Women’s Development Bank Files Licence Application with BoG, Targets Informal Sector Financing Gap

The proposed Women’s Development Bank has formally submitted its banking licence application to the Bank of Ghana, marking a significant step towards establishing a specialised institution aimed at dismantling the persistent financing barriers facing women-owned businesses, particularly in the informal sector.

Vice President Professor Jane Naana Opoku-Agyemang disclosed on Tuesday that a dedicated committee tasked with developing the institution had completed its work and submitted the application through the Ministry of Finance for regulatory consideration. She was speaking at the 15th Ghana Economic Forum organised by the Business and Financial Times in Accra .

The application follows the incorporation of WDB Ghana Limited in January 2026 and the government’s allocation of GH¢450 million in initial capital under the 2026 Budget . The Finance Ministry had earlier deposited GH¢400 million with the Bank of Ghana as the bank’s initial capital, with Governor Dr. Johnson Pandit Asiama confirming that the central bank has been reviewing the application since mid-year .

A Bank Shaped by Women’s Realities

Professor Opoku-Agyemang said the committee’s composition was deliberate, bringing together market women, susu collectors, representatives of women’s business associations, financial sector professionals and other key stakeholders.

“My conviction has always been that an institution established to serve women must be shaped by the experiences, aspirations and everyday realities of those very women,” she said .

The Vice President cited Ghana Statistical Service data indicating that women manage nearly 60 per cent of micro-establishments but account for less than 10 per cent of large businesses. She described the disparity as evidence of the need for targeted financial interventions to help women-owned enterprises expand and become more competitive .

“This bank is not meant to be just another financial institution. It is conceived as a last-mile bank designed to bring financial services closer to the women whose enterprise and hard work sustain our markets and local economies,” she stated .

The Financing Gap

The establishment of the bank addresses a well-documented structural failure in Ghana’s financial system. Women lead approximately 44 per cent of all micro, small and medium enterprises in the country, yet they are 20 per cent less likely than men to secure formal financing, with the domestic credit gap estimated at over $5 billion . Nearly 45 per cent of women-managed businesses face financial constraints, compared to 27 per cent of those managed by men .

Commercial banks, designed around collateral requirements, auditable records and formal business registration, have largely failed to serve the majority of women entrepreneurs who operate in informal or semi-formal sectors where assets are unregistered and revenue is cash-based .

The bank’s “last-mile” design is intended to bridge that gap, though questions remain about whether it can avoid the fate of previous state-backed lending schemes. The Business and Financial Times has noted parallels with MASLOC, the Microfinance and Small Loans Centre, which has struggled with recovery rates and political interference .

Regulatory Hurdle Remains

While the application has been filed, Bank of Ghana Governor Asiama has stressed that licensing remains a rigorous process requiring detailed reviews and verification.

“To license a bank is also a process. There are requirements, there are reviews, we have to cross-check some of the data. For now, all I can say is that we are reviewing the application that has come on board,” he said in July .

If approved, the Women’s Development Bank would become one of Ghana’s newest specialised financial institutions, with government officials expressing hope that it could begin full operations before the end of 2026 .