BRAC Microfinance Ghana

Mobile field solution of micro-finance for BRAC Ghana

Features of the BRAC micro-finance for Ghana:

1. Doing the household survey

2. Registering members

3. Loan application and loan disbursement

4. Loan collection from members

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Last updated on Jul 2, 2024

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Introduction

BRAC Microfinance Ghana is a non-bank financial institution that provides microfinance services to low-income individuals and small businesses in Ghana. It is a subsidiary of BRAC, a global development organization founded in Bangladesh in 1972. BRAC Microfinance Ghana was established in 2006 and has since become one of the leading microfinance providers in the country.

Services Offered

BRAC Microfinance Ghana offers a range of microfinance services, including:

* Microloans: Small loans to individuals and small businesses for various purposes, such as starting or expanding a business, purchasing assets, or covering personal expenses.

* Savings Accounts: Accounts that allow customers to save money and earn interest on their deposits.

* Mobile Banking: A convenient and secure way for customers to access their accounts and conduct transactions using their mobile phones.

* Insurance: Microinsurance products to protect customers against financial risks, such as death, disability, or property damage.

* Training and Capacity Building: Programs to help customers improve their financial literacy and business skills.

Target Market

BRAC Microfinance Ghana primarily targets low-income individuals and small businesses that have limited access to formal financial services. This includes women, the unemployed, and those living in rural areas. The organization aims to empower these individuals and businesses by providing them with access to financial services and other support to improve their livelihoods.

Impact

BRAC Microfinance Ghana has had a significant impact on the lives of its customers. The organization's microloans have helped individuals and small businesses start or expand their businesses, increase their income, and improve their living standards. Savings accounts have provided a safe place for customers to save money and build financial security. Mobile banking has made it easier for customers to access their accounts and conduct transactions, even in remote areas. Insurance products have provided financial protection against risks, giving customers peace of mind.

Approach

BRAC Microfinance Ghana follows a unique approach to microfinance that emphasizes:

* Group Lending: Loans are typically provided to groups of individuals who are jointly responsible for repayment. This approach promotes social accountability and peer support.

* Community-Based Banking: Branches are located in communities where customers live and work, making it easier for them to access services.

* Women's Empowerment: The organization prioritizes lending to women, who are often marginalized in the financial sector.

* Financial Education: Customers receive training and support to improve their financial literacy and business skills.

* Social Performance Management: The organization monitors its social impact and strives to ensure that its services are having a positive impact on the lives of its customers.

Conclusion

BRAC Microfinance Ghana is a leading provider of microfinance services in Ghana. The organization's innovative approach and commitment to empowering low-income individuals and small businesses have had a significant impact on the lives of its customers. By providing access to financial services, training, and support, BRAC Microfinance Ghana is helping to reduce poverty and promote economic development in Ghana.