In cooperation with: with: In cooperation
Programme for Sustainable Economic Development (PSED) in Ghana Financial Systems Development (FSD) Improving MSMEs’ access to financial services The challenge
Our approach
Around 80% of the Ghanaian population are employed by MSMEs. However, access to finance is a major obstacle for them. They often do not have a full understanding of the range and requirements for financial products, including insurance.
MSMEs are trained in financial management practices, increasing their readiness to access financial services. Moreover, FSPs’ supply of financial services and products for MSMEs will be improved through capapcity building.
The goal
Our partners
The programme component on Financial Systems Development aims to improve MSMEs’ access to financial services. On the one hand, through support to financial service providers in improving the supply of needs-based financial and insurance products and services. And on the other hand, through accompanying measures to develop the capacity of MSMEs to access and benefit from these products and services.
Project name
Programme for Sustainable Economic Development (PSED)
Component
Financial Systems Development (FSD)
Intervention
Improving MSME Access to Finance
Commissioned by
German Federal Ministry for Economic Cooperation and Development (BMZ)
Project region
Ghana (country-wide)
Implementing consortium
AFC Agriculture and Finance Consultants, GOPA Worldwide Consultants, CDC Consult
Duration
Sept 2020 – Dec 2022
Financial service providers (FSPs): 1.
Access Bank Ghana
2.
Allianz Life Insurance Ghana
3.
GLICO General Insurance Company Ltd
4.
Letshego Savings and Loans
5.
Sinapi Aba Savings and Loans
Sector associations (selected to access MSMEs): 1.
Ghana Cooperative Fashion Designers Association (GCFDA)
2.
Ghana National Association of Garages (GNAG)
3.
Ghana National Tailors and Dressmakers Association (GNTDA)
The benefits MSME and financial sector analyses Technical assistance to partner FSPs: product development process; MSME strategy; support for digital channels and technologies; training and capacity building Provision of training in “Financial Management and Access to Finance” to MSMEs Bringing FSPs and MSMEs together: focus groups to develop new financial products for MSMEs, FSPs presenting their products at MSME trainings
Far left: MSME customer at the counter of Access Bank Ghana. Left: MSME signing up for a new financial product by Access Bank Ghana, at a member meeting of the Ghana National Association of Garages. Photos: © GIZ / Anthony Dotey