In cooperation with: with: In cooperation
Programme for Sustainable Economic Development (PSED) in Ghana Financial Systems Development (FSD) Improving MSMEs’ access to financial services The challenge
Our approach
Around 80% of the Ghanaian population are employed by MSMEs. However, access to finance is a major obstacle for them. They often do not have a full understanding of the range and requirements for financial products, including insurance.
MSMEs are trained in financial management practices, increasing their readiness to access financial services. Moreover, FSPs’ supply of financial services and products for MSMEs will be improved through capapcity building.
The goal
Our partners
The programme component on Financial Systems Development aims to improve MSMEs’ access to financial services. On the one hand, through support to financial service providers in improving the supply of needs-based financial and insurance products and services. And on the other hand, through accompanying measures to develop the capacity of MSMEs to access and benefit from these products and services.
Project name
Programme for Sustainable Economic Development (PSED)
Component
Financial Systems Development (FSD)
Intervention
Improving MSME Access to Finance
Commissioned by
German Federal Ministry for Economic Cooperation and Development (BMZ)
Project region
Ghana (country-wide)
Implementing consortium
AFC Agriculture and Finance Consultants, GOPA Worldwide Consultants, CDC Consult
Duration
Sept 2020 – Dec 2022
Financial service providers (FSPs): 1.
Access Bank Ghana
2.
Allianz Life Insurance Ghana
3.
GLICO General Insurance Company Ltd
4.
Letshego Savings and Loans
5.
Sinapi Aba Savings and Loans
Sector associations (selected to access MSMEs): 1.
Ghana Cooperative Fashion Designers Association (GCFDA)
2.
Ghana National Association of Garages (GNAG)
3.
Ghana National Tailors and Dressmakers Association (GNTDA)
The benefits MSME and financial sector analyses Technical assistance to partner FSPs: product development process; MSME strategy; support for digital channels and technologies; training and capacity building Provision of training in “Financial Management and Access to Finance” to MSMEs Bringing FSPs and MSMEs together: focus groups to develop new financial products for MSMEs, FSPs presenting their products at MSME trainings
Far left: MSME customer at the counter of Access Bank Ghana. Left: MSME signing up for a new financial product by Access Bank Ghana, at a member meeting of the Ghana National Association of Garages. Photos: © GIZ / Anthony Dotey
Contact person Cynthia Odonkor Component Manager – Microfinance
Examples of our success
cynthia.odonkor@giz.de
2,258
MSME trainings map
MSMEs trained across Ghana.
Northern Region
337
Bono Region
51% of them are female entrepreneurs.
129
277
208
GHA NA
68
212
209
Greater Accra Ashanti Region
FSP employees were trained or benefitted from capacity building. In addition, 56 employees of micro finance institutions and 37 from the insurance sector were trained.
868
563
Training of Trainers ensures sustainable impact:
172 349
35 277
62 local solidarity support groups
347
172
48 trainers have been trained to deliver the training contents to their association peers and to give one-on-one support for 840 MSMEs.
79
Western Region
213
(in-person and digital) have been formed, promoting peer learning and exchange of ideas.
88 125
Key
9
GCFDA – Ghana Cooperative Fashion Designers Association
newly developed financial products, incl. 3 insurance products.
GNAG – Ghana National Association of Garages GNTDA – Ghana National Tailors and Dressmakers Association MSME trained
Other organisations
Product prototypes developed
MSMEs have signed a contract for an innovative financial product from the FSPs.
2,533 55%
For Letshego Savings and Loans: Madwuma Ntoboa Savings Plan, Nkosuo Bosea Loan Solution
45%
A Financial Products Launch Event to formally launch FSPs‘ newly developed products.
For Access Bank Ghana: Live Beta Savings Product, Instant Business Loan For Sinapi Aba Savings and Loans: Group loan, Individual loan
95%
For GLICO General Insurance Company: Mechanics Internal Risk Policy, Personal Accident Policy For Allianz Life Insurance Ghana: SME Assured Plan
Published by
Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH
of trained MSMEs say that they feel better prepared now for future risks.
Photo credits
Registered offices Bonn and Eschborn, Germany
96% say that the project enabled them to increase the efficiency of their company.
Anthony Dotey
GIZ is responsible for the content of this publication.
Programme for Sustainable Economic Development (PSED) GIZ Country Office Ghana 7 Volta Street Airport Residential Area Accra, Ghana + 233 302 760 448 www.giz.de/ghana As at
December 2022
Printed by
GIZ Country Office Ghana, Accra
On behalf of
Federal Ministry for Economic Cooperation and Development (BMZ)
In cooperation with:
In cooperation with