Empowering Youth Entrepreneurs in Ghana through Financial Product Development

In December, Opportunity International Savings and Loans Ltd (OISL) hosted a groundbreaking workshop in Accra, Ghana, aimed at empowering young entrepreneurs with the tools and knowledge to access start-up loans. The event attracted over 200 participants from various micro, small, and medium enterprises (MSMEs) across five MSME sector associations. Key stakeholders, including the CEO of OISL, management teams from OISL, representatives from GIZ, GOPA AFC, CDC Consult, and influential leaders from MSME sector associations, attended the workshop.

The workshop aimed to inform and empower youth by providing them with essential knowledge about the Youth Start-Up Loan— a financial product designed to support young entrepreneurs in starting and growing their businesses. “With youth unemployment at an alarming rate, many young people struggle to find work or start businesses”, said Mr. Richard Anyamesem, Head of Marketing at OISL. “To address this, we've implemented the Youth Start-Up Loan to help individuals aged 18-35 turn their ideas into reality, even with challenges like limited funding, credit history, or experience.”

OISL completed the Youth Start-Up Loan initiative with technical assistance from GOPA AFC, in consortium with CDC Consult, through the “Capacity Building for Banking & Microfinance Institutions on MSME Product Development” project under GIZ's PFS program. This project aims at providing demand-driven financial services to MSMEs with the goal of creating employment opportunities.

In his address, the Chairman of the event, Mr. Kwame Owusu-Boateng, highlighted OISL's dedication to advancing financial inclusion and supporting young entrepreneurs through its Youth Start-Up Loan product. He emphasized that this initiative not only fosters economic growth but also plays a crucial role in reducing poverty and promoting a more stable society. “The Youth Start-Up Loan is more than just financial support for youth-led businesses”, Mr. Owusu-Boateng stated. “It offers a comprehensive package that includes mentorship and capacity-building, ensuring that young entrepreneurs acquire the knowledge, skills, and guidance needed to navigate the challenges of starting and growing a successful business”.

Binyam Ayele, GOPA AFC consultant, representing GOPA AFC on behalf of Senior Project Manager Dr. Oliver Schmidt, noted the significant demand for financial services among apprentices and graduates of vocational programs, which the Youth Start-Up Loan directly addresses. Dr. Christian Jahn, Programme Manager of the PSD program at GIZ, praised OISL’s initiative, stating, “OISL’s focus on empowering young entrepreneurs for a brighter future aligns perfectly with GIZ’s mission to enhance employment opportunities within MSMEs and contribute to the overall growth of the Ghanaian economy”.

The event also featured key discussions from OISL’s leadership team. Mr. Richard Anyamesem, Head of Marketing, and Mrs. Diana Zachari Karikari, Transformation Manager, led sessions on the loan acquisition process and financial literacy, respectively. They guided participants through the steps involved in securing the Youth Start-Up Loan, and provided valuable insights into savings and financial management, empowering attendees with the knowledge to make informed financial decisions.

In his closing remarks, CEO Mr. Kwame Owusu-Boateng reaffirmed OISL's ongoing commitment to delivering products and services tailored to meet the evolving needs of the community. “We remain dedicated to empowering individuals and providing solutions that support their growth and success”, he said.

For more information, please contact Oliver.Schmidt [at] gopa-afc.de (Oliver[dot]Schmidt[at]gopa-afc[dot]de)