SOLV Ghana poised to drive growth for MSMEs
SOLV Ghana, a digital business-to-business e-commerce marketplace, which was recently was launched has indicated its resolve to drive growth for the Micro, Small and Medium Enterprises (MSMEs) in the country.
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Positioned as a marketplace specializing in providing essential financial and business support services, the new platform aims to address the pressing challenges faced by MSMEs in accessing efficient financing in a swift and secure manner.
Ghana’s vibrant MSME sector faces a substantial financing gap exceeding $10 billion, which stems from limited data availability and restricted access to financing options in the sector.
In response, SOLV Ghana has forged strategic partnerships with key stakeholders to facilitate seamless access to finance, simplifying and sustaining the growth trajectory of MSMEs.
Central to this initiative is the SOLVDealer Finance program, an anchor-led invoice financing initiative designed to empower dealers and distributors of manufacturers and importers of consumer items.
The program enables customers to leverage their relationships with suppliers (Anchors) to secure collateral-free financing for working capital shortfalls, sourced at competitive rates from SOLV's extensive network of bank and non-bank financial institutions.
“Accessing efficient funding has always been a challenge for MSMEs. Recognizing this, the platform aims to streamline and simplify the process, making funding more accessible. I’m excited to be a part of an initiative that not only streamlines operations but also minimizes risk exposure for financial institutions when extending support to MSMEs,” said Sam Kwaku Peprah, CEO of SOLV Ghana.
Sam Peprah further spoke about the platform’s commitment to integrate into the Business Sans Borders (BSB) Financial Trust Corridor, an initiative spearheaded by the Bank of Ghana, Ministry of Finance, and the Monetary Authority of Singapore, which seeks to develop a network of digital platforms to serve as a global public infrastructure to facilitate cross-border trade.
He also highlighted the platform’s commitment to enhancing the financial capabilities of MSMEs and fostering trade and financial services within the most dynamic trade corridors linking to Ghana and Africa.
He said as the platform emerges as a catalyst for transformation in the MSME landscape, it signifies a pivotal step towards overcoming the financial challenges that have long plagued Ghana's MSME landscape.
With SOLV Ghana’s innovative financing and business support solutions, he said Ghanaian MSMEs are set to embark on a journey of sustained growth and prosperity.