Microfinance In Ghana Thesis

Microfinance In Ghana Thesis-10
Microfinance institutions seek to tailor their financial services to adequately meet the needs of their clients; and to become a strong force to reckon with in the financial industry.Like any other group of organisations that is well-organised and focused, microfinance institutions have a mission.Further, effective and efficient microfinance institutions are required to be active members of the Ghana Association of Microfinance Companies (GAMC).

It is therefore recommended that microfinance institutions sensitize non-farm clients on how to generate income from diverse non-farm activities to support their socio-economic well-being.

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These non-bank financial institutions have satisfied the necessary conditions to facilitate their operations; and to receive funds from the public.

The inclusion of these microfinance companies on the list affirms their strict adherence to existing rules and regulations governing the financial industry; and their readiness to make significant strides in the financial market.

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For further information, including about cookie settings, please read our Cookie Policy .To learn more or modify/prevent the use of cookies, see our Cookie Policy and Privacy Policy.The paper argues that microfinance, when properly harnessed can make significant contributions through several channels.That is, to provide quality, but affordable financial services to their existing and prospective clients.To achieve this objective, microfinance companies are committed to motivating their staff; adhering strictly to banking rules and regulations; becoming socially responsible; and ensuring higher returns on investment to meet the expectations of stakeholders.This affirms the valuable role of microfinance services in free market economies such as Ghana.Licencing of microfinance institutions After their incorporation, microfinance institutions acquire provisional licence required for their operations from the Bank of Ghana (Bo G); the licenced microfinance institutions are subsequently issued with a perpetual licence by the Bank of Ghana to fully authenticate their operations in the country.Objective, vision and mission of microfinance institutions Generally, the underlying objective of microfinance institutions is to provide microfinance services to individuals, small- and micro-enterprises.Their vision, among others, is to contribute meaningfully to Ghana’s socio-economic development and growth by becoming relevant, significant and efficient vehicle for mobilising, channelling and allocating fund to the banked and unbanked.A survey was conducted to obtain data from 100 rural non-farm clients.Using a multiple regression technique, the impact of microfinance on the socio-economic welfare of clients has been discussed.

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