Absa Bank clinic helps small businesses manage credit and cash flow

Absa Bank Ghana has hosted a business clinic for small and medium-sized enterprises. This event took place at its Nester Square branch. The clinic focused on practical advice for business owners. Topics included credit management, handling cash flow, and cheque management.

Edward Mawudem, an Absa Bank Ghana manager, said banking is more than just giving loans. He stated that Absa wants to help customers throughout their business journey. The clinic aimed to strengthen financial practices for businesses. It also sought to help them reduce bad debts. This support helps businesses avoid common banking issues that can affect their long-term survival.

Kesse Kwarteng, Corporate Credit Manager at Absa, explained how to control credit. He stressed that managing money owed to businesses is important. Many small businesses make sales but do not collect the money. This causes problems with cash flow. Businesses learned to set clear credit rules and track customer debts. They also learned to follow up on payments. This ensures sales become actual cash.

Gabriel Okai, Head of Governance at Absa, spoke on cheque management. He advised businesses to check for enough funds before writing cheques. He also told them to keep records of cheques. Businesses should also watch their bank accounts. Keeping in touch with the bank can help avoid penalties from bad cheques.

This clinic is part of Absa’s ongoing effort to support SMEs. It offers knowledge and guidance beyond simple financing.