IFC, UT Bank sign $15m equity investment to support Ghanaian SMEs

UT Bank Limited Ghana, on Thursday signed a $15-million joint equity investment with the International Finance Corporation (IFC), a member of the World Bank Group, and Africa Capitalisation Fund, which is managed by IFC Asset Management Company.

The investment will help expand UT Bank’s lending to small and medium scale businesses in Ghana, and the investment was subject to approval of the Securities and Exchange Commission, the Bank of Ghana and the Ghana Stock Exchange.

IFC will also extend an Advisory Services programme to strengthen UT Bank’s risk management and corporate governance practices.

The combination of additional capital from IFC and world-class expertise through the advisory services programme will support UT Bank as it continues to implement its strategy of expanding its SME and consumer lending business, a statement from the institutions said in Accra.

IFC’s partnership with UT Bank is expected to provide banking services to under-served entrepreneurs, helping build businesses and create jobs in Ghana.

UT Bank is Ghana’s leading SME and consumer lending Bank and was last year voted the best Bank in Short term finance.

Source: GNA