Skip to content

7 Apps That Give SME Loans in Ghana

Hachi Onubedo
10 October 2023 - 11 mins, 4 secs read

While the Ghanaian market is overflowing with loan apps, each promising the moon and the stars, finding one suitable for small businesses seeking financial support can be a challenge. 

But don’t worry, we are here to help! In this article, we’ll share organizations that offer SME loans in Ghana, what they’re looking for in applicants, and how you can apply.

First things first, let’s talk about why you might want to get a loan for your small business.

Why Do I Need an SME loan? 

Loans often get a bad rap, but when it comes to small businesses, SME loans can be a game-changer. Here are five reasons why an SME loan might just be the thing your business needs:

1. Safety Net: Unexpected bills or seasonal dips in sales can wreak havoc on any business’s cash flow. SME loans offer a temporary financial cushion that allows you to have the resources you need to cover everyday operational expenses and maintain smooth operations.  

2. Business Expansion: Big dreams often need a lot of money. Whether you’re eyeing expansion, opening new branches, or venturing into new markets, SME loans can provide the financial help you need to achieve your growth goals.

3. Strong Credit Score: Paying your loans on time helps you build your business credit score, which is like a golden ticket in the business world. A strong credit history makes it easier to secure future loans and potentially unlock access to better loan terms. 

4. Equipment and Inventory Management: Essential equipment, technology, materials, and machinery are the lifeblood of any business. SME loans can help you buy the assets you need to increase your productivity and efficiency without depleting your savings. 

5. Marketing and Advertising: Increasing brand awareness and attracting customers is important for any business. With an SME loan, you can launch effective marketing and advertising campaigns to expand your reach, attract a wider audience, and help your sales climb to new heights.

Types of loans an SME can apply for 

SME loans stand apart from conventional business loans by offering a simpler application process, favourable terms and interest rates, and flexible repayment options. 

This makes them well-suited for small and medium enterprises seeking to thrive in the dynamic business landscape.

Here’s a breakdown of some common SME loan types:

  1. Working Capital: Working capital loans provide short-term funding to cover essential day-to-day expenses like payroll, inventory, and utilities. They’re not meant for major projects or new stock but rather act as a reliable support system to keep your business running smoothly.
  1. Asset Finance: Need to upgrade your equipment or invest in new machinery? Asset finance is the best loan option for you. They help you access the funds you need to buy the tools you need to operate efficiently and productively.
  1. Government-Backed Loans: These initiatives, supported by the Ghanaian government, aim to help SMEs access loans at lower interest rates. Some schemes may even target specific industries for focused support. Examples include the MASLOC Loan Scheme and the EDAIF Loan Scheme
  1. Micro Loans: Designed for informal businesses and solo entrepreneurs, these small loans are often offered by microfinance institutions and NGOs. They are an important source of funding for SMEs looking for smaller amounts of capital.
  1. Overdraft Facilities: An overdraft facility allows businesses to access additional funds beyond their current account balance. This can be helpful for covering unexpected expenses or managing temporary cash flow shortfalls. Overdrafts typically have high interest rates but offer flexibility and quick access to funds

7 Apps for Business Loans in Ghana 

To simplify your search, we’ve compiled a list of 7 SME loan apps that stand out for their:

  • Transparent Loan Terms: Clear and concise loan terms are essential for informed decision-making. These apps ensure you fully understand the loan agreement, including interest rates, repayment schedules, and any associated fees.
  • Streamlined Application Processes: Applying for a loan should be straightforward and hassle-free. These organizations allow you to apply for loans online, with user-friendly interfaces and clear instructions to make the application process as smooth as possible.
  • Minimal Collateral Requirements:  Knowing you don’t need significant collateral to secure a loan can be a big relief. Some of the organizations on this list offer business loans without collateral in Ghana. 
  • Competitive Interest Rates: Accessing capital shouldn’t come at exorbitant costs. These apps offer SME loans with competitive interest rates, ensuring your repayments remain manageable and affordable.

Here are the 7 loan apps in Ghana that meet these criteria: 


Oze is a business app that helps over 150,000 businesses in Nigeria and Ghana manage their business finances. 

Among the array of business tools it offers SMEs, Oze offers no-collateral business loans with low interest rates and zero hidden fees.   

Oze is a great choice for SME loan because Oze:

  1. Offers SME loans at competitive interest rates as low as 3%
  2. Has a quick and easy loan application process 
  3. Offers SME loans without collateral in Ghana

To qualify for an Oze business loan in Ghana, you must: 

  • Be a registered Oze user
  • Provide three months of bank or mobile money statements
  • Complete a loan application via the Oze app

Applying for an Oze no-collateral loan is a straightforward  process:

  • Create a Free Account: You can sign up for a free Oze account with just your phone number.
  • Fill out the loan application form:  You will be asked to provide additional information, such as your last three months’ worth of bank or mobile money statements.
  • Link Your Bank Account: Connect your bank account to your Oze account, and you’re all set!


Carbon, a leading digital bank serving over 2.6 million customers across Africa, offers a suite of financial services designed to empower individuals and businesses. 

While their full range of offerings is still under development in Ghana, business owners can already benefit from their Carbon Ghana SME Business Support Loan. 

This loan offers:

  • Collateral-free access to funds
  •  No hidden fees or unexpected charges,
  • Quick loan processing within 5 working days
  • Rapid disbursement of funds within 48 hours
  • Flexible repayment options

To qualify for the Carbon Ghana SME Business Support Loan, your business must:

  • Achieve monthly sales of at least GHS 2,000 or more.
  • Maintain an active corporate/business bank account for a minimum of 6 months.
  • Operate in an eligible sector, including Retail, Agent Banking, Health, or Food Services.
  • Be located within Accra.

To apply for a Carbon Ghana SME Business Support Loan, simply: 

1. Visit Carbon’s website: Click here to begin your online application.

2. Provide basic information: Fill in your name, gender, residential address, and business details.

3. Verify your identity: Upload valid documents like your National ID, bank statements, and a photograph of your passport.

4. Await approval: Carbon will review your application within 5 working days.

5. Receive your funds: Once approved, your loan amount will be deposited into your account within 48 hours.


Pezesha is an SME Financing Platform that helps SMEs & institutions access credit & other financial services by connecting them to investors.

With over 200,000 registered SMEs and 400,000+ loans disbursed, Pezesha has established itself as a leading force in supporting Ghanaian entrepreneurship.

Through Pezesha, you can:

  1. Secure non-collateral business loans: Access funding of up to GHS 6,000 to invest in your business 
  2. Experience a seamless application process: Pezesha simplifies the loan application process, ensuring you can quickly and easily submit your request.
  3. Choose from diverse loan options: Pezesha offers a variety of loan types to cater to your specific needs, including LPO financing, inventory financing, asset financing, and working capital financing.
  4. Benefit from instant matching: Once onboard, Pezesha’s intelligent platform matches you with potential investors within seconds, maximizing your chances of securing funding.

To qualify for Pezesha’s platform, your business must meet the following criteria:

  1. You must have a Certificate of Incorporation and a valid business permit.
  2. Your business must be operational for at least 6 months.
  3. Your business must have accurate business records, including financial statements and valid identification for business owners.

Applying for a Pezesha loan is straightforward and completely online. To apply, simply:

1. Complete the loan application form: You will be asked to provide basic information about your business, including its name, tax identification number, phone number, and industry.

2. Upload valid identification: You will be asked to upload a copy of your valid identification card.

3. Specify your loan purpose: Choose the reason you require funding and how you intend to utilize the loan amount.

4. Await approval: Pezesha will promptly review your application and inform you of the decision.


Since its launch in 2011, Izwe savings & loans has helped over 18,828 businesses grow by providing them with the financial products they need to thrive. 

Through their secured SME business loans, Izwe provides businesses with the opportunity to acquire financial assistance of up to GHS1,000,000, repayable over a period of up to 48 months. The specific loan amount you qualify for will depend on the value of the asset you offer as collateral.

Applying for an Izwe business loan is simple and straightforward. Here’s what you’ll need:

  • Collateral: Land, vehicle, or investment certificate
  • Business registration (if applicable)
  • Recent bank statements
  • Valid national ID

You can apply for Izwe’s secured SME business loan in 3 ways:

  • By visiting any Izwe physical branch near you
  • By filling out its loan application form online  
  • By contacting their call centre on 0302 208 222

Fido Credit 

Fido Credit is a digital platform designed to help Ghanaian businesses with quick and convenient access to business loans without collateral of up to GHS 6,500. 

Starting with Fido Credit is simple and only requires a few basic items:

1. A Registered Mobile Number: This will be your primary contact point for accessing your Fido account and receiving updates on your loan application.

2. A Valid Ghana Card: This serves as your official identification and verifies your eligibility for a loan.

3. Proof of Address: This helps Fido confirm your residency and location.

Getting started with Fido Credit takes just a few minutes:

  • Download the Fido App from the Playstore or Appstore
  • Enter your registered mobile number and initiate the registration process.
  • Fido will send a One-Time Password (OTP) to your phone. Enter the OTP to verify ownership of the number and complete your registration.

Once registered, you can access the loan application within the app. All you would need to do is follow the prompts to apply for an SME loan. 

Advans Ghana 

Advans Ghana is one of the most trusted and popular lending platforms in Ghana. While they offer various loan options, their SME loan product is designed specifically for small business owners. 

Their SME loans provide access to capital ranging from GHS 5,000 to GHS 200,000 for a maximum term of 36 months. 

To qualify for an Advans SME loan, you must meet the following criteria:

  • Business Type: You must be an individual entrepreneur, sole proprietor, partnership, or limited liability company.
  • Nationality and residency: You must be a Ghanaian citizen or have resided in Ghana for over 10 years.
  • Age: You must be above 18 years old.
  • Business age: Your business must be established and operational for at least 12 months.

To apply for an Advans SME loan, you will need to submit the following documents:

  • Valid national ID (for Ghanaian citizens)
  • Passport and residence permit (for foreign nationals)
  • Business Operating Permit
  • Two passport-sized photograph
  • Collateral  

You can apply for Advans SME loan by visiting one of their branches or filling out this form 

Bank of Africa Ghana

Bank of Africa, a subsidiary of the Pan-African banking group Bank of Africa BANK OF AFRICA Group, boasts a strong presence in Ghana, with 26 branches spanning across six regions. 

Dedicated to supporting the growth of local businesses, they offer a range of specially designed products and financing services to cater to the specific needs of small and medium-sized enterprises (SMEs).

Bank of Africa offers 3 distinct SME loan options:

  1. SME Support Facility: This short-term loan provides access to unsecured working capital to help businesses overcome cash flow challenges and fuel day-to-day operations.
  1. Vehicle Finance Facility: This loan assists businesses in acquiring essential vehicles, such as delivery vans or trucks, to enhance their operational efficiency.
  2. Equipment Financing: This loan helps businesses invest in necessary equipment and machinery, enabling them to upgrade their technology, improve productivity, and achieve their growth objectives.

While specific requirements vary depending on the chosen loan type, some general documents are typically required:

  •  Up-to-date financial statements: These provide the bank with insights into your business’s financial performance and stability.
  • Loan application letter: This formally expresses your interest in obtaining the loan and outlines your intended purpose for the funds.
  • Valid means of identification: This verifies your identity and ensures the loan is processed in accordance with regulatory requirements.

Conveniently, you can apply for an SME loan from the Bank of Africa through 2 options: online via the Bank of Africa website or by visiting any Bank of Africa branch in Ghana near you. 



SME loan apps have made it easier for businesses in Ghana to apply for business loans. By using apps like Oze, you can secure the capital you need to overcome financial challenges and expand your business.

Share this article