Microfinance institutions should be more committed to establishing networks in rural communities to holistically develop the national economy, says Sampson Ahmed, Chief Executive Officer of Mighty Microfinance Company.
He says the increase is the number of financial service providers should not be to the neglect of rural economic players, who are constrained in credit accessibility to transform their subsistent operations.
“Most firms are based in the cities, not realizing that there are some rural areas that we have to serve”, he observed. “I want to tell my colleagues to focus on the rural areas to help people with loans and advise; they should come to the needs of the farmers and support the rural areas to develop”.
Mr. Ahmed spoke to Luv Biz Report at the opening of the company’s 9th branch at Atwima Foase, a predominantly farming community in the Atwima Kwanwoma District of Ashanti.
He said Mighty Microfinance is targeting farmers “to support them with loans to expand their farms because in Ghana we all depend on farming.”
He added that other small businesses in the area can access financial products to support children’s education and enhance their livelihoods.
Meanwhile, Mr. Ahmed has enjoined microfinance ventures to join the Ghana Association of Microfinance Companies (GAMC) to benefit from managerial and other training programmes.
The GAMC is recognized by the Bank of Ghana as an umbrella professional association to help promote best practices in the microfinance industry.