With people fast embracing business there is need that such ventures are financed. This is where micro-finance institutions come in to offer financial aid.
Micro-finance Institutions Definition
Micro-finance companies are basically financial institutions that provide financial aid to low income earners in Ghana in order to finance their businesses. They mainly offer financial aid to their members in form of loans which accrue certain small interest over a specified period of time. The main difference between banks and Micro-finance companies in Ghana, is that the latter offers a personal relationship with their customers.
They are more involved in your business in order to give you advice. They give you support to realize your dreams. Their main interest is not profit making but being able to improve the economy through low income people in the society. They act to bridge the gap between the poor and wealthy in society. They are the back-bone of any economy in order for it to stabilize. They come together to form a Microfinance Institutions network that pool resources together for members and help in distributing the interests evenly among the members.
Registered Microfinance Companies in Ghana
All Microfinance companies in Ghana must be registered by the Bank of Ghana, and issued an operating license. Some of the registered Microfinance institution examples in Ghana include:
Diamond Capital Microfinance Limited
The company is licensed to operate by the Bank of Ghana. Its head office is at Asylum down, and has two more branches in Accra. Its workers are highly trained and experienced in the banking industry. They do not only provide financial assistance for start-ups but they also give sound advice to clients on the current market status. There over 20 years’ experience makes them one of the best Microfinance Companies in Ghana.
Bidvest Microfinance Limited
The company was incorporated by the Bank of Ghana to offer microfinance services to customers. The company has its headquarters in Kokomlele, Accra. They are majorly involved in bridging the gap between small scale and large scale entrepreneurs so as to level the field and give each entrepreneur the same opportunities. They also help eradicate poverty by creation of employment to start-ups and also promoting the economic growth and development of Ghana.
Jireh Microfinance Limited
The company was issued the license to operate by the Bank of Ghana. They offer products and services aimed at mobilizing resources of its members thus providing financial assistance to the small scale entrepreneurs in Ghana. This eventually helps in the improvement of the economy.
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Wall street Microfinance Limited
After certifying the Bank of Ghana board, they were issued license to operate on microfinance issues. They are more interested in reducing the current high levels of unemployment among the youth through self-employment. This way, the levels of unemployment among the youth is set to deteriorate tremendously.
Pathway Microfinance Limited
It is a licensed Microfinance institution aimed at helping small scale businesses compete with large scale businesses on the same level. They offer market analysis on loopholes that may exist in the business and possible ways to take advantage o them and turn into a successful business venture.
Price Capital Microfinance Limited
They have been in operation close to ten years. They are registered by the Bank of Ghana to operate as a Microfinance institution. They have gained experience on likely business opportunities that have not been explored yet in Ghana. You are assured to be offered with world class service from their highly trained and experienced staff.
Mid-county Microfinance Limited
They have several branches in Accra. They are also a registered Microfinance company in Ghana. They are involved in training people in urban areas on various ways to utilize the resources around them in order to turn into a business venture. Thus solving the high rates of unemployment among the youth in urban areas.
Golden Foundation Microfinance Limited
They are recognized by the Bank of Ghana as a Microfinance company. They are mainly concerned with the impacts of start-ups to the Ghanaian economy. Thus they offer attractive interest rates to their members. They also are connected to investors who invest in potential business opportunities.
Express Capital Microfinance Limited
It a licensed microfinance institution by the Bank of Ghana. They provide financial assistance to small scale entrepreneurs, salaried and self-employed workers. It started with three workers but over the years it has increased its services of almost ten thousand customers. They are readily available in creating a lasting and fruitful relationship between them and their customers.