Business Management Dynamics

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ISSN: 2047-7031

bmd Business and Management Dynamics bmd
ISSN: 2047-7031  
Volume  10   Issue 02  2020  
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Article Abstract
Historical emergence of microfinance and the microfinance sector in Ghana.
Keywords:  Commercial Banks, Emergence of Microfinance, Financial services, Microcredit, Microfinance Institutions (MFIs), Rural and Community Banks(RCB)
Dr. Alex Addae-Korankye
The study reviewed the historical emergence of microfinance in general and Ghana in particular. It was found that microfinance started as pawnshops with affordable interest rates to Irish loan fund, then to co-operatives, agricultural credits, small loans to poor women and farmers then formally microcredit and finally microfinance (Microcredit plus savings, insurance, money transfers, and non-financial services). In Ghana, microfinance was started by the government offering subsidised credit to farmers, then through NGOs, then establishment of Agricultural Development Bank to supply small loans to the agricultural sector, then establishment of Rural and Commercial Bank, to formalisation and commercialisation of MFI.
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