Summary
Oscar Bilayin Kudor runs a business in Ghana producing cassava flour. He wants to grow his business but traditional banks are reluctant to lend him the money to buy expensive machinery.
1.4 billion people around the world people can't get access to formal banking. Two thirds of them live in low and middle income countries.
One of Ghana’s largest banks, Absa Bank thinks it has a solution. It’s giving small businesses grants to help them access formal banking facilities.
Having a bank account makes it easier for households to budget and businesses are more likely to thrive. In this episode we also look at how digital banks are helping more people get bank accounts and why access to banking is key to empowering women.
Producer/Presenter: Sam Fenwick Image: Oscar Bilayin Kudor; Credit: Oscar Bilayin Kudor
Transcript
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| 0:00.0 | Hi, Namulantakombo here with some exciting news. |
| 0:04.2 | My award-winning podcast, Dear Daughter, is back for a second season. |
| 0:08.9 | We're bringing you more moving personal stories and more letters of advice from people all around the world. |
| 0:15.4 | For Daughters everywhere. |
| 0:17.7 | That's Dear Daughter from the BBC World Service. Find it wherever you get your BBC podcasts. |
| 0:27.6 | There were a lot of challenges I was confronted with my bid to acquiring funding from all bodies filled me. |
| 0:36.0 | Around the world, 1.4 billion people lack access to formal financial services, |
| 0:41.6 | two thirds of which are in low and middle income countries. |
| 0:45.0 | Ghana is run by SMEs and therefore being able to help those people |
| 0:50.9 | and bring them formally into banking can significantly accelerate development |
| 0:57.4 | in Ghana. For women, bank accounts can enable financial independence and strengthen economic empowerment. |
| 1:04.7 | When a woman has an account, household increases their spending on education, health care, |
| 1:10.2 | nutritious food. |
| 1:11.3 | I'm Sam Phenic, and today on Business Daily from the BBC World Service, |
| 1:15.1 | we're looking at how more people can access banking facilities. |
| 1:23.7 | The bustling streets of Ghana's capital, Accra. |
| 1:27.8 | It's where Oscar Bilai Okudor runs his business. |
| 1:31.7 | The product I am manufactured is cassava. |
| 1:35.0 | So what basically we do is we procure cassava from the farm gates. |
| 1:39.5 | We mill it into powder. |
| 1:41.2 | Then we package it neatly to take advantage of the bigger markets here in Ghana and abroad. |
| 1:49.0 | Casava is a root vegetable. It's similar in shape and size to a sweet potato and has a brownish skin. |
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