NBSSI and MasterCard Foundation set GHc90 million aside to support MSMEs

NBSSI and MasterCard Foundation set GHc90 million aside to support MSMEs

- National Board for Small Scale Industries (NBSSI) and The MasterCard Foundation are set to release GHc90 million for MSMEs in Ghana

- The funds will be released after a launch slated for Wednesday, August 12, 2020.

- Factors such as the size of the enterprise, their needs and repayment capacity would be considered in the disbursement of the funds

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Micro, Small and Medium Scale Enterprises (MSMEs) in Ghana are set to benefit from a GHc90 million package, courtesy of the National Board for Small Scale Industries (NBSSI) and the MasterCard Foundation.

YEN.com.gh understands that the funds will be available after a launch slated for Wednesday, August 12, 2020.

Information available shows that the two bodies announced the creation of an emergency programme to support MSMEs and start-ups in Ghana which were affected by the COVID-19 pandemic.

NBSSI and MasterCard Foundation set GHc90 million aside to support MSMEs
Executive Director of NBSSI, Kosi Yankey Source: Business and Financial Times
Source: UGC

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A report by thebftonline.com shows that the programme will provide financial assistance, in the form of grants and soft loans, through participating institutions including banks, microfinance, mobile lenders, non-governmental organizations and Business Development Services, to eligible, qualified micro, small, and medium-sized enterprises, both in the formal and informal sectors.

The beneficiaries are expected to receive various forms of support depending on factors such as the size of enterprise, their needs and repayment capacity.

YEN.com.gh earlier reported that the NBSSI and the Mastercard Foundation have teamed up to create 39,000 jobs in Ghana.

The two bodies, through a three-year programme known as Young Africa Works, will focus on empowering young people.

The programme is particularly focused on young women, who are expected to make up about 70% of the participants.

READ ALSO: West African countries receive almost $3 billion from ECOWAS Bank

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Source: Yen

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