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Home Ghana - Economy

Financial NGOs in Ghana (FNGOs)

Gyamfi Bediako by Gyamfi Bediako
May 31, 2021
in Ghana - Economy, List of Businesses
Reading Time: 4 mins read
Financial NGOs in Ghana (FNGOs) - Ghana News
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What are the licensed financial NGOs in Ghana, and what are the challenges of Financial NGOs in Ghana?

A financial NGO is a non-governmental organization that offers financial assistance to small and microenterprises, often with some form of revolving financial sustainability programs often involving skills training and technical advisory.

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Financial NGOs in Ghana – Overview

In February 2017, The International Growth Centre (IGC Ghana) conducted a study on Financial NGOs and micro and
small enterprises in Ghana, subtitled, The potential of the missing middle. The study identified evidence of structural imbalance in the private sector in Ghana that includes a few large, technologically advanced, capital-intensive, and resource-based enterprises on one hand and a big number of traditional, labour-intensive, and low-productivity micro and small enterprises (MSEs) on the other. The latter are losing competitiveness and gaining a survival and informal character1, creating a “‘missing middle” with a shortage of middle-sized growth-oriented enterprises that could contribute to the country’s development.

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It must be noted though that the Government of Ghana’s efforts to build a more inclusive financial system has intensified in the last ten years, creating a framework of policies, regulations, institutions, and initiatives aimed at covering medium enterprises and low-income individuals’ financial needs, especially through microfinance. Yet, access and use of financial products and services are still low, and the microfinance sector is currently failing to reach its full potential as a tool for private sector development.

IGC Ghana’s investigations proved that the record of FNGOs on microfinance is limited. Having reached only 207,919 clients, their return on assets in 2008- 2012 is negative or barely positive, hindering financial sustainability. However, it is also found that Financial NGOs in Ghana could play a critical role in terms of outreach, as the first level of formal financial inclusion for micro-enterprises, preparing the ground for them to access an increased number of products and services more adapted to their growth needs.

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List of Financial NGOs in Ghana

The following is a comprehensive list of all financial NGOs licensed by the Bank of Ghana as of May 2021, there office locations, and their contact number.

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No.Name of FNGOOffice LocationPhone Number
1Asrud FNGO LimitedHo0244835624
2Bevaud Support Foundation FNGODanyame0322026030
3CARD FNGOAgric Ridge0372023512
4Cedi Foundation FNGOKumasi0322035616
5Daasgift Quality Foundation FNGOTakoradi0243326178
6Imperial Trust FNGOSpintex0302814404
7Initiative Development Ghana FNGODansoman0245004293
8Maata-N-Tudu FNGOTamale0208412491
9Manna Projects – FNGOKumasi0322051655
10Salt To Ghana FNGOElmina0501317377
11Sun Shade Foundation FNGOKumasi0322026397
12Universal Capital FNGOHo0244763193
Source: Bank of Ghana

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Gyamfi Bediako

Gyamfi Bediako

Gyamfi Bediako has worked in several small family businesses from a young age and loves to see what started as a small idea flourish and begin to serve generations. He works with The Ghanaian Standard and EnspireFX Websites

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