Banks need to change mindset towards SMEs – Alhassan Andani

The Managing Director of Stanbic Bank, Mr. Alhassan Andani has stated that banks in the country and Africa should change their mindset towards the upcoming SME sector in order in serve them well. He was speaking to Asoko insight about credibility and innovation in the Ghanaian banking sector

He described the current SME players as no more mom-and-pop corner shops but a crop of problem solvers.  He described the SME sector having moved from the very traditional mindset to the more professional outlook.  He said gone were the days when someone walks into the bank and seeks financing to go and start a tomato farm.  These days it is about people developing agric investment platforms.

Banks and SMEs, commercial_banks_can't_fund_start-ups
MD of Stanbic Bank Ghana, Alhassan Andani

‘I’ve seen entrepreneurs come into Stanbic’s Incubator just after ideation and three months down the line, they are ready to roll out products which can be scaled up easily to become global products’, he said.

He intimated that these developments should urge the banks to develop a new mindset towards the SMEs.  This is the one way in which they (banks) can serve them better.

Ghana Talks Business: ghanatalksbusiness.com

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Henry Cobblah

Henry Cobblah is a Tech Developer, Entrepreneur, and a Journalist. With over 15 Years of experience in the digital media industry, he writes for over 7 media agencies and shows up for TV and Radio discussions on Technology, Sports and Startup Discussions.

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