List of licensed Microcredit Institutions in Ghana

What are the BoG authorised microcredit institutions in Ghana?

The Bank of Ghana (BoG) defines Microcredit Institutions as a specific category of licensed Non-Bank Financial Institutions (NBFIs) whose primary function is to provide small, uncollateralized loans (microcredit) to low-income clients, small-scale businesses, and individuals who are typically excluded from the traditional banking system.

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They are generally categorised under the BoG’s supervisory framework for Other Financial Institutions (OFIs) and are distinguished by the scope of services they are permitted to offer:

1. Primary Activity: They are licensed to provide Microcredit (small loans) and offer little to no other financial products.
2. Deposit-Taking Status: They are strictly Non-Deposit-Taking Institutions (unlike Tier 2 Microfinance Companies and Savings & Loans Companies), meaning they are not authorised to accept savings or current account deposits from the public.
3. Target Market: Their services are specifically aimed at promoting financial inclusion for low-income clients, operators in the informal sector, and small businesses who cannot access credit from formal banks.
4. Regulatory Status: They are corporate entities that must obtain a valid Tier 3 licence from the Bank of Ghana to operate legally as Money Lenders or Non-Deposit-Taking Financial NGOs (FNGOs).

List of licensed Microcredit Institutions in Ghana

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Below is a list of the Bank of Ghana’s authorised microcredit institutions in Ghana.