Over the years, the microfinance sector has thrived and evolved into its current state thanks to various financial sector policies and programmes undertaken by different governments since independence. Its the skill, experience and hardwork of our team members who have designed and developed this financial software through extensive research using all microfinance companies. The ghanaian microfinance industry consists of 24 savings and loans companies, and 5 rural and community banks. Our microfinance software solution is a robust and scalable platform that helps to automate all business processes of your organisation on a single technology backbone, thereby helping you to plan your business growth at lower investments, enhance customer reach multifold in a secure manner and keep track of the profitability as well as. Fasttrack microfinance ghana provides loans to individuals with little income and with very low repayment costs to manage individual accounts. Are you working for an established rural bank, savings and loans company, microfinance institution or a cooperative and are looking for a banking software. Sep 20, 2018 the microfinance and small loans centre masloc is a microfinance apex body responsible for implementing the ghanaian governments microfinance programmes, which are targeted at reducing poverty.
Profits from the loans go to the entrepreneurs, not to banks. Fasttrack ghana as our name implies, believe financial services should be fast and without any unnecessary delays for it to be effective. Mambu revamps its microfinance software free mambu microfinance software for all the little guys finally, all the small mfis, ngos and microfinance dogooders out there can have access to technology to manage their clients and portfolios for free. Three years in the making, this highenergy, 152minute documentarystyle series challenges conventional thi. Net systems ghana limited formerly benak consult ltd is a whollyowned ghanaian company incorporated in 2003 under the companies code.
Member companies offer both lending and deposit products to their clients. Microfinance refers to the provision of financial services to the poorlow income clients, including, consumers and the self employed ledgerwood, 2000,christen et al 2004 asserted that microfinance refers to a movement that envisions a world which as many poor and nearpoor households as possible have permanent access to an appropriate range of high quality finance services and the. The solution supports business process integration, singlepoint data control and indepth report analytic. Entrepreneurs share their stories, photos and progress updates. Microfinance, poverty reduction, impact assessment, ghana. Pdf investment impact of microfinance credit in ghana. The software is running successfully in both the organizations now and we are happy with it quicken microfinance, ghana. The bank will support demanddriven microfinance interventions that develop and provide financial services. Recently, glife mfl has received a provisional approval from the bank of ghanabog and is looking forward to be fully regulated by the.
With stateoftheart technology the microfinance software delivers operational transformation to microfinance organizations of all sizes, by adding high service value and financial regulatory compliance. Glife microfinance limited glife mfl is a member of the ghana association of microfinance gamc, it is registered in ghana as a financial institution and has a key focus to provide micro finance services. Adaptive, open source software for microfinance opencbs is the easiest financial management solution to install, use and customize. The number 1 micro finance software, software for microfinance. Software for microfinance mfi micro loan management. It is limited by guarantee and was registered in ghana on the 20th of may, 2011. The ghana cooperative susu collectors association gcsca and the micro credit association ghana mcag are two associations which are microfinance service providers. Ghamfin is an informal network of institutions and individuals that operate within ghanas microfinance industry. About musoni services musoni is a microfinance software company that supports mfis and saccos with its innovative and awardwinning.
Ghana association of microfinance companies term paper. An informal network of institutions and individuals that operate within the countrys microfinance industry. On shareholding, the bog stated that microfinance institutions such as susu companies, deposit collection financial bodies and money lending companies should be restricted to only ghanaians. Micro lending interest rates, microcredit organization.
The microfinance and small loans centre masloc is a microfinance apex body responsible for implementing the ghanaian governments microfinance programmes, which are targeted at reducing poverty. Shg microfinance software in ghana, micro credit software in. Development, success factors and challenges irene akuamoah boateng1 albert agyei2 1,2school of business, valley view university, oyibi, accra 1email. Apr 04, 2018 download mifos microfinance open source for free. One of the main challenges within the ghanaian microfinance sector. These two associations have been given the selfregulation mandate by the bank of ghana bog. Microfinance software, cooperative,nbfc software, loan. This partially accounts for the slow growth of the subsector, and the apparent lack of direction, fragmentation and lack of coordination. The groups mission is to help startups and smes expand their businesses through the provision of fast, easy and accessible microcredit. However, most associations and their training programs depend heavily. The number 1 micro finance software, software for microfinance, software for microcredit. The attention of the entire microfinance community is on the diverse needs of clients, the broader financial ecosystem and the transformational nature of technology world bank handbook on microfinance, 20. Lorem ipsum dolor sit amet consectetur adipiscing elit sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.
However, susu, which is one of the microfinance schemes in ghana, is thought to have originated from nigeria and spread to ghana in the early twentieth century. Adaptable microfinance software that provides efficiency in business processes, risks mitigation and operational control. It reports that its membership consists of 70 regulated and nonregulated microfinance institutions that together are serving over 26,000 clients. Banking software for financial institutions in ghana oradian. Shareholding of microfinance institutions such as susu companies, deposit taking financial ngos and money lending companies shall be restricted to only ghanaians. With zidisha on my side, i will attain my dream of providing a secure future for my family. The philosophy of fasttrack ghana is built on solid knowledge of the ghanaian economy, and the need to grow small and medium scale enterprises which is the back bone of the ghanaian economy.
Mifos x is the next generation of the mifos software. Shareholding in nondeposit taking microfinance institutions may be exclusively ghanaian, exclusively foreign or jointly ghanaian and foreign. In the first phase, we selected microfins for quicken microfinance and the features offered in microfins software suits our operations as a result of which we implemented it in our sister organization qfs securities too. Microfinance and ict meet in rural areas, ghana sap blogs. Jan 30, 2017 some critical happenings recorded in the ghanaian microfinance sector over the past 3 years seem to have slowed down the momentum which was driving the outreach of ghanas microfinance sector. Sep 14, 2009 microfinance and ict meet in rural areas, ghana. Even though i have, and continues to hold the opinion, that every country. Povertycure is thrilled to present our new, sixepisode dvd series on human flourishing. Currently, the focus of microfinance is no longer on credit for investment in micro enterprises. Ghana microfinance institutions network rural finance. The ghana association of microfinance companies gamc is an association of companies providing microfinance services.
Microfinance demo, microfinance features, microfinance. Microfinance software ghana list of ghana microfinance software. Logiciel ghana limited is dedicated to delivering the most advanced innovative ict technology to become the partner of choice for the microfinance institutions, governments, financial institutions and enterprises by helping them create, bridge the gap, build and maintain reliable and costeffective solutions in enhancing financial inclusion and. This article presents the findings from a 5week exploratory research project on microfinance in ghana. Logiciel also specialize in innovative cloudbased systems for financial institutions in ghana and sub sahara africa logiciel has gained the reputation of being the market leader and driving force behind most successful microfinance institutions in ghana. Mambu has just launched its revamped community edition which gives an organization of up to 1500 clients, access. Ghana information technology and telecom awards, gitta 2017 was held on 15th july, and the top it companies in ghana were awarded. The main objective of this chapter is to assess the microfinance regulation in ghana and diagnose the current regulatory requirements of mfis and bring out the issues that are critical for. Ghana microfinance institutions network ghamfin ghamfin was legally registered in august 1998. Self help group microfinance software ghana is a online web based software built especially for shg microfinance banking with automatic posting of business.
In e gypt different authorities are responsible for regulation and supervision of mfis, depending upon the. Benak consult was then a consulting firm offering management consulting services to all our cherished clients and was also into selling, implementation and training on accounting software, hospital. History aspekt was founded in 1992 as a software development company. Poverty is a concept that applies to all humans and more seriously to people in the developing world. About us fasttrack ghana ltd obtained its licence to operate from the bank of ghana in 2000. The selfregulation mandate requires gcsca and mcag to monitor the operations of their members to ensure. In view of the central bank of ghanas war on the microfinance sector and public outcry on the industry in some parts of the country, the popularity of microfinance space as a means of financial. Redesigned to be a true, fully functional platform for financial inclusion, it builds off the experiences of our legacy codebase, mifos 2.
Loan performer, microfinance software, sacco software, micro finance software, loan software, loan, for savings and loan tracking by crystal clear software limited. Development worker as advisor for microfinance at giz. Indeed, the book is a masterpiece that players in the microfinance sector. Fully configurable and robust, the software for microfinance by hes fintech meets the critical demands of global finance and banking institutions.
Microfinance solutions microfinance management software. Some critical happenings recorded in the ghanaian microfinance sector over the past 3 years seem to have slowed down the momentum which was driving the outreach of ghanas microfinance sector. In 2007 new management came on board and the company has gone through a transformation which led to strategic determination for aspekt to focus on developing superb solutions for financial markets. List of microfinance software companies and services in ghana. Bank of ghana operating rules and guidelines for microfinance. Microfinance software company has participated in the mission through developing cost effective and efficient money management software for these microfinance companies. The bank will ensure that its operations support initiatives that increase the. Many people in ghana now have some negative view about microfinance companies. With more than 70 regulated and nonregulated mfis that together serve over 260,000 clients, ghamfin is one of the largest mfas in africa and probably one of the most.
Our technology is used by all kinds of institutions, from small startups using our free core software to microfinance. The sector is yet to benefit from a new national instant electronic payment system, introduced by the bank of ghana, which should reduce cash transactions, lead to a drop in the costs of borrowing and launch branchless banking. Qcapital microfinance ltd just another wordpress site. With the help of capterra, learn about cobis microfinance software, its features, pricing information, popular comparisons to other banking systems products and more. This network evolved from the concern of some ghanaian microfinance institutions mfis for the development of best practices in delivery of microfinance services. Flexible loan payments micro loans fasttrack microfinance ghana. Whether you need to go digital, add process automation, or facilitate the transformation of current operations, our microlending solutions meet your business needs in an everchanging lending market. Aspekt microfinance software is specialized, financial software with integrated dynamic data collector, tool for vendorindependent, flexible datadefinition and spreadsheets mapping as well as business process modelling tool. If you plan on saving cash for the future on a short term to long term basis, q capital microfinances fixed deposits offers the best options for you and your business. Each of these financial institutions is using offtheshelf components and sophisticated management software to move rapidly into a new type of lending. Logiciel ghana limited is a young, innovative technology and services. Websoftex software solutions private limited, a bangalore based company, an authorized software service provider engaged in microfinance, banking, cooperative, nbfc, pigmy, mortgage, rd fd, loan software, accounting, ecommerce, billing, and core banking in bangalore with maximum level protection. Generally, since the beginning of government involvement in microfinance in the 1950s, the subsector has operated without specific policy guidelines and goals. Advans ghana savings and loans limited support for.
Andah, who wrote the foreword to the book puts it, microfinance and poverty reduction. Aspekt microfinance software i workflow technology for. Foreign capital should be registered at the ghana investment promotion centre. Pdf this research paper examines the impact of the microfinance sector on smallmicro enterprises in ghana. Though at the theoretical level, microcredit is said to play a significant role in poverty reduction, empirical work on the role of microcredit in poverty reduction is mixed with some studies indicating high levels of employment and income generation and others suggesting a worsening of poverty with microcredit. Here are the top it companies in ghana gitta 2017 gharage. Performance indicators for microfinance institutions. The experience of ghana is a mustread book for anyone interested in microfinance. The aim of this project was to develop initial hypotheses that can be tested in a followup. Microfinance is the major transformational tool in ghana. About us microfinance ghana fasttrack microfinance ghana. As the executive secretary of the ghana microfinance institutions network ghamfin, dr david o. The selfregulation mandate requires gcsca and mcag to monitor the operations of their members to ensure that they. Apr 17, 2020 the ghana cooperative susu collectors association gcsca and the micro credit association ghana mcag are two associations which are microfinance service providers.