| Outstanding portfolio (KES) | KES 883,321.93 |
| Portfolio (USD) | USD 10,668.14 |
| Active Clients with Loans | 202 |
| Approximate % Female Clients | 40% - 60% |
| Approximate % Urban Clients | 0% - 20% |
| Individual | x |
| Solidarity group | |
| Village banking | |
| Self help group | |
| Other |
| Any purpose | |
| Income generation | |
| Mortgage/housing | x |
| Consumer loan | |
| Agriculture | |
| Education | |
| Other household finance | |
| Other | |
| Other (2) |
| Credit education | x |
| Group meetings | |
| Credit insurance | |
| Workplace visits | |
| Business training | |
| Other training | x |
| Other | |
| Other (2) | |
| No other services |
| Men | x |
| Women | x |
| Must run a business | |
| Must own a home or land | |
| Must be a salaried worker | |
| Must be specific age group | |
| Other | |
| Other (2) |
| # Regions for this institution | 5 |
| # Regions for this product | 5 |
| Regions Active | Central, Coast, Eastern, Nairobi, Rift Valley |
| Currency | KES |
| Minimum loan size | KES 2,990 |
| Maximum loan size | 41,400 |
| Loans less than KES 50,000 | 100% |
| KES 50,000-150,000 | 0 |
| KES 150,000-250,000 | 0 |
| KES 250,000-350,000 | 0 |
| KES 350,000-450,000 | 0 |
| Greater than KES 450,000 | 0 |
| Shortest loan term | 3.0 months |
| Longest loan term | 12.0 months |
| Approx average | 6.0 months |
| Loans 3 months or less | 5% |
| Between 4 and 6 months | 50% |
| Between 7 and 9 months | 15% |
| Between 10 and 12 months | 30% |
| Between 13 and 18 months | 0 |
| Longer than 18 months | 0 |
| Grace period usage | 0 |
| Average grace period | 0 |
| Daily | |
| Weekly | |
| Every 2 weeks | |
| Every 4 weeks | |
| Monthly | x |
| Every 2 months | |
| Quarterly | |
| Every 6 months | |
| Every 12 months | |
| Single end payment | |
| Irregular payments |
| Lowest quoted nominal interest | 1.67% |
| Highest quoted nominal interest | 1.67% |
| Interest rate period | Monthly |
| Interest Rate Calculation Method | Flat |
| Subsidized by funder request? | No |
| Is rate fixed for entire loan term | Yes |
| Required for | Never |
| Criteria | N/A |
| Is deposit indicated on the repayment schedule? | N/A |
| Do borrowers control deposit in their group? | N/A |
| % loan amount deposited | N/A |
| or, Fixed-amount deposited | N/A |
| % loan amount deposited | N/A |
| or, Fixed-amount deposited | N/A |
| Conditions on access to deposit | N/A |
| Minimum interest rate paid | N/A |
| Maximum interest rate paid | N/A |
| Interest payment frequency | N/A |
| Are taxes charged on this product? | No |
| Sample 1 | Sample 2 | Sample 3 | Sample 4 | ||||
|---|---|---|---|---|---|---|---|
| Loan Amount | KES 8,625 | KES 8,625 | KES 14,375 | KES 41,400 | |||
| Loan Cycle (1, 2, 3, etc) | Not Known | Not Known | Not Known | Not Known | |||
| Disbursement Date | 2013-08-07 | 2013-07-31 | 2013-07-24 | 2013-08-02 | |||
| Loan Term (Months) | 9.0 months | 6.0 months | 6.0 months | 12.0 months | |||
| Grace Period (Months) | 0.0 months | 0.1 months | 0.1 months | 0.1 months | |||
| Total Cost of Credit | KES 1,344.68 | KES 927.93 | KES 1,546.54 | KES 8,509.57 | |||
| True Price by Comp | |||||||
| Interest price component | 35.6% | 34.4% | 35.0% | 35.2% | |||
| Fee Component | 0.0% | 0.0% | 0.0% | 0.0% | |||
| Insurance Component | 0.0% | 0.0% | 0.0% | 0.0% | |||
| Tax Component | 0.0% | 0.0% | 0.0% | 0.0% | |||
| Deposit Component | 0.0% | 0.0% | 0.0% | 0.0% | |||
| Full APR (int fee ins tax dep) | 35.6% | 34.4% | 35.0% | 35.2% | |||
| Transparency Index | 56 | 58 | 57 | 57 | |||
| Original Repayment Schedule | |||||||
| MFT Pricing Calculation |
| Institution Type | Non-Governmental Organization |
| Is this institution regulated? | Yes |
| Website address | http://www.myinnovativefinance.com/ |
| Year established | 1999 |
| Head of Institution | Sheila Azuntaba |
| Regions active | Greater Accra Region, Northern Region |
| # Branches | 2 |
| Total Portfolio (nat'l) | GHS 698,000 |
| Total Portfolio (USD) | USD 354,314.72 |
| Active clients with loans | 2,756 |
| Approximate % female clients | 60% - 80% |
| Approximate % urban clients | 60% - 80% |
| Network affiliations | Ghana Cooperative of Susu Collectors Association, ASSFIN |
| Funders |
| Product Name | Loan Size Range | Loan Term (months) | % Female | % Urban | Loan Purpose | Eligibility | Other Services | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Individual Small Enterprise Loan | GHS 2,000 - 10,000 | 6 - 18 | 60% - 80% | 80% - 100% | Business, Consumer, Education | Women, Men, Have business, Salaried worker, Must be Innovative Finance client for at least a year | Credit Educ, Credit Ins, Tech Asst Visits, Business Training | |||||||
| Susu Loan | GHS 200 - 1,500 | 3 - 8 | 60% - 80% | 60% - 80% | Business, Education, Other | Women, Men, Have business, Specific age group, Must contribute daily savings prior to receiving loan. Must have guarantor., Must have been working for the past 2-3 years | Credit Educ, Tech Asst Visits, Business Training, Other Training | |||||||
| Group Loan | GHS 300 - 800 | 4 - 5 | 100% | 20% - 40% | Business | Women | Credit Educ, Tech Asst Visits, Business Training |
| Product Name | Annual Nominal Interest | Fees | Insurance | Taxes | Compulsory Deposit | APR (int+fee) | Full APR | Transparency Index | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Individual Small Enterprise Loan | 60.00%-84.00% annual, Flat | 1 Fee | 1 Ins | None | 30.00% upfront | 105.8% - 121.6% | 194% - 216.6% | 29 | ||||||||
| Susu Loan | 60.00%-84.00% annual, Flat | 2 Fees | 1 Ins | None | 30.00% upfront | 99.5% - 131.9% | 166.9% - 235.4% | 28 | ||||||||
| Group Loan | 42.00%-60.00% annual, Flat | 2 Fees | 0 Ins | None | 10.00%-15.00% upfront | 118.2% - 119.5% | 143.7% - 154.4% | 28 |
| Key Statistics | |
|---|---|
| # Samples: | |
| # Products | |
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| # Borrowers | |
| Loan Portfolio (USD) | |
| % Products using declining balance | |
| % Products with one or more fee | |
| % Products with one or more insurances | |
| % Products with compulsory deposits |
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