Societe Generale Ghana launches ‘Boafo loan product’

Societe Generale Ghana has launched its new ‘Boafo Loan Product’ at its Okaishie branch in Accra.

The product is a short-term working capital loan package designed to address the needs of Micro-Small, and Medium-Sized Enterprises (MSMEs).

Businesses can access up to GHs 600,000.00 with a repayment period of one year without the need to provide the typical collateral as mostly required.

Welcoming guests at the event, Mr ObedHoyah, the General Manager for Retail Business, said “MSMEs continue to face challenges, particularly with access to capital. Locally, the prevailing economic conditions further impact the sustainability of the sector, especially with rising inflation and the depreciation of the Ghana cedi against the major currencies. The timely introduction of the new ‘SG Boafo Loan Product’ is to help owners of MSME mitigate some of these challenges.”

“MSMEs are the heart of the economy, and the Bank will continue to support their growth and development. SG Ghana will not only support businesses with credit facilities but specialised business products and advisory services as well. To this end, the Bank has set up the SG Home of Business and the Innov8 Hub located at our Osu branch and Head Office respectfully to maximize its support for MSMEs and startups”. He concluded.

Speaking at the event, Mr Ernest Sarpong, the Deputy Head of Retail Business, “As a bank, we do not only want to be profitable but contribute to the growth and sustainability of the businesses of our customers.”

He said “We pride ourselves in truly understanding the needs of our customers and creating products and services that help solve the practical challenges they are confronted with in their lives and businesses. The launch of this new product which goes with the slogan “no collateral, no problem is one such intervention.  Simply come to us, show that you will use the funds for business purposes only and we will support you.”