Development Bank Ghana and Proxtera Partner to Provide $100 Million in Loans to Ghanaian SMEs

Ghanaian small and medium-scale enterprises (SMEs) operating in key sectors such as agriculture, manufacturing, Information and Communications Technology (ICT), and high-value industries are set to receive a significant boost through a new digital lending platform.

The Development Bank Ghana (DBG) has joined forces with Proxtera, a Singaporean fintech company specializing in facilitating cross-border trade and supporting SMEs through digital platforms.

The partnership, formalized during the ongoing 3iAfrica Summit in Accra, aims to provide SMEs with access to up to US$100 million in loans for growth and expansion. Under the agreement, DBG will offer loans to eligible Ghanaian-owned SMEs, with Proxtera’s digital platform streamlining the application and approval process.

Speaking to the media after the signing ceremony, Mr. Kwamina Duker, CEO of DBG, emphasized the importance of digitization in modern lending practices. He highlighted how the online platform would expedite loan processing, reducing turnaround times from months to as short as 24 hours, while also lowering the risk premium on interest rates for SMEs.

Mr. Duker underscored DBG’s role as a catalyst for financial inclusion, noting that no single bank could bridge the significant financing gap for SMEs alone. By de-risking the lending environment and showcasing successful outcomes in sectors like rubber and rice, DBG aims to encourage other banks to provide affordable loans to SMEs, thereby fostering job creation and economic growth.

Mr. Saurav Bhattacharyya, CEO of Proxtera, emphasized the technological capabilities of their platform in quickly evaluating SMEs for loan disbursement. He expressed confidence that the partnership would address the credit access challenges faced by Ghanaian SMEs, marking Ghana as the fourth country to benefit from Proxtera’s innovative lending solution.