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.

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

Ghana has 28 BoG authorised corporate governance certification vendors in Ghana.

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