Official launch of the Microfinance Companies Capacity Improvement Project (MICCIP)

By Embassy of France to Ghana

The Ghana Association of Microfinance Companies (GAMC) which is benefiting from a grant of €1.5 million from Agence Française de Développement (AFD) towards the Microfinance Companies Capacity Improvement Project (MICCIP) is pleased to announce the official launch of the project. The MICCIP consists of strengthening GAMC's capacities and that of its training centre in the elaboration of its courses; as well as providing technical assistance to its members.

The technical assistance will be targeted at its members which have demonstrated a certain level of professionalism and strong signs of sustainability. About one hundred (100) of the strongest GAMC's members licensed by the Bank of Ghana under Tier 2 will be assessed. Out of those one hundred MFCs, forty (40) will benefit from a “program of excellence” within a 40-month period. Overall, it will improve the quality of financial services provided by microfinance companies (MFCs) in Ghana to populations unable to access banking services and very small enterprises from the formal and informal sectors.

According to the French Ambassador to Ghana, H. E. François Pujolas, who was the guest of honour at the launch, “when a large number of people do not have access to the banking system, a strong and resilient microfinance sector is an interesting alternative”. He explained how the project is made possible thanks to the €10 million Microfinance Facility the French Government makes available to AFD every year. “Through this facility, France is indeed promoting the best practices in this challenging sector”.

“The project is also expected to increase transparency and confidence within the microfinance sector leading to a more socially responsible and sustainable financial environment”, added the Chairman of GAMC, Mr Collins Amponsah-Mensah.