MTN Ghana, a member of the MTN Group, a mobile telecommunication service provider based in South Africa, recently launched its latest financial services product, MTN Mobile Money, in Cape Coast, Ghana.
Search Results for: Ghana
MICROCAPITAL BRIEF: Ghana Islamic Microfinance Plans to Commence Operations in September, Provide Shariah-Compliant Loans
Ghana Islamic Microfinance, a new microfinance company in Ghana, plans to commence operations in September 2010, providing Shariah-compliant microfinance loans to both the Muslim and non-Muslim community.
MICROCAPITAL BRIEF: responsAbility Mikrofinanz-Fonds and responsAbility Global Microfinance Fund Loan Total of $500,000 to Microfinance Institution Sinapi Aba Trust (SAT) in Ghana
responsAbility, a Swiss-based microfinance investment vehicle (MIV) manager, recently reported to MicroCapital that it has executed debt investments totaling USD 500,000 in Ghana. Sinapi Aba Trust (SAT), a private non-governmental organization (NGO) established in Ghana in 1994, will receive USD 350,000 from responsAbility Global Microfinance Fund and USD 150,000 from responsAbility Mikrofinanz-Fonds. The investment funds are two of four funds operated by responsAbility, the others being responsAbility Base of the Pyramid and responsAbility Microfinance Leaders.
MICROCAPITAL BRIEF: KfW Entwicklungsbank (KfW) and Norwegian Microfinance Initiative (NMI) Commit Total of $11.6m to Goodwell West Africa to be Invested in Microfinance Sector in Ghana and Nigeria
Goodwell West Africa, a branch of Goodwell Investments, a business development company based in the Netherlands, has received commitments of EUR 8 million (USD 9.7 million) from KfW Entwicklungsbank (KfW), a German development bank, and EUR 1.6 million (USD 1.9 million) from Norwegian Microfinance Initiative (NMI), a strategic partnership between the Norwegian public and private sectors that invests in and provides support for microfinance institutions (MFIs) in developing countries. The funds will be invested in established MFIs as well as emerging MFIs in Ghana and Nigeria.
MICROCAPITAL BRIEF: Barclays Bank and Development Organizations CARE International and Plan International Launch Microfinance Project in Ghana as Part of Larger Multi-Country Initiative
Barclays, a UK-based international investment bank, and international development organizations CARE International (CARE) and Plan International (Plan) have joined together to launch a microfinance initiative with the goal of reaching 63,000 people in Ghana [1]. The partnership between the three organizations was originally formed to improve access to basic savings and loan products. The initiative, begun in September 2008, aims to enable 500,000 poor and vulnerable people in ten countries across Africa, Asia and South America to access community-based financial services, such as village savings and loan associations. Barclays pledged to invest GBP 10 million (USD 15 million) over three years for the initiative [2].
MICROCAPITAL BRIEF: Ghana MicroFinance Institutions Network (GHAMFIN) Says Proposed Capitalization Requirements May Not Go Far Enough
The Ghana Microfinance Institutions Network (GHAMFIN), an informal network of institutions and individuals in the microfinance industry, recently expressed concern over the prevalence of unaccredited microfinance institutions (MFIs).
MICROCAPITAL BRIEF: Bill & Melinda Gates Foundation Awards $6m Grant to Ecobank to Promote Low-Cost Savings Accounts in Ghana and Liberia
The Bill & Melinda Gates Foundation has provided a USD 6 million grant to Ecobank Transnational Incorporated (ETI), a pan-African bank with a network of over 500 branches in 27 countries.
KNOW A MICROFINANCE REGULATOR: Regulators of Microfinance in Ethiopia, Ghana, El Salvador and Jamaica
The following regulators are profiled in this brief:
Ethiopia – National Bank of Ethiopia (NBE), located at: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=National+Bank+of+Ethiopia+%28NBE%29
Ghana – Bank of Ghana (BOG), located at: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Bank+of+Ghana+%28BOG%29
El Salvador – Financial System Superintendency (Superintendencia del Sistema Financiero) (SSF), located at: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Financial+System+Superintendency+%28Superintendencia+del+Sistema+Financiero%29+%28SSF%29
Jamaica – Bank of Jamaica, located at: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Bank+of+Jamaica
MICROCAPITAL BRIEF: Ghana Ministry of Finance and Economic Planning (MoFEP) Calls for Strengthening of Consumer Protection in Microfinance Sector
At a conference titled, “Beyond Existing Microfinance, What Next?,” Ghana Ministry of Finance and Economic Planning (M0FEP), Microfinance Director Kobina Amoah commented on the need for financial institutions to provide consumer education and protection in order to safeguard consumers’ rights.
MICROCAPITAL BRIEF: Alitheia Capital, Goodwell Investments BV and JCS Investments Announce First Close of $60m Equity Fund for Microfinance in Nigeria and Ghana
Alitheia Capital, Goodwell Investments BV and JCS Investments have announced the first close of a USD 60 million equity fund focused on microfinance in Nigeria and Ghana. Investors include Dutch development bank FMO and a number of Dutch high net-worth individuals and institutional investors. Further financial details have not been released.
MICROFINANCE PAPER WRAP-UP: Who is Reaching Whom? Depth of Outreach of Rural Micro Finance Institutions in Ghana, by Kofi Awusabo-Asare, Samuel K. Annim, Albert M. Abane and Daniel Asare-Minta
Written by Kofi Awusabo-Asare, Samuel K. Annim, Albert M. Abane and Daniel Asare-Minta, published in the International NGO Journal Vol. 4 (4), pp. 132-141, April 2009, 10 pages, available at: http://www.academicjournals.org/ingoj/PDF/Pdf2009/Apr/Asare%20et%20al.pdf
This paper aims to study the socioeconomic status of clients being reached by different “types” microfinance institutions (MFIs) in Ghana. Using a poverty index, the study shows which type of MFIs reach relatively poorer or richer clients. The study also attempts to explain these results through reasons relating to the “source of funds, strategies for outreach and mission of the institution.” Lastly, MFI policy recommendations are made.
MICROCAPITAL.ORG STORY: Microfinance Institutions, Advans Ghana and Advans Cameroun, Boast Increased Capital by €1m & €2.3m Respectively
Advans Ghana and Advans Cameroun, two microfinance institutions (MFIs) operating under Advans SA Sicar (Advans SA), recently reported capital increases of EUR 1 million and EUR 2.3 million respectively [1]. Advans SA is managed by Horus Development Finance, a French consulting firm that provides technical assistance to microfinance institutions in developing countries. It owns and frequently partners with Advans SA on projects. Financial data on Horus is not available on MIX Market or on the firm’s website. Co-investors on Advans SA include: Agence Française de Développement (AFD), European Investment Bank (EIB), Nederlandse Financierings-Maatschappijvoor Ontwikkelingslanden N.V. (FMO), International Finance Corporation (IFC) and KfW Entwicklungsbank (KfW) [2].
MICROFINANCE EVENT: Promoting Financial Capability and Consumer Protection – A Step Forward Towards Financial Inclusion in Africa, 8-9 September 2009 in Accra, Ghana, Organized by German Development Cooperation, the World Bank, United Kingdom Department for International Development (DFID) and United States Agency for International Development (USAID)
Event Name: Promoting Financial Capability and Consumer Protection – A Step Forward Towards Financial Inclusion in Africa
Event Description: Conference
See Our Comprehensive Event Calendar Here: http://microfinanceassociation.ning.com/events
Cost: Not available. Please inquire with the contact person provided below.
Summary of Event: The two-day conference aims to discuss whether and how financial inclusion can be strengthened, share and learn from individual country experiences, and establish a roadmap that will define the roles and responsibilities of all stakeholders.
MICROCAPITAL STORY: World Bank Micro, Small and Medium Enterprise (MSME) Project in Ghana Disburses $3.2m for Year Ended June 2008; Total Project Value $118.9m
The World Bank, an international quasi-public bank, has committed USD 118.9 million to its Micro, Small and Medium Enterprise (MSME) project in Ghana. For the year ended June 2008 USD 3.21 million had been disbursed. The purpose of the project is to promote entrepreneurial activities within MSME as it comprises almost 70 percent of the Ghanaian workforce. The World Bank’s Country Director for Ghana, Mats Karlsson, has said: “Growth and employment in Ghana are directly linked to the growth of MSMEs …. Ghanaian banks will be more able to link up to Ghanaian businesses for more investment and private sector jobs.” The project will be administered by local World Bank staff.
MICROFINANCE EVENT: Microenterprise and Development Institute Hosts Training Program with Ghana Microfinance Institutions Network
Microenterprise and Development Institute Ghana 2009
April 27 to May 9, 2009, Ghana Institute of Management and Public Administration, Accra, Ghana
MICROCAPITAL STORY: Government of Ghana to Investigate Disbursement of Microfinance Loans to Rural Women in the Country
The Ministry of Women and Children’s Affairs in Ghana will be launching an investigation into the mode of fund distribution followed by Micro-finance and Small Loans Centre (MASLOC), the country’s microfinance scheme introduced by the Government of Ghana under the administration of its former President, John Kofi Agyekum Kufuor. According to a press release on the Ghanaian news portal myjoyonline.com, the Ghanaian Ministry believes proper procedures and guidelines have not been followed in the disbursement of funds to rural women in the region and hence the need for an investigation on the mode of distribution. Speaking on the issue, Ms. Akua Sena Dansua, the Minister of Women’s and Children’s Affairs, stated that women in the Eastern Region of Ghana were yet to gain access to the funds released under the government scheme nearly six years back. Elaborating on the breach of guidelines for disbursement of the funds, the Minister also alleged that women who were ‘not supposed to benefit from the scheme’ were granted loans while the women who were in true need of the funds were not provided any. The Minister contends that this ‘lack of diligence’ in the disbursement of funds has also resulted in a high default rate. No information on the current default rate is publicly available. Additionally, no further information on the investigation is also available.
NEWS WIRE: Ghana: Commerical Banks Venturing into the Microfinance Market
Source: Ghana Business News.
MICROCAPITAL STORY: Millennium Challenge Account (MCA) Aims to Promote Food Security Using Micro-Credit in Ghana; Millennium Challenge Account (MCA) and Millennium Development Authority (MiDA) of Ghana Sponsor a $241m Agricultural Project
Mr. Martin Eson-Benjamin, CEO of the Millennium Development Authority (MiDA), a government agency of Ghana that implements development contracts funded by the US Millennium Challenge Corporation (MCC), noted that improved micro-credit may emerge as a powerful tool to achieve national food security by providing financial and technical assistance needed by small scale farmers. The remarks came at the 4th annual microfinance conference organized by the faculty of Social Sciences of the University of Cape Coast (UCC), which addressed “Microfinance and Food Security in Africa.” The two-day event was also attended by delegates from other African nations.