The Canada-based Mastercard Foundation and Ghana’s National Board for Small Scale Industries (NBSSI), a unit of that country’s Ministry of Trade and Industry, recently agreed to respond to the COVID-19 pandemic with a “Recovery and Resilience Program for MSMEs.” The program will provide micro-, small and medium-sized enterprises (MSMEs) with
Search Results for: Ghana
MICROCAPITAL BRIEF: Ghana Increases Bailout of Financial Sector by $471m, Partly to Refund Deposits to Microfinance Institution Customers
The government of Ghana is increasing the total by which it is reimbursing parties impacted by the closure of some of the country’s financial institutions from GHS 2.4 billion (USD 434 million) to GHS 5 billion (USD 906 million), according to a statement attributed to President Nana Akufo-Addo. The new funding is for depositors and others involved with microfinance institutions and
MICROFINANCE EVENT: International Investors Forum for Financial Service Providers; March 9-10, 2020; Accra, Ghana; March 12-13, 2020; Lagos, Nigeria
These two events will bring together representatives of microfinance banks, NGOs, insurers and financial technology firms (fintechs) to meet with domestic and international investors. Speakers will include practitioners, researchers and government representatives. The goal is to
MICROCAPITAL BRIEF: MFIs in Africa, Asia, Latin America Borrow $42m from C-Quadrat Dual Return Vision Microfinance Fund, Including ASA International’s Institutions in Ghana, Uganda
Two microfinance institutions (MFIs) in the ASA International network, those in Ghana and Uganda, recently accepted local-currency loans from the Dual Return Vision Microfinance-Local Currency sub-fund of Austria-based C-Quadrat Asset Management. That sub-fund, together with the Dual Return Vision Microfinance sub-fund issued a total equivalent to USD 42 million during October. The other borrowing MFIs are located in Cambodia,
MICROCAPITAL BRIEF: Bank of Ghana Revokes Licenses of 23 Microfinance Banks Due to Insolvency
The Bank of Ghana (BOG) recently revoked the licenses of 23 microfinance banks (MFBs) that became insolvent and remained so despite being given additional time to seek fresh capital from investors. The MFBs reportedly will be able to
MICROFINANCE EVENT: African Center for Economic Transformation (ACET) Policy Learning Event on the Financial Inclusion of Women, Youth; August 27, 2019; Accra, Ghana
The African Center for Economic Transformation (ACET), a nonprofit think tank with offices in Ghana and the US, will be hosting approximately 40 stakeholders to discuss the financial inclusion of women and youth based on ACET’s key findings from a recent study in Guinea, Sierra Leone, and Zambia. Those unable to attend in person may participate via
MICROCAPITAL BRIEF: MASLOC Halves Interest Rates to 12% as Bank of Ghana Starts $172m Bailout of Microfinance Industry
The Ghanaian government’s Microfinance and Small Loans Centre (MASLOC), a provider of retail and wholesale microcredit, recently received approval to cut its annual interest rate from 24 percent to 12 percent. Meanwhile, the institution has received GHC 75 million (USD 14 million) from the government to expand its operations. This expansion includes a plan to have offices in 70 percent of the nation’s districts by the end of 2019 and
MICROFINANCE PAPER WRAP UP: “Mobile-Enabled Economic Identities for Smallholder Farmers in Ghana;” By Nicholas Wasunna, Willie Gichora Ngumi; Published by GSMA
This is a summary of a paper by Nicholas Wasunna and Willie Gichora Ngumi, published by GSMA (Groupe Speciale Mobile Association), March 2019, 32 pages, available at: https://www.gsma.com/mobilefordevelopment/wp-content/uploads/2019/03/Mobile-enabled-economic-identities-for-smallholder-farmers-in-Ghana.pdf
The authors report that 20 percent of the 1.7 billion adults worldwide who do not use banking services cannot open a financial account because they lack documents to prove their identity (ID). This lack of documentation limits access to financial as well as
MICROCAPITAL BRIEF: Mastercard Foundation Fund for Rural Prosperity Awards $4.4m for Innovative Financial Services in Burundi, Ghana, Mali, Tanzania, Zambia
The Canada-based Mastercard Foundation recently announced the following organizations will share USD 4.4 million from the final competition phase of its Fund for Rural Prosperity (FRP): Promotion du Sesame du Mali (PROSEMA), Lima Kwanza Limited of Tanzania, Savonor of Burundi, Sprint Money Limited of Zambia and
MICROCAPITAL BRIEF: Government of Ghana Restores Losses to Customers of Failed Microfinance Institutions (MFIs), but $150m of Savings Remain “in Jeopardy” in Advance of Deposit-insurance Rollout
After the collapse of approximately 100 licensed microbanks in Ghana over four years, the country’s central bank, the Bank of Ghana, has announced it will refund deposits of up to GHS 10,000 (USD 2,000) per retail
SPECIAL REPORT: Introduction at SAM Leads to Investment in ID Ghana by Grameen Credit Agricole Foundation
Philippe 
Guichandut (pictured), the Head of Inclusive Finance Development at the Grameen Credit Agricole Foundation, has been at all three SAMs. The majority of the foundation’s 76 partners are in sub-Saharan Africa, and Mr Guichandut has found that “SAM is the best place to meet our existing and potential partners.” He adds, “Around the SAM, we always take the opportunity to gather our partners, [which] is the best way to have exchanges of experience among our partners and give them the opportunity to attend some training sessions either organized by ourselves or the SAM.” Leading and attending workshops at SAM has been key for Mr Guichandut’s team “to share our own experience and promote themes that are relevant for us, especially in the fields of agri-microinsurance and
MICROCAPITAL BRIEF: Grameen Credit Agricole Foundation Disburses 3-year Loan of $1.1m to Sinapi Aba for Microfinance in Ghana
The Grameen Credit Agricole (GCA) Foundation, whose head office is in Luxembourg, recently issued a three-year loan in local currency approximately equivalent to USD 1.15 million in favor of Sinapi Aba Trust to support microlending in Ghana. The institution provides financial services through Sinapi Aba Savings & Loans (SASL) with the aim of creating development and income-generation opportunities for people with low incomes. Of SASL’s lending, 80 percent
MICROFINANCE PAPER WRAP-UP: CGAP: “Building Inclusive Payment Ecosystems in Tanzania and Ghana;” by Max Mattern, Claudia McKay
This is a summary of a paper by Max Mattern and Claudia McKay, published by CGAP (the Consultative Group to Assist the Poor), June 2018, 35 pages, available at:
http://www.cgap.org/sites/default/files/Focus-Note-Building-Inclusive-Payment-Ecosystems-June-2018.pdf
This report addresses how advances in technology over the past
MICROCAPITAL BRIEF: 30 Microfinance Institutions (MFIs) in Ghana Investigated for Possible Illegal Activity
Allegations of fraud and embezzlement have surfaced against roughly 30 microfinance institutions (MFIs) in Ghana. A preliminary investigation performed by the country’s Securities and Exchange Commission and the Economic and Organized Crime Office
MICROFINANCE EVENT: Financial Inclusion Summit for Practitioners in Sub-Saharan Africa; April 24 – 25, 2018; Accra, Ghana
Summary of Event: This event offers sessions on accelerating financial inclusion, financial technology, the role of donors, new products, raising capital, and small and medium-sized enterprises.
Background on Organizers: The Microfinance Association is a UK-based membership NGO offering training, business development and other services. The Financial Inclusion Advocacy Center, which has offices in the UK and Ghana, seeks to provide technical support to “build the institutional strength and outreach of the microfinance sector.”
Cost: The fee to attend is
MICROCAPITAL BRIEF: Bank of Ghana Warns Public About Illegal Microfinance Institutions
The Bank of Ghana recently accused a group of microfinance institutions of operating illegally, including Agro Development Fund Services Limited, Hebron Financial Services, MMM, Money-doubler and Oboanipa Ventures Limited. The government of Ghana is in the process of implementing a Depositors Insurance Act
MICROCAPITAL BRIEF: Ghana Association of Microfinance Companies (GAMC) Lobbies Central Bank to Reduce Capital Requirement for Rural MFIs
The Ghana Association of Microfinance Companies (GAMC), an “umbrella” organization with 708 members, recently opened talks with the Bank of Ghana (BoG), the nation’s central bank, arguing for the loosening of regulations for
MICROCAPITAL BRIEF: UK-based Humaniq Harnesses Blockchain, Biometrics To Launch Mobile Money Service in Ghana, Asia, South America
Humaniq, a London-based technology company, recently announced the launch of its “blockchain-powered financial inclusion app,” which allows users to send and receive money. Humaniq has