobla Nyaletey (left) and Grace Anim-Yeboah interacting with online participants during Absa Business Connect Series

Absa Bank Ghana has rolled out a free banking service for any Ghanaian start-up business that is less than three years old. It is an industry first and a game changer expected to support young start-ups in the country to scale up.

 

The free banking service forms part of the bank’s newly launched ambitious proposition known as “Absa StartUp Banking” which is an initiative that supports the grooming and scaling up of Ghanaian-owned start-ups with solutions that will bring their possibilities to life.

The Absa StartUp Banking, which is available across the bank’s branches and offices, will provide start-up businesses with clear- cut and tailor-made solutions such as opportunity to tap into Market Access, Business Mentorship, and free banking services.

Detailing the opportunities available for Start-ups, Mrs. Grace Anim-Yeboah, Business Banking Director at Absa Bank Ghana indicated that the free banking offering includes services such as zero commission on turnover (COT), free cheque books, free local transfers, free transactions on digital channels, free debit card and more.

“The start-up ecosystem in Ghana is developing rapidly. Every SME was once a start-up but the reality is that nine out of ten start-ups fail due to various reasons. Key amongst them is the lack of financial resources. At Absa Bank, we are being intentional to support start-ups. With the right support, we believe that small businesses are able to grow three times faster and are able raise finances seven times more than they could have done on their own,” said Mrs Anim-Yeboah during an interaction on Absa Business Connect Series, the bank’s virtual interactive platform.

Reinforcing Absa’s social commitment to be a Force for Good in society, Mr. Kobla Nyaletey, Director of Markets for Absa Bank, West Africa, noted that the bank is committed to help entrepreneurs to grow their businesses by connecting their dreams to financial services and opportunities.

According to Mr. Nyaletey, the Absa StartUp Banking is an industry’s first in terms of the offerings and opportunities available for start-ups. “This is a very exciting proposition designed to offer solutions for start-ups to achieve sustainable growth.”

“The Absa StartUp Banking has a deliberate strategy to call on identifiable stakeholders, partners and institutions that will work with Absa to move start-ups forward in Ghana. We will be working with clients, partners among others to provide market access that will create demand and avenues for start-ups to sell their products and services,” he added.

Mr. Nyaletey indicated that the bank will bring start-ups under its enterprise business solution programme, which will afford them access to mentors, financial training and capacity building opportunities

Starting a business can be daunting and Absa, through its StartUp Banking initiative, is calling on Ghanaians to encourage and support start-ups as well as young people with business ideas, so they can thrive and grow their businesses.

The Absa StartUp Banking is open to young Ghanaian businesses registered for less than three years and engaged in production of local goods and services. The initiative is designed to equip start-up businesses with relevant business skills, knowledge and opportunities to scale up.

 

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CIMG Launches 33rd Annual National Marketing Performance Awards

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DR KASSER TEE

The Chartered Institute of Marketing, Ghana (CIMG), has launched the 33rd CIMG Annual National Marketing Performance Awards, which was held at the Coconut Grove Hotel in Accra. The event took a hybrid form with virtual and in-person attendees.

 

In his welcome address, the Registrar of the CIMG, Mr. Kwabena Agyekum said, “The success of these awards has gone beyond the event itself. Many businesses have now redeveloped their corporate strategies and significantly changed their business operating models, enabling them to be marketing-oriented by meeting the key requirements of market focus, integrated marketing, long term profitability, and customer and competitor orientation.”

 

In his opening remarks, the National Vice-President of CIMG and Chairman of the Awards Planning and Selection Committee, Mr. Theodore Osae, lauded the CIMG for its historic accomplishments in previous awards ceremonies.

Read Also: CIMG Launches Ghana Customer Satisfaction Index 2021 Report

“There is no denying that the scheme has incredibly evolved into what could be considered Ghana’s benchmark awards scheme. As we take delight in the successes achieved by our awards, I wish to boldly say that the CIMG takes pride in the several landmark accomplishments, which have greatly contributed towards improvements in organisational and professional performances, and especially, for practicing Marketers,” Mr. Osae said.

 

Being mindful of these achievements, the Institute has resolved to keep the stakes as high and as relevant as possible so that the standards, by which CIMG assesses individual and corporate performances, are not compromised.

 

The institute, for the past few years, has adopted the online system of completing the awards questionnaire by nominees as well as online assessment for the judges, who are chosen from various sectors of the corporate world. This set up has made it easy for CIMG to continue to drive a rigorous process whilst maintaining its stringent standards.

 

The Awards cover six major competitive areas, namely: Hall of Fame, Personality, Media and Marketing Communications organisations, Business organisations, Products, and Not-for-Profit organisations.

 

There is a non-competitive award category known as the CIMG President’s Special awards which are given to noticeable female and male achievers in any endeavour, or a business entity or product or service that has positively contributed to national progress.

 

Mr Osae indicated that “the judges and assessors for the year’s event will devote time and attention to ensure the success of the 33rd CIMG Awards, as it represents Ghana’s benchmark awards ceremony.”

 

The criteria for selecting the winners and benchmarking their performance will include:

  1. Marketing Metrics including awareness, numeric distribution (where appropriate) and others
  2. Marketing Innovation

III.       Technological Innovation

  1. Segmentation, Targeting and Positioning (STP)
  2. Social Impact
  3. Contribution to National Development

VII.      Public Image

VIII.     Success in the Market Place

  1. Market Share
  2. Customer Service Orientation
  3. Ecological and Ethical Issues

XII.      Competitor Orientation

 

Launching the awards ceremony, the National President of CIMG, Dr. Kasser Tee, urged organisations “to refrain from cutting marketing budgets in hard times, as effective deployment of marketing communications is necessary for stimulating demand for their products.”

 

Dr. Kasser Tee added that organisations must re-examine their marketing mix elements and ensure an optimal blend for organisational success. He explains that “in the same way that you cannot do without products, or pricing, or distribution, so must you not cut promotion or marketing communications budget. You must however spend in critical areas, using the most critical, influential and most cost-effective media vehicles. You must differentiate your corporate and product brands to enable them stand out in the midst of intense competition and low consumption.”

 

He further encouraged all corporate organisations “to pay attention to some of the very key pillars of marketing that guarantee effective performance, by way of growing market shares, revenues and profits in these difficult times.”

 

For 32 years, CIMG has consistently held the Annual National Marketing Performance Awards with the upcoming one being the 33rd edition

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