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Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,*,SCALING UP MICROFINANCE,INSTITUTIONS,OPPORTUNITIES AND CHALLENGES IN RURAL AREAS,Background,For more than twenty years,the microfinance industry has chalked a great deal of success in terms of outreach and sustainability in most countries of the world,particularly in Latin America and Asia.,Africa has not been found wanting and it is gradually warming itself into pole position with extensive microfinance activities almost in every country on the continent.,It could be said that in Africa and particularly in Ghana,microfinance remains primarily a supply-driven endeavour with a marginal number of methodologies applied mainly to provide working capital loans to micro entrepreneurs,farmers and the vulnerable in our rural areas.,Microfinance Institutions in Ghana,Microfinance institutions in Ghana are classified as informal,semi-formal and formal financial suppliers who help to roll out various microfinance schemes for the rural poor,especially women and other vulnerable groups.,Informal financial suppliers,include Susu Collectors,Moneylenders,Family members,Rotating Savings and Credit Associations(ROSCA)etc.,Semi-formal financial suppliers,are credit oriented NGOs such as Sinapi Aba Trust,ENOWID Foundation and Catholic Relief Services.,Formal financial suppliers,include the Non-Bank Financial Institutions NBFIs)namely Savings and Loans Companies,such,Womens World Banking Ghana (WWBG),Credit Unions,Rural and Community Banks and some commercial banks(e.g.Agricultural Development Bank and Metropolitan and Allied Bank),The commercial banks programme their microfinance activities through their branch networks in the rural areas,whilst the Rural and Community Banks which are dotted in all the regions and districts of rural Ghana collaborate with the ARB Apex Bank in their efforts at getting to their targets.,Microfinance institutions in Ghana have similar structures as compared to others in other parts of Africa;at the top of the structures are the Board of Directors,and the manner in which their businesses are governed by the board and senior management in:,Setting corporate objectives,Managing operations of the institutions,Considering the interests of recognized stakeholders,Conflict resolution.,Governmental agencies involved in microfinance include,ministries,municipal and district Assemblies.,NGOs which are in the microfinance business are operated predominantly by individuals and groups.,Resources,Microfinance institutions in the country,like most of their West African counterparts rely on Equity,Savings Deposits,Subsidies and Credit lines as their main source of resources in the management of their institutions:,Equity,These are capital introduced and retained earnings depending on the performance of the institution.,Savings Deposits,They are funds mobilised from clients which are recycled,creating a multiplier effect for the institution and its target market.,Subsidies,These are governmental interventions through the ministries,municipal and district assemblies to the rural poor.,Credit Lines,These are support from donors and other agencies interested in promoting microfinance programmes in the country.,Scaling Up Strategies for Microfinance Institutions,Just as every organization must follow a business strategy to improve its competitive position,microfinance institutions must also decide their orientation towards growth and sustainability.,In this regard,microfinance institutions must adopt the right directional strategies to grow and remain in business.These strategies may include:,Growth Strategies,Stability Strategies,Portfolio Strategies,Human Resource Management Strategies.,As regards growth strategies,MFIs must pursue corporate directional strategies designed to achieve growth in our deposit base,assets,profits and/or combination of them.Continuing growth means increasing the sale of our products and a chance to benefit from economies of scale,thus increasing our profits and enhancing our image.,MFIs can also choose stability strategies over growth strategies by continuing with our current activities.Even though sometimes viewed as lack of strategy,these strategies can be successful in a reasonably predictable environment and can be adopted for small MFIs who have found a niche and are happy with their success.But let me sound a note of caution that,such strategies must be adopted only in the short run,to avoid the consequences of our rapidly changing environment.,With portfolio strategies,MFIs should continue to ask ourselves how our products designed to suit the needs of our target market(the rural poor and other vulnerable groups)should be managed to boost our overall performance.,Questions that must continuously be answered include:,How much of our time and resources should be spent on our best products to ensure that they continue to be successful?,How much of our time and resourc
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