Microfinance Banks, also known as microcredit institutions, are financial institutions that provide small loans and other financial services to entrepreneurs and small businesses who lack access to traditional banking services. These institutions play a vital role in promoting financial inclusion and poverty reduction in developing countries like Ghana. In this article, we will take a closer look at the list of Microfinance Banks in Ghana and their contributions to the country's economic growth.
1. Advans Ghana Savings and Loans Limited:
Advans Ghana is a subsidiary of the Advans Group, a leading international microfinance network operating in Africa and Asia. The bank was established in 2008 and currently has 23 branches across Ghana. They offer a wide range of financial services including loans, savings, insurance, and mobile banking.
2. Opportunity International Savings and Loans:
Opportunity International Savings and Loans was established in 2004 and has since grown to become one of the leading microfinance banks in Ghana. They have 46 branches and over 2000 employees, serving more than 400,000 clients. Their services include savings, loans, insurance, and financial education.
3. Sinapi Aba Savings and Loans Company Limited:
Sinapi Aba Savings and Loans is a microfinance institution that specializes in providing financial services to small and medium-sized enterprises. They have been in operation since 1994 and currently have over 40 branches across Ghana. Their services include loans, savings, and insurance.
4. ASA Savings and Loans:
ASA Savings and Loans is a subsidiary of ASA International, a global microfinance company operating in 14 countries. They have been in operation in Ghana since 2009 and have 44 branches across the country. Their services include loans, savings, and microinsurance.
5. Grameen Ghana:
Grameen Ghana is a microfinance institution that was established in 2006 and has since grown to become one of the largest microfinance banks in Ghana. They have 49 branches and over 1000 employees, serving more than 200,000 clients. Their services include loans, savings, and microinsurance.
6. Fidelity Bank Ghana:
Fidelity Bank Ghana is a commercial bank that also offers microfinance services to small businesses and individuals. They have been in operation since 2006 and have 75 branches across Ghana. Their microfinance services include loans, savings, and insurance.
7. First Allied Savings and Loans:
First Allied Savings and Loans is a microfinance institution that has been in operation since 1996. They have 34 branches and over 500 employees, serving more than 100,000 clients. Their services include loans, savings, and insurance.
8. Finatrade Foundation Microfinance Ghana:
Finatrade Foundation Microfinance Ghana is a subsidiary of the Finatrade Group, a leading agro-processing company in Ghana. They have been in operation since 2007 and have 21 branches across the country. Their services include loans, savings, and insurance.
9. Letshego Ghana:
Letshego Ghana is a subsidiary of Letshego Holdings, a pan-African microfinance group. They have been in operation in Ghana since 2012 and currently have 15 branches in the country. Their services include loans, savings, insurance, and financial education.
10. Bond Savings and Loans:
Bond Savings and Loans is a microfinance institution that has been in operation since 2008. They have 22 branches and over 300 employees, serving more than 50,000 clients. Their services include loans, savings, and insurance.
These are just some of the many microfinance institutions operating in Ghana. They all have a common goal of providing financial services to individuals and small businesses who are excluded from the formal banking sector. These institutions have played a crucial role in promoting economic growth and reducing poverty in Ghana, by providing access to credit and other financial services to those who need it the most.
In conclusion, the list of microfinance banks in Ghana is constantly growing as more institutions are being established to meet the increasing demand for microfinance services. These banks have proven to be a valuable tool in promoting financial inclusion, poverty reduction, and economic development in the country. With their continued efforts, Ghana is on its way to achieving its goal of becoming a middle-income country by 2020.
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