By Deborah Asantewaah SARFO
Pan-African Savings and Loans, part of Ecobank Ghana, has brought back its 'Mama Club Group Loans' initiative tailored for women’s specific financial requirements. This loan product aims to provide these individuals with a reliable line of credit that can help improve both their personal circumstances and those within their community.
The return of Mama Club Group Loans has been facilitated via a strategic partnership with GIZ.
This program has offered technical support, enhanced staff capabilities, and secured financing for the product's communication plan, guaranteeing a smooth launch. The initiative is generously supported by the German Federal Ministry for Economic Cooperation and Development (BMZ).
At the launch event, Emelia Desiree Atta-Fynn, the Managing Director of Pan-African Savings and Loans, voiced her optimism about the new offering's capacity to tackle the difficulties faced by women in obtaining financial services. She also highlighted that this initiative underscores the institution's dedication to promoting financial inclusivity.
“Given the difficulties encountered by women at the base of the economic pyramid when trying to access financial services—including issues with securing sufficient collateral, maintaining a positive credit record, and lacking financial and digital literacy—we believe that our updated group loan approach can tackle many of these problems, if not eliminate them entirely,” she stated.
She observed that the Mama product offers financial assistance at a favorable interest rate along with flexible payment options, and it also includes a rebate of up to seven percent on the interest for timely repayments.
Sarah Annam, who serves as the Gender Programme Lead for Pan-African Savings and Loans, pointed out that this program provides adaptable terms allowing women to obtain financing of up to approximately GH₵5,000 without needing collateral or a guarantor.
She mentioned that the criteria and steps needed to obtain these loans have been simplified significantly. She also noted that any female-led group consisting of between five and fifteen members who run an economically viable small enterprise qualifying under the MSME category can apply for this opportunity.
On behalf of Dr. Christian Jahn, who leads the PFS program at GIZ-Ghana, Cynthia Odonkor, the Component Manager for PFS, highlighted this initiative as evidence of their faith in women’s ability to spur economic change. She emphasized that "when women gain empowerment, they generate empowering opportunities, which result in sustainable progress and wealth."
Provided by Syndigate Media Inc. ( Syndigate.info ).
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