The International Conference on Inclusive Insurance 2023 will gather delegates from 50 countries to debate methods for boosting access to insurance for mass markets to support emerging economies’ growth and economic
Tag: Ghana
MICROFINANCE PAPER WRAP-UP: “Determinants of Choice of Credit Source Among Clients of Microfinance Systems in the Upper West Region of Ghana,” by Paul Bata Domanban et al
The authors of this article examined which groups of people in northwestern Ghana were more and less likely to borrow money from microfinance institutions (MFIs). The authors conducted
MICROCAPITAL BRIEF: Echosys, Rgreen Raise $93m for Solar Power for SMEs in Africa via Afrigreen Debt Impact Fund
Two French firms, Echosys Invest and Rgreen Invest, recently announced the first close of their Afrigreen Debt Impact Fund with EUR 88 million (USD 93 million) to finance solar power plants for small and medium-sized enterprises (SMEs). The fund will focus on Central and West Africa, and it is to include local-currency financing for projects in
MICROFINANCE PAPER WRAP-UP: “Digital Finance Campaign Replication Guide,” Published by USAID
This paper describes a digital finance education campaign called “Hey Sister! Show Me the Mobile Money,” including efforts to make it easy to replicate from one geographical context to another. The program facilitates low-income women’s access to digital financial services (DFS) by addressing the challenges of
MICROCAPITAL BRIEF: Bank of Ghana, Emtech Solutions Launch Regulatory Sandbox to Encourage Innovation in Finance, Financial Inclusion
The Bank of Ghana (BoG), the country’s central bank, recently launched a regulatory sandbox – a mechanism for testing business models not covered by existing regulations, in partnership with the US-based financial technology (fintech) firm Emtech Solutions. Following a successful pilot phase, BoG adopted Emtech’s digital regulatory review and reporting platform, through which financial service providers can
MICROFINANCE PAPER WRAP-UP: “Strategies to Optimise MSME-centred Supply Chain Finance Solutions: A Study of Ghana, Ethiopia and Nigeria;” by Adebiyi Fajemisin, Anifat Ibrahim and Raliat Sunmonu; Published by Accion
This report describes how several supply chain finance (SCF) solutions were deployed with the intent of benefiting micro-, small and medium-sized enterprises (MSMEs) in Ethiopia, Ghana and Nigeria. The authors deem these countries particularly “promising markets for MSME-led digital financial inclusion,” and they argue that SCF can provide
MICROFINANCE PAPER WRAP-UP: “The Business Case for Linkage With Informal Savings;” by Constantin Albot, Stephen Peachey; Published by MasterCard Foundation, Oxford Policy Management
This report describes Savings at the Frontier (SatF), a partnership between Canadian NGO MasterCard Foundation and UK-based consultancy Oxford Policy Management, that provided USD 17.6 million in technical assistance and direct funding to establish relationships between formal financial service providers (FSPs) and informal savings mechanisms (ISMs). The program ran from 2015 to 2022, engaging 10 FSPs in
MICROCAPITAL BRIEF: Fido of Ghana Attracts $30m Equity Package Led by Fortissimo to Expand Fintech in Africa
Ghana’s Fido Micro Credit, with the aim of expanding across Africa, recently obtained USD 30 million in Series A funding. Israel’s Fortissimo Capital led the funding round, while US-based Yard Ventures also participated, along with other unspecified private investors. Fido previously had raised
MICROCAPITAL BRIEF: InsuResilience Investment Fund Acquires 40% Equity Stake in Ghana-based Insurance Company Vanguard
Switzerland’s BlueOrchard Impact Investment Advisors recently disbursed an undisclosed sum from the InsuResilience Invest Fund (IIF), a Luxembourg-domiciled public-private partnership, for IIF to buy 40 percent of the shares of Vanguard Assurance, an insurer in Ghana that provides microinsurance as well as traditional coverage. The deal, under which IIF controls multiple seats on Vanguard’s Board of Directors, is intended to grow
MICROCAPITAL BRIEF: Oikocredit Loans Ecoligo $5.7m to Fund Solar Energy for 15 SMEs, NGOs in Ghana, Kenya
Oikocredit, a Dutch cooperative investor, recently loaned EUR 5 million (USD 5.68 million) to Ecoligo, a German firm that provides solar-as-a-service solutions, to expand its operations in Ghana and Kenya. The loan is to finance solar energy equipment that will provide power to 15 clients, which will pay Ecoligo for the power on a monthly basis. Siebren Wilschut, an investment officer at Oikocredit, said,
MICROFINANCE PAPER WRAP-UP: “A Digital Bookkeeping App to Improve Access to Finance,” Published by UN Capital Development Fund
Ghana-based financial technology firm Ozé and Ecobank, a Togo-based commercial bank that operates in 35 countries, partnered beginning in 2020 to expand usage of the Ozé Business App among young entrepreneurs in rural Ghana. The Ozé mobile phone app is designed to help users track
MICROCAPITAL BRIEF: I&P Leads $8m Debt, Equity Funding Round for Zeepay to Expand Mobile Money Services in Africa
Investisseurs & Partenaires (I&P), a France-based investor in small and medium-sized enterprises (SMEs) in sub-Saharan Africa, recently led a funding round for Zeepay, a financial technology (fintech) company with offices in Ghana and the UK, to expand Zeepay’s digital wallet services to more countries in Africa. The funding round comprises USD 3 million in equity from I&P, USD 800,000 in equity from Ark Holdings, USD 800,000 in
MICROCAPITAL BRIEF: Fintech Zeepay of Ghana, Dutch Government, SNV, UNCDF Partner on Financial Education, Remittances via EU-funded GrEEn Program
Zeepay, a financial technology (fintech) company with offices in Ghana and the UK, recently partnered with the embassy of the Netherlands in Ghana, the Dutch NGO Stichting Nederlandse Vrijwilligers (SNV) and the UN Capital Development Fund (UNCDF) as part of the EU-funded Boosting Green Employment and Enterprise Opportunities in Ghana (GrEEn) program. The goal is to serve “youth, women and
MICROCAPITAL BRIEF: Chipper Cash Raises $100m in Equity to Expand Cryptocurrency, Peer-to-Peer Services, Distribution of Payment Cards in Africa, UK
Chipper Cash, a US-based financial technology (fintech) firm active in Africa, recently raised USD 100 million in a Series C round of funding that it plans to use to
MICROCAPITAL BRIEF: Fintech Zeepay of Ghana Buys Controlling Stake in Mangwee Mobile Money of Zambia
The Ghana-based financial technology (fintech) company Zeepay recently bought a 51-percent stake in Zambia-based digital wallet and remittance platform Mangwee Mobile Money for an undisclosed price. Zeepay Managing Director Andrew Takyi-Appiah noted, “The acquisition… will give Zeepay access to Mozambique, Malawi, Angola and Namibia among others in our effort to
MICROFINANCE PAPER WRAP-UP: “Financial Literacy Education: Implication on the Economic and Social Life of the Teacher in Ghana,” by Juabin Matey et al, Published by International Research Journal of Multidisciplinary Scope
The authors of this paper investigated “how consumers acquire knowledge of financial numeracy and how it’s applied, especially to their economic and social lives.” Past research has shown both higher borrowing costs and over-spending to be correlated with
MICROCAPITAL BRIEF: Bank of Ghana Revokes Licenses of 23 Microfinance Banks Due to Insolvency
The Bank of Ghana (BOG) recently revoked the licenses of 23 microfinance banks (MFBs) that became insolvent and remained so despite being given additional time to seek fresh capital from investors. The MFBs reportedly will be able to
MICROCAPITAL BRIEF: Government of Ghana Restores Losses to Customers of Failed Microfinance Institutions (MFIs), but $150m of Savings Remain “in Jeopardy” in Advance of Deposit-insurance Rollout
After the collapse of approximately 100 licensed microbanks in Ghana over four years, the country’s central bank, the Bank of Ghana, has announced it will refund deposits of up to GHS 10,000 (USD 2,000) per retail