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By Sandra Agyeiwaa OTOO
Gloria Cabutey-Adodadji, Sector Head of Media and Retail Banking at Zenith Bank Ghana, has highlighted the critical role of technological skills in business expansion, particularly for women-led businesses.
Speaking in Accra at the Women in Business (WIB) dialogue series organized by the Business and Financial Times (B&FT) on “investing in women-owned businesses for Ghana’s transformative agenda: a call to action”, Mrs Cabutey -Adodadji highlighted how technology is empowering women entrepreneurs for growth and success.
“Technology is the key to empowering women entrepreneurs because if you want to expand your business and you lack technology skills or fail to integrate technology tools into your business model, you risk being left behind,” she argued.
He also warned of the potential consequences of neglecting digital tools in today’s fiercely competitive corporate landscape, noting that tech savvy is vital to increasing sales and expanding market reach.
Ms. Cabutey-Adodadji further advocated the integration of technology to equip women entrepreneurs with the necessary resources and skills to thrive in dynamic markets.
This, he said, is aligned with broader initiatives that promote gender-inclusive economic growth, recognizing women as key drivers of innovation and success.
He emphasized the importance of detailed transaction records, urging entrepreneurs to use modern solutions to effectively manage human resources (HR) costs and activities.
“Entrepreneurs should prioritize proper bookkeeping, separate personal from business transactions and opt for electronic cash payments to suppliers for better record keeping and financial information,” he advises.
Mrs. Cabutey-Adodadji also urged women entrepreneurs to refrain from making excuses but respond to the diligence of male-owned businesses. In addition, she advised women to develop financial capacity to provide collateral for loans and cultivate positive relationships with financial institutions.
“From an SME perspective, it’s important to assess the bankability of the product you’re selling and consider potential revenue streams. If your product is in demand beyond Ghana, it facilitates discussions with your financial institution. For example, if you are in the agribusiness sector, your bank is likely to work with you because of the need for foreign exchange. We first ask if you intend to start within West Africa, the wider African region or beyond,” he noted.
On Zenith Bank’s support to MSMEs, he said the bank offers discount packages and subsidies as well as other essential services to help the growth and financial viability of MSMEs.
Explaining further, he said: “One of the things we have done is to give them discounted packages where selected groups come together in groups of 100 and instead of paying a certain amount, the bank supports them with certain subsidies and then the returns on those investments go through their Zenith Bank account’.