The Edge Credit Union launches to support MSMEs in Ghana

The Edge Credit Union has been launched by Tarragon Edge Limited, a leading Ghanaian SME business advisory and implementation services company, to support Micro, Small and Medium-sized Enterprises (MSMEs) in Ghana.

According to the promoters, The Edge Credit Union is mobilising financial resources to support the MSMEs in the Accra metropolis and other parts of the country.

Speaking at the launch, Lead Consultant of Tarragon Edge, Dr Genevieve Pearl Duncan-Obuobi said that about five years ago, she had the vision of operating a credit union to support businesses and individuals.

“It has taken some time to get here, and I did not get here alone”, she said.

She added that several people have been part of the dream to create something great to support Ghanaian businesses struggling to access financial resources to grow their businesses.

This community bank is going to support a lot of women so that they can contribute their quota to the socio-economic development of the country.

Dr. Duncan-Obuobi, who has a strong background in banking, explained that the lack of support towards SMEs is because most institutions find the absence of a well-structured system in these small companies as a major risk.

After a career at one of the leading banks in the country, Dr Duncan-Obuobi conducted a study on SMEs, to better understand the risks, challenges, and opportunities in the sector.

“If we all continue talking about the risks and nobody is willing to take that initiative, it will be difficult. We cannot expect the big banks to do it all by themselves. There’s a need for collaboration. So, when you find expertise, you must leverage and support it.”

“We are going to offer training and mentoring, to help entrepreneurs to build the right business structures. We aim to create an ecosystem and the first pillar of that system is the credit union. Once we have built capacity among our credit union members, we can now leverage on the financial resources that we have to help the businesses to grow”.

The difference

The Edge Credit Union difference lies in the consortium of consultants with different varied backgrounds and expertise, including lawyers, risk managers, trainers, financiers, and investors that customers will have access to, to address their needs. It’s not only the pool of financial resources, but the combination of those resources with the pool of key experts that will make a difference for customers.

“With very competitive interest rates, we know that customers will be able to pay back the loans we offer. We have the requisite systems and processes that will ensure that loans are paid back promptly”, Dr Duncan-Obuobi assured.

Focus

The Edge Credit Union’s focus is to support its customers and grow with their businesses. This is reflected in the various account products.

Lifestyle Account: For those people who wish to become investors, as well as save towards the realisation of lifestyle goals.. They might want to save to buy a new car, or perhaps to go on holiday. They can save towards these lifestyle goals by signing on to The Edge Credit Union’s Lifestyle Account.

Kids Account: The Edge Credit Union wants to start cultivating the mindset of saving in kids, as young as six months.

Edu-Save Account: Learning never ends. The Edge Credit Union believes that wherever you find yourself, whoever you are, you are still learning. The focus is to support you not just through your master’s or your doctorate, but also to support you to do things you want to do, perhaps a short course in cybersecurity, or Artificial Intelligence, among others.

“With an Edu-Save Account, The Edge Credit Union can support its members and customers to study these courses and programmes”, the lead consultant said.

SME and Personal Loans Account: This is meant to finance SMEs and the personal needs of individuals who have accounts with the credit union.

Dr Duncan-Obuobi said that The Edge Credit Union will work assiduously to become one of the largest community banks not only in Ghana but also on the African continent.

Support systems

The Managing Director of Tarragon Edge Limited, Derek Hammond noted that in Ghana, many entrepreneurial dreams go unfulfilled because of the lack of support systems to grow those dreams. “That is why Tarragon was set up – to nurture and grow dreams”, he explained.

“We want to be the catalyst; we want to be the engine to grow businesses across the country and Africa”, he indicated.

Mr Hammond added: “We identified that financial resources was a key but lacking ingredient. You may have vision, may have the right people, and perhaps even a workable strategy, but money may be lacking, and that’s where The Edge Credit Union is stepping in.

He therefore encouraged everyone to join the team at The Edge Credit Union to help develop a vibrant SME sector to accelerate Ghana’s growth

Proper economic empowerment

In the short message, the Marketing Director of Graphic Communications Group, Franklin Sowah described the launch of the Edge Credit Union as “proper economic empowerment”.

“Knowing the backgrounds of Dr Duncan-Obuobi and Mr. Hammond, I am certain that this is not a project but a life-transforming platform”, he said.

Cutting the tape to unveil the plaque of the Edge Credit Union, Mr. Daniel Kofi, Greater Accra Regional Manager of Ghana Co-operative Credit Unions Association (CUA), the industry regulator, said “CUA is a happy family for all”.

He thanked the board and management of The Edge Credit Union for joining CUA to help build and support businesses and individuals in the country.

The Board Chairman of The Edge Credit who is also a traditional ruler, Nana Kojo Amuakwa V, assured that the credit union would live up to its mandate.

Madam Gladys Otae Addo Osei, former Assembly Member for Ogbojo Electoral Area used the occasion to entreat all women to do business with The Edge Credit Union.

The launch of The Edge Credit Union on 16th May 2024 coincided with the birthday of Dr. Duncan- Obuobi’s mother, Mrs Patience Araba Mensah Nyame Duncan.

African Eye Report