Microfinance In Ghana Thesis

Income was used as a proxy of the economic well-being of clients.Chi-square test was also run to further verify the association between beneficiaries’ income levels and microloans.Microfinance products The financial products of most microfinance companies can be categorised into three. The deposits may include micro-savings and special-savings; the categories of loan may include micro SME loans, personal loans, emergency loan, and micro loans, among others.

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Microfinance institutions seek to tailor their financial services to adequately meet the needs of their clients; and to become a strong force to reckon with in the financial industry.

Like any other group of organisations that is well-organised and focused, microfinance institutions have a mission.

Microfinance can promote higher investment leading to economic empowerment, which in turn promotes confidence and self-esteem, particularly for the vulnerable.

In other words, micro- finance creates access to productive capital for the poor, which together with human (addressed through education and training) and social capital (achieved through local organization building), enables people to move out of poverty.That is, to provide quality, but affordable financial services to their existing and prospective clients.To achieve this objective, microfinance companies are committed to motivating their staff; adhering strictly to banking rules and regulations; becoming socially responsible; and ensuring higher returns on investment to meet the expectations of stakeholders.However, microloans do not significantly support clients financially to improve their non-farm activities to the extent that could enable them to build, buy, or rehabilitate their own houses.Non-farm clients witnessed an increase in income after acquiring loans; however, income earned is usually insufficient for the acquisition of fixed assets.We use cookies to make interactions with our website easy and meaningful, to better understand the use of our services, and to tailor advertising.For further information, including about cookie settings, please read our Cookie Policy .In addition, data were collected on healthcare, clothing, housing, and respondents’ educational attainments as means for verification of the impact microfinance has on the social welfare of people engaged in non-farm activities.As regards the relationship between microfinance and social welfare of the beneficiaries, we found a positive impact of microfinance on the respondents’ clothing, healthcare, and educational attainments.A survey was conducted to obtain data from 100 rural non-farm clients.Using a multiple regression technique, the impact of microfinance on the socio-economic welfare of clients has been discussed.

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