Micro Credit Association to benefit from $200M loan facility from Afrexim Bank
The Micro Credit Association of Ghana says customers should expect a revamp in their operations in the coming weeks following a two hundred million dollar loan facility from Afexim Bank.
The sector took hard hit during the onset of the COVID -19 pandemic whiles still adjusting to the 2017banking sector clean up.
According to the association , the money will help its members expand their operations and also make up for some of the losses they have encountered this year due to the unfavorable economic conditions.
Executive Director of Ghana Micro Finance Institutions Network, Yaw Gyamfi explained to Citi Business News that the money will be made available to the various financial institutions once they uploaded their individual profiles with the associations database.
“Its something that we sought for a year ago, then just last week they let us know that they have some funding for us, the only condition on it is that we have to create a profile for each of the institutions so that they can have access to the funds”.
“There are a broad range of activities that the fund can go into, so depending on the sector that you are in and how well you are doing in that sector will determine how much you will get”.
Source: Ghana Business
