Good Corporate Governance Practices Key to Building Trust in the MSME Sector
Head of Commercial Clients at Stanbic Bank, Abdul-Jaleel Hussein, has advised Micro, Small and Medium Scale Enterprises (MSMEs) to develop good corporate governance practices if they want to gain the trust of their clients and suppliers. Abdul-Jaleel Hussein said this at a Webinar on Anti-Corruption and Anti-Money Laundering Policy in Ghana organized by the SBIncubator for Ghanaian MSMEs.
He mentioned that one of the key enablers of growth for MSMEs is good corporate governance and it is within that context that issues of corruption and money laundering become critical. He said, “It is important that as we talk about business growth, we are also minded of the risks that businesses face.
Building trust in your business involves an understanding of how your business is exposed to the issues of money laundering and corruption and the measures you put in place to mitigate these risks. It is in doing this that clients and suppliers develop trust in your business, which in turn, makes you grow. That is why Stanbic Bank through its SBIncubator has put together this Webinar to expose MSMEs to these important issues.”
Abdul-Jaleel Hussein also mentioned that Stanbic Bank’s commitment to the MSME sector stems from both the critical role the sector plays in growing the Ghanaian economy and the purpose of the bank. According to him, “The purpose of Standard Bank, of which Stanbic Bank is a part of, is to drive the growth of Africa. And data has shown clearly that MSMEs are the engine of growth for many emerging economies including Ghana.
So if we want to drive growth and achieve our purpose as a bank, we need to focus particularly on the MSME sector. The sector is vital for the economic and social development of economies and we all must give it the necessary support it requires for it to play its critical part in development.”
The SBIncubator is a business incubator initiated by Stanbic Bank to provide business advisory, coaching and mentorship, and market access facilitation and networking opportunities to aspiring entrepreneurs and startups in Ghana. The SBIncubator also offers world class co-working spaces.