Second Deputy Governor of the Bank of Ghana, Matilda Asante-Asiedu, says the Central Bank is developing a new early payment scheme to help Small and Medium Enterprises (SMEs) access short-term funds using their outstanding invoices.

She made these remarks during the Climate Innovation Centre Programme organised by Standard Chartered Bank in collaboration with Ashesi University.

Asante-Asiedu explained that the initiative is part of broader efforts to improve cash flow for smaller businesses, many of which face persistent challenges in accessing finance.

According to her, the framework, alongside the Bank’s existing digital credit services, is specifically designed to support women-led businesses, which often encounter difficulties securing funding through traditional channels.

The Second Deputy Governor noted that SMEs that adopt digital tools experience revenue growth up to 30% faster, according to World Bank data. As such, the Bank is working to strengthen digital payment regulations to support SME growth.

“This is why the Bank of Ghana is working hard to improve the regulatory environment for digital payments to support a lot of SMEs in Ghana,” she said.

Asante-Asiedu also expressed concern that, although recent Bank of Ghana data shows an increase in digital account ownership, actual usage, especially for services like savings, credit, and insurance, remains relatively low among women and low-income earners.

DR/MA

How Virtual Reality is enhancing business and customer experience