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Home Finance & Investment

Microcredit & Money Lending Companies in Ghana

Gyamfi Bediako by Gyamfi Bediako
May 31, 2021
in Finance & Investment, List of Businesses
Reading Time: 6 mins read
Microcredit and money lending companies in Ghana - Ghana News
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Table of Contents

  • 1. Microcredit Company
  • 2. Difference between Microcredit and Microfinance
  • 3. Mobile Money Instant Loans
  • 4. List of Money Lending Companies in Ghana

As of May 2021, there were a total of 31 Bank of Ghana-licensed microcredit and money lending companies in Ghana. There are actually many more companies operating in the country which are not on this list, meaning they’re not licenced, and that should be a concern to anyone seeking or engaging the services of a money lending company.

Making sure you’re not dealing with some scam or ponzy scheme is crucial, and that is why the GhStandard News editorial team has together this list of authorized microcredit companies in Ghana.

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1 Microcredit Company

A microcredit institution is essentially an entity that gives small loans, also called microloans, to impoverished borrowers and people who typically lack collateral security, steady employment, or verifiable credit history.

The idea is to alleviate poverty and support entrepreneurship in poor communities. Money lending companies in Ghana have in the past years worked to support ailing businesses and individuals by offering them small loans to help lift them and their families out of poverty.

2 Difference between Microcredit and Microfinance

According to EnterSlice, a simple difference between microfinance and microcredit is that microcredit is simply a small loan facility provided to people with little earning to motivate them to become self-employed.

Microfinance on the other hand refers to financial services offered to small enterprises and entrepreneurs who do not qualify for loans from other banks and financial institutions. You can take a look at our recently written article on a complete list of microfinance institutions in Ghana.

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Also, microcredit includes credit activities, while microfinance includes credit activities and non-credit activities like savings, pension, insurance, etc.

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3 Mobile Money Instant Loans

Many of these companies offer instant loans via mobile money to their customers. These loans are often “fast and easy long-term loans”, as they call them. Interest on these loans ranges from 1% per day to the neighbourhoods of 7% per month, and the amounts can run up to Ghs1000 or more.

4 List of Money Lending Companies in Ghana

In alphabetical order, the following is a complete list of licenced banks in Ghana as of May 2021.

No.Name of Micro Credit InstitutionCityPhone Number
1Cashcow Money Lending LimitedAccra0244230584
2Cobbs Money Lending Services LimitedAccra0302673822
3CUD Money Lending LimitedAccra0577668351
4DAD Micro-Credit LimitedAccra0246441101
5Dickmafle Money Lending LimitedAgbozume0244028009
6DL Money Lending LimitedKumasi020201577
7F.O.D Money Lending Services LimitedAccra0577738770
8FIDO Money Lending LimitedAccra054-0114250
9Heritage And Legacy Money Lending Company LimitedAccra0207431581
10Infinity Capital Money Lending LimitedAccra0302964372
11KDA Money Lending Services LimitedKumasi0322028948
12Krowe Money Lending Company LimitedAccra0302546950
13Link Exchange Micro-Credit LimitedAccra0302242746
14Macella Money Lending LimitedAccra0205369118 
15Magnet Money Lending LimitedAccra0302969087
16MHT Money Lending LimitedAccra0302948885
17Multi – Value Money Lending LimitedAccra0242613448
18MultiTrust Money Lending Services LimitedAccra0244232044 
19NDL Money Lending LimitedAccra0206467368
20Nectar Money Lending SrevicesAccra0302962311
21New ACME Trust Money Lending Services LimitedAccra0243220404
22PatKat Money Lending Company LimitedMankesim0244623454
23Primefex Money Lending LimitedAccra0245704280
24PWF Capital Money Lending LimitedAccra0208141968 
25Quick Credit And Investment Money Lending LimitedAccra0302687475
26Selvan And Salia Capital Money Lending LimitedAccra0208350396
27Sikapress Money Lending Company LimitedAccra0302676435
28Star Capital MoneyLending LimitedAccra0572231930
29Vision Fund Ghana Money Lending LimitedAccra0302502064 
30Welcome Money Lending Services LimitedTakoradi0312000602
31Yobsons Money Lending LimitedAccra0208377974
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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