Absa Bank has launched its Supplier Finance Programme, an innovative approach that aims to transform Ghana’s corporate supply chains. This program reflects Absa Bank’s commitment to offering comprehensive financial services that meet the ever-changing needs of its corporate customers.
Traditional supply chain finance techniques have frequently proven inadequate in a company setting where good cash flow management is critical to long-term profitability. Absa Bank’s Supplier Finance Programme provides a refined solution that improves supplier liquidity while optimising buyer working capital management.
Absa’s Supplier Finance Programme aims to make business transactions more efficient and beneficial to both buyers and suppliers. Suppliers can obtain paid for their invoices quickly, allowing for early payments and improving cash flow. Transactions are managed digitally, which streamlines processes and eliminates the need for excessive paperwork. This initiative helps smaller suppliers, mostly Micro, Small, and Medium Enterprises (MSMEs), who may struggle with financing requirements from banks when looking elsewhere, while also helping larger organizations to improve their cashflows and supply chains in a sustainable manner.
Ellen Ohene-Afoakwa, Managing Executive, Corporate and Investment Banking at Absa Bank Ghana LTD, states that the buyer-led program optimizes the working capital goals of both parties by giving strategic suppliers in the buyer’s supply chain the option to access cash through their discounted receivables while allowing the buyer (Absa’s client) to extend or standardize their payment terms.
“With the Supplier Finance Programme, we are setting a new standard for supply chain financing in Ghana, by solutioning players within ecosystems of growth sectors in our economy.”
The initiative coincides with the launch of the bank’s new marketing promise, “Your Story Matters.” Absa’s dedication to fostering partnerships and seamless customer experiences through human-centered empathy is exemplified by their new brand promise. Absa Bank is reiterating its position as a leader in financial innovation and its unwavering commitment to the economic growth and corporate prosperity of Ghana by launching the Supplier Finance Programme.
In order to maximize their business potential, Ms. Ohene-Afoakwa advised Absa corporate clients to take advantage of the Supplier Finance Program. For additional information, interested parties should contact 030 242 9150, visit absa.com.gh, or chat with their Relationship Manager.
