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Institution
Data approved: 2013-03-12
Data version: 2
Age of data: 139 months
Key Statistics
| Outstanding portfolio (GHS) | GHS 21,719,748 |
| Portfolio (USD) | USD 11,025,252.79 |
| Active Clients with Loans | 39,801 |
| Approximate % Female Clients | 60% - 80% |
| Approximate % Urban Clients | 40% - 60% |
Methodology
| Individual | |
| Solidarity group | x |
| Village banking | |
| Self help group | x |
| Other | |
Description
Group loan is designed to men and women engaged in micro-business. The loan is offered with access to free training in leadership development, financial literacy and community development. Collateral is not required.
Loan Purpose
| Any purpose | |
| Income generation | x |
| Mortgage/housing | |
| Consumer loan | |
| Agriculture | |
| Education | |
| Other household finance | |
| Other | |
| Other (2) | |
Included Services
| Credit education | x |
| Group meetings | x |
| Credit insurance | x |
| Workplace visits | x |
| Business training | x |
| Other training | |
| Other | |
| Other (2) | |
| No other services | |
Eligibility
| Men | x |
| Women | x |
| Must run a business | x |
| Must own a home or land | |
| Must be a salaried worker | |
| Must be specific age group | |
| Other | |
| Other (2) | |
Portfolio Size by Product
Geographic Coverage
| # Regions for this institution | 6 |
| # Regions for this product | 6 |
| Regions Active | Greater Accra Region, Central Region, Western Region, Eastern Region, Ashanti Region, Brong Ahafo Region |
Loan Conditions
Loan Amount
| Currency | GHS |
| Minimum loan size | GHS 100 |
| Maximum loan size | 8,000 |
Distribution at Disbursement (Est.)
| Loans less than GHS 1,000 | 60% |
| GHS 1,000-5,000 | 40% |
| GHS 5,000-7,500 | 0 |
| GHS 7,500-10,000 | 0 |
| GHS 10,000-13,000 | 0 |
| Greater than GHS 13,000 | 0 |
Loan Term and Grace Period
| Shortest loan term | 3.0 months |
| Longest loan term | 12.0 months |
| Approx average | 6.0 months |
Distribution at Disbursement (Est.)
| Loans 3 months or less | 20% |
| Between 4 and 6 months | 20% |
| Between 7 and 9 months | 50% |
| Between 10 and 12 months | 10% |
| Between 13 and 18 months | 0 |
| Longer than 18 months | 0 |
Grace Period
| Grace period usage | 100% |
| Average grace period | 0.5 months |
Repayment Frequency
| Daily | |
| Weekly | x |
| Every 2 weeks | x |
| Every 4 weeks | x |
| Monthly | |
| Every 2 months | |
| Quarterly | |
| Every 6 months | |
| Every 12 months | |
| Single end payment | |
| Irregular payments | |
Pricing Information
Interest
| Lowest quoted nominal interest | 41.04% |
| Highest quoted nominal interest | 41.04% |
| Interest rate period | Yearly |
| Interest Rate Calculation Method | Flat |
| Subsidized by funder request? | No |
| Is rate fixed for entire loan term | Yes |
Upfront Fees
| Fee 1 | | Fee 2 |
|---|
| Description | Processing Fee | | Application Fee |
| % of loan amount - min | 3.50% | | 0 |
| % of loan amount - max | 3.50% | | 0 |
| OR, Fixed amount - min | 0 | | 3 |
| Fixed amount - max | 0 | | 3 |
| Reason for variation | N/A | | N/A |
| Appears on Repayment Sched? | No | | No |
Ongoing Fees
This product has no ongoing feesUpfront Insurance Fees
This product has no upfront insurance feesOngoing Insurance Fees
| Ins 1 |
|---|
| Description | Insurance Fee |
| % of loan amount - min | 1.00% |
| % of loan amount - max | 1.00% |
| OR, Fixed amount - min | 0 |
| Fixed amount - max | 0 |
| Reason for variation | 1% of total loan amount, divided and charged equally throughout loan term. |
| Appears on Repayment Sched? | Yes |
Compulsory Deposit
| Required for | All |
| Criteria | N/A |
| Is deposit indicated on the repayment schedule? | No |
| Do borrowers control deposit in their group? | No |
Deposit BEFORE or AT Disbursement
| % loan amount deposited | 15.00% |
| or, Fixed-amount deposited | 0 |
Deposits DURING period payments
| % loan amount deposited | 0 |
| or, Fixed-amount deposited | 0 |
| Conditions on access to deposit | End Term |
Interest Paid on Deposit
| Minimum interest rate paid | 0 |
| Maximum interest rate paid | 3.00% |
| Interest payment frequency | End Term |
Taxes
| Are taxes charged on this product? | No |
Additional Comments
Interest paid on deposit rule - If amount deposited is less than 1,000 GHS, 0% interest. If amount deposited is 1,000 GHS or more, 3% interest.
Full Pricing Data
Group Loan samples
| Sample 1 | | Sample 2 | | Sample 3 | | Sample 4 | | Sample 5 |
|---|
| Loan Amount | GHS 250 | | GHS 800 | | GHS 1,400 | | GHS 3,000 | | GHS 2,700 |
| Loan Cycle (1, 2, 3, etc) | Not Known | | Not Known | | Not Known | | Not Known | | Not Known |
| Disbursement Date | 2012-12-24 | | 2012-11-01 | | 2012-12-19 | | 2012-10-08 | | 2012-10-24 |
| Loan Term (Months) | 4.3 months | | 6.0 months | | 5.8 months | | 7.0 months | | 6.0 months |
| Grace Period (Months) | 0.5 months | | 0.5 months | | 0.1 months | | 0.5 months | | 0.5 months |
| Total Cost of Credit | GHS 50.73 | | GHS 205.56 | | GHS 349.74 | | GHS 863.20 | | GHS 683.94 |
| True Price by Comp | | | | | | | | | |
| Interest price component | 66.7% | | 69.6% | | 64.1% | | 69.0% | | 69.2% |
| Fee Component | 24.0% | | 15.0% | | 13.4% | | 12.1% | | 14.0% |
| Insurance Component | 4.4% | | 3.1% | | 3.0% | | 2.7% | | 3.1% |
| Tax Component | 0.0% | | 0.0% | | 0.0% | | 0.0% | | 0.0% |
| Deposit Component | 28.8% | | 27.1% | | 22.5% | | 25.4% | | 26.6% |
| Full APR (int fee ins tax dep) | 123.9% | | 114.8% | | 103.0% | | 109.2% | | 112.9% |
| Transparency Index | 33 | | 36 | | 40 | | 38 | | 36 |
| | | | | | | | | | |
| Original Repayment Schedule | PDF | | PDF | | PDF | | PDF | | PDF |
| MFT Pricing Calculation | PDF | | PDF | | PDF | | PDF | | PDF |
