Official launch of the Microfinance Companies Capacity Cmprovement Project (MICCIP)
The Ghana Association of Microfinance Companies (GAMC) which is benefiting from a grant of €1.5 million from Agence Française de Développement (AFD) towards the Microfinance Companies Capacity Improvement Project (MICCIP) is pleased to announce the official launch of the project. The MICCIP consists of strengthening GAMC’s capacities and that of its training centre in the elaboration of its courses; as well as providing technical assistance to its members.
The technical assistance will be targeted at its members which have demonstrated a certain level of professionalism and strong signs of sustainability. About one hundred (100) of the strongest GAMC’s members licensed by the Bank of Ghana under Tier 2 will be assessed. Out of those one hundred MFCs, forty (40) will benefit from a “program of excellence” within a 40-month period. Overall, it will improve the quality of financial services provided by microfinance companies (MFCs) in Ghana to populations unable to access banking services and very small enterprises from the formal and informal sectors.
According to the French Ambassador to Ghana, H. E. François Pujolas, who was the guest of honour at the launch, “when a large number of people do not have access to the banking system, a strong and resilient microfinance sector is an interesting alternative”. He explained how the project is made possible thanks to the €10 million Microfinance Facility the French Government makes available to AFD every year. “Through this facility, France is indeed promoting the best practices in this challenging sector”.
“The project is also expected to increase transparency and confidence within the microfinance sector leading to a more socially responsible and sustainable financial environment”, added the Chairman of GAMC, Mr Collins Amponsah-Mensah.
Agence Française de Développement (AFD) is a public development finance institution that has been working to fight poverty and foster economic growth in developing countries and the French Overseas Communities for seventy years. It executes policies defined by the French Government.
The Ghana Association of Microfinance Companies (GAMC) is an Association of companies providing microfinance services under the tier two of Bank of Ghana’s categorization. Member companies offer both lending and deposit products to their clients. GAMC was incorporated on May 21, 2011 to work towards the promotion of discipline into the operations of the companies which had sprung up in numbers in recent years by establishing best practices and industry standards.