MICROCAPITAL BRIEF: MicroEnsure Ghana Unveils “Edusave”, Incorporating Insurance, Savings, Education Finance

The Ghanaian arm of MicroEnsure UK, a microinsurance intermediary and subsidiary of US-based nonprofit Opportunity International, recently unveiled Edusave, a savings-linked life insurance and education finance product.

MICROCAPITAL BRIEF: Bank of Ghana Warns of False Advertising by Microfinance Institutions Medlorm Microfinance, African Guarantee Trust, AbbeyCash Microfinance, Swift Financial Services

The Bank of Ghana (BOG), the regulatory and supervisory body with authority over financial institutions in the country, is warning customers of the following Ghanaian microfinance institutions (MFIs) falsely claiming to be licensed by BOG in Ghana: Medlorm Microfinance Limited, African Guarantee Trust, AbbeyCash Microfinance Limited and Swift Financial Services.

MICROCAPITAL BRIEF: ProCredit Ghana Sounds Alarm on Multiple Lending, Calls for Tighter Entry Requirements for Microfinance Institutions (MFIs)

Mrs Sarah Tsien Zetterli, Managing Director of ProCredit Savings and Loan Company of Ghana, reportedly stated recently that the microfinance market in Ghana has become overcrowded and that tighter entry requirements for microfinance institutions (MFIs) must be established by the Bank of Ghana.

MICROFINANCE EVENT: Hanson Wade Presents “Investment & Innovation in Microfinance: Africa”, September 19 – 20, 2012, Accra, Ghana

Event Name: Investment & Innovation in Microfinance: Africa

Event Date: September 19 to September 20, 2012

Event Location: Accra, Ghana

MICROCAPITAL BRIEF: 300 Susu Collectors in Ghana Submit to Regulated Microfinance Regime

The Ghana Cooperative Susu Collectors Association (GCSCA), an umbrella organization of regional cooperatives of susu collectors in Ghana, has announced that 300 of its susu collector members have submitted applications under the new rules and requirements for microfinance licensing under the Bank of Ghana (BOG) [1, 2]. Traditional susu collectors serve predominantly low-income earners with access to savings and credit services.

MICROFINANCE PUBLICATION ROUND-UP: Impact of Property Insurance in Ghana; Priority Issues for the Microfinance Sector; Investment in Sub-Saharan Africa

“’Doing the Math’ with Property Insurance in Ghana;” by Barbara Magnoni, et al; published by the Microinsurance Centre; May 2012; 9 pages; available at: http://www.microinsurancecentre.org/milk-project/milk-docs/doc_details/868-milk-brief-10-qdoing-the-mathq-with-property-insurance-in-ghana.html

MICROCAPITAL BRIEF: Invest Africa Launches Website Allowing Individuals to Loan $25 or More to Micro- and Small Enterprises in Benin, Ghana, South Africa

Invest Africa, a micro venture capital platform, recently launched a website to allow individuals to loan money to micro- and small-scale entrepreneurs in Africa.

MICROFINANCE PAPER WRAP-UP: “Perceptions of (Micro)Insurance in Southern Ghana: The Role of Information and Peer Effects;” by Lena Giesbert and Susan Steiner, published by DIW Berlin

By Lena Giesbert and Susan Steiner, published by Deutsches Institut fur Wirtschaftsforschung (DIW Berlin), 2012, 33 pages, available at: http://www.diw.de/documents/publikationen/73/diw_01.c.394251.de/dp1194.pdf

MICROCAPITAL BRIEF: National Insurance Commission (NIC) of Ghana Targets 10% Microinsurance Penetration in Three Years

The National Insurance Commission (NIC) of Ghana, the regulatory authority for the country’s insurance industry, reportedly has announced a goal to increase penetration of the microinsurance market from the current 1 percent of the population to ten percent within three years.

MICROCAPITAL BRIEF: Bank of Ghana (BoG) Expected to Shut Down Unlicensed Microfinance Institutions MEDLORM Microfinance Limited, African Guarantee Trust, Abbey Cash Microfinance Limited, Swift Financial Services

The Bank of Ghana (BoG), Ghana’s central bank authority, reportedly is expected to halt the operations of four unlicensed microfinance institutions (MFIs): MEDLORM Microfinance Limited, African Guarantee Trust, Abbey Cash Microfinance Limited and Swift Financial Services.

MICROCAPITAL BRIEF: National Insurance Commission (NIC) of Ghana Anticipates New Microinsurance Law

Ghana’s National Insurance Commission (NIC), the regulatory authority for the country’s insurance industry, reportedly has announced that a new national insurance law incorporating microinsurance will be passed sometime during 2012.

MICROCAPITAL BRIEF: Mobile Handset Initiated Transactions (mHITs) of Australia Expands Remittance Service to Ghana

Australian micropayment service provider Mobile Handset Initiated Transactions (mHITs) has reportedly announced that it has added “an international mobile remittance corridor” that allows account holders to send funds to mobile wallet users in Ghana.