Ghana Microfinance Institutions Network (GHAMFIN), in collaboration with our development partner, German Sparkassenstiftung Ghana (DSIK), has established the MFI Grant Scheme (GS). This initiative aims to offer liquidity assistance to Microfinance Institutions (MFIs) affected by the COVID-19 pandemic. Through the GS, MFIs can receive support to offset a portion of the principal loan amount written off and lost interest income incurred due to the pandemic’s impact.
The potential targetted beneficiary institutions are as follows;
- Tier 2 MFIs – Deposit-taking Microfinance Companies (MFCs)
- Tier 3 MFIs – Non-deposit Micro Credit Companies and Financial NGOs
- Tier 4 MFIs – Non-deposit taking individual microcredit service providers (enterprises).
Tier 1 NBFIs, Credit Unions (CUs), and Tier 4 Susu Collectors shall not be eligible under the current grant scheme. Information about scheme details, eligibility as well as the description of the application process can be found under the FAQ.
APPLICATIONS CAN BE SUBMITTED FROM MONDAY 6TH DECEMBER TO FRIDAY 17TH DECEMBER 2021 AT 5PM.
Act quickly – the grant resources are limited.
Successful Candidates must meet the following criteria;
FAQ
WHO IS ELIGIBLE FOR THIS FACILITY?
Your MFI is a Tier 2, Tier 3, or Tier 4 Non-deposit taking individual microcredit service providers (enterprises), and it is duly licensed by the Bank of Ghana and registered with the respective body/apex association.
- The applicant’s MFI complies with the regulatory reporting framework by providing a copy of the September 2021Prudential Report submitted.
- The applicant’s MFI has taken measures to effectively manage the business challenges caused by the COVID-19 pandemic (assessment of resilience capacity).
- The applicant’s institution provides evidence that it is an active member in good standing of the respective MFI association such as attendance to meetings and submission of data.
- The applicant’s institution provides evidence of full payment of their annual membership fees to the respective apex body using the current valid membership certification
- The MFIs may prove their participation in the on-going Board of Directors and Management Certification Programme being run by GHAMFIN
WHAT ARE THE TERMS AND CONDITIONS?
Amount per institution is as follows:
| Tier | Type of MFI | Unit Amout |
| Tier 2 | MFCs | Up to GHS 70,000 |
| Tier 3 | FNGOs | Up to GHS 40,000 |
| Tier 3 | MCCs | Up to GHS 70,000 |
| Tier 4 | MCEs | Up to GHS 36,000 |
HOW SHOULD YOU APPLY?
Download Application form from GHAMFIN website (www.ghamfin.org) or Association’s Website or from your respective Association’s Platforms. Click here to download forms
- Complete and attach all the necessary documents in one {1) pdf except for the Excel file in the requested order {Click Here).
• Send the completed application to Executive Director of GHAMFIN via e-mail:
HOW WOULD YOU RECEIVE THE GRANT IF YOU ARE SUCCESSFUL?
- Successful applicants would be required to provide Bank Details upon notification for direct transfer to their account.
ORDER OF PRESENTATION OF DOCUMENTS
Kindly organize and submit your documents in the following order in addition to the completed Excel Sheet:
- Completed Application Form
- 2020 audited financial statement for Tier 2 and Tier 3. For Tier 4 applicants, in the absence of an audited financial statements for 2020, a management account will suffice (even though audited financial statement is preferred).
- Copy of Prudential Report for September 2021
- Current Association Membership Certificate.
- Pager of the resilience measures on a letterhead.
WHAT ELSE DO YOU NEED TO KNOW?
Unfortunately, incomplete, or inaccurate applications (missing information or documents) would not be considered.
ANY OTHER QUESTIONS?
For further questions, please contact: GHAMFIN
Documents to Download
MFI Grant Application Form= Click here Download
MFI Scheme = Click Here Download
