Access Bank MD Pushes for Strategic Partnerships and Virtual Platforms to Boost African SMEs

Introduction

African small and medium enterprises (SMEs) face persistent barriers to growth, including limited access to financing, fragmented markets, and complex cross-border payment systems. In a recent address at the 2026 Africa Prosperity Dialogue in Accra, Pearl Nkrumah, Managing Director of Access Bank Ghana and Chairperson of the Ghana Stock Exchange, outlined a bold vision for overcoming these obstacles. She emphasized the need for strategic partnerships, robust virtual platforms, and policy reforms to unlock the full potential of African SMEs. This article explores her key insights, the context behind them, and practical steps for stakeholders to drive meaningful change.

Key Points

Background

Small and medium enterprises form the backbone of Africa’s economy, accounting for the majority of jobs and contributing significantly to GDP. However, these businesses often struggle with accessing affordable financing, navigating complex regulatory environments, and reaching customers beyond their borders. The African Continental Free Trade Area (AfCFTA) aims to address some of these challenges by creating a single market for goods and services, but implementation hurdles persist.

Pearl Nkrumah’s call for stronger platforms and partnerships comes at a critical juncture. While initiatives like PAPSS under AfCFTA have laid important groundwork for cross-border payments, the continued reliance on the US dollar for settlements remains a bottleneck, increasing costs and complicating transactions for SMEs.

Analysis

The Role of Strategic Partnerships

Strategic partnerships are vital for building the infrastructure and ecosystems that SMEs need to thrive. By collaborating with central banks, fintechs, and other financial institutions, Access Bank is helping to create payment platforms and digital marketplaces that enable seamless cross-border trade. These partnerships are not just about technology; they also involve aligning governance structures and regulatory frameworks to support innovation and inclusion.

Empowering Women Entrepreneurs

Women-owned businesses in Africa face unique challenges, including limited access to networks, capital, and markets. Nkrumah’s emphasis on enabling women to sell products internationally and receive payments seamlessly is a recognition of this disparity. By focusing on tailored solutions—such as digital payment systems and export facilitation—financial institutions can help close the gender gap in entrepreneurship.

The Currency Challenge

The continued dependence on the US dollar for cross-border settlements is a significant barrier to African SME growth. A single African currency, as suggested by Nkrumah, could simplify transactions, reduce costs, and increase the continent’s economic autonomy. While such a move would require substantial political and economic coordination, it represents a long-term vision for deeper integration and prosperity.

From Dialogue to Execution

Nkrumah’s call to move from dialogue to execution is a reminder that good intentions and policy frameworks are not enough. Real progress requires concrete action, investment in technology, and a willingness to experiment with new models of collaboration. Policymakers, financial institutions, and business leaders all have roles to play in turning ideas into impact.

Practical Advice

For Policymakers

– Accelerate the rollout of harmonized payment systems like PAPSS.
– Explore the feasibility of a single African currency to reduce transaction costs and increase efficiency.
– Create regulatory sandboxes to foster innovation in fintech and digital trade platforms.

For Financial Institutions

– Invest in digital infrastructure that supports cross-border payments and e-commerce.
– Develop products and services tailored to the needs of women entrepreneurs and underserved SMEs.
– Partner with governments and other stakeholders to align governance and compliance frameworks.

For SMEs

– Leverage digital platforms and marketplaces to reach new customers across Africa.
– Stay informed about policy developments and opportunities under AfCFTA.
– Seek partnerships with financial institutions that offer integrated trade and payment solutions.

FAQ

Conclusion

Pearl Nkrumah’s call for strategic partnerships, virtual platforms, and policy action represents a roadmap for unlocking the potential of African SMEs. By focusing on collaboration, digital infrastructure, and inclusive solutions, stakeholders can address longstanding barriers and create a more dynamic, integrated African economy. The journey from dialogue to execution will require sustained commitment, innovation, and partnership—but the rewards for Africa’s entrepreneurs and economies are well worth the effort.