SENDFiNGO: an innovative model of financial inclusion in Ghana
SEND-Ghana pioneered the use of credit unions to expand microcredit outreach in order to promote sustainable livelihood security in the north of Ghana, one of the poorest parts of the country. SEND-Ghana facilitated micro loans through a relationship it built with credit unions, by which it offers funding and technical support to the credit unions. In 2009, SEND established a new entity called SENDFiNGO as an independent organization to take over and manage its previous work in microfinance and credit union development. Since then, SENDFiNGO has grown from 1,314 members in December 2009 to a total of 6,016 at the end of 2012. At the same time, studies have shown the widespread positive impact of the project on clients, including: 49 per cent of women expanding their business; an increase from 24 per cent to 40 per cent in women saving money over the course of their loan; and women contributing to their household expenditure showing an increase from 12 per cent to 45 per cent. The paper sets out the history of the project, details on the impact findings and lessons for other microfinance programmes from this innovative approach to financial inclusion.Bank of Ghana (2012) Financial Stability Report, Accra: Bank of Ghana.
Bank of Ghana (2013)‘Register of licensed institutions’ [online] 〈www.bog.gov.gh/index.php?option=com_content&view=article&id=110&Itemid=123〉 [accessed 12 February 2013]. www.bog.gov.gh/index.php?option=com_content&view=article&id=110&Itemid=123
Mix Market (2013) ‘Ghana market profile’ [online] 〈www.mixmarket.org/mfi/country/Ghana〉 [accessed 1 August 2013]. www.mixmarket.org/mfi/country/Ghana
Bank of Ghana (2012) Financial Stability Report, Accra: Bank of Ghana.
Bank of Ghana (2013)‘Register of licensed institutions’ [online] 〈www.bog.gov.gh/index.php?option=com_content&view=article&id=110&Itemid=123〉 [accessed 12 February 2013]. www.bog.gov.gh/index.php?option=com_content&view=article&id=110&Itemid=123
Mix Market (2013) ‘Ghana market profile’ [online] 〈www.mixmarket.org/mfi/country/Ghana〉 [accessed 1 August 2013]. www.mixmarket.org/mfi/country/Ghana
Bank of Ghana (2012) Financial Stability Report, Accra: Bank of Ghana.
Bank of Ghana (2013)‘Register of licensed institutions’ [online] 〈www.bog.gov.gh/index.php?option=com_content&view=article&id=110&Itemid=123〉 [accessed 12 February 2013]. www.bog.gov.gh/index.php?option=com_content&view=article&id=110&Itemid=123
Mix Market (2013) ‘Ghana market profile’ [online] 〈www.mixmarket.org/mfi/country/Ghana〉 [accessed 1 August 2013]. www.mixmarket.org/mfi/country/Ghana
Bank of Ghana (2012) Financial Stability Report, Accra: Bank of Ghana.
Bank of Ghana (2013)‘Register of licensed institutions’ [online] 〈www.bog.gov.gh/index.php?option=com_content&view=article&id=110&Itemid=123〉 [accessed 12 February 2013]. www.bog.gov.gh/index.php?option=com_content&view=article&id=110&Itemid=123
Mix Market (2013) ‘Ghana market profile’ [online] 〈www.mixmarket.org/mfi/country/Ghana〉 [accessed 1 August 2013]. www.mixmarket.org/mfi/country/Ghana
- Development impact bonds: learning from the Asháninka cocoa and coffee case in Peru
- Trade-off between outreach and sustainability of microfinance institutions: evidence from sub-Saharan Africa
- Value chain development for rural poverty reduction: A reality check and a warning
- Impact assessment of commodity standards: towards inclusive value chains
- What is cocoa sustainability? Mapping stakeholders’ socio-economic, environmental, and commercial constellations of priorities
Browse our other journals
