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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.
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.
Also, microcredit includes credit activities, while microfinance includes credit activities and non-credit activities like savings, pension, insurance, etc.
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 Institution||City||Phone Number|
|1||Cashcow Money Lending Limited||Accra||0244230584|
|2||Cobbs Money Lending Services Limited||Accra||0302673822|
|3||CUD Money Lending Limited||Accra||0577668351|
|4||DAD Micro-Credit Limited||Accra||0246441101|
|5||Dickmafle Money Lending Limited||Agbozume||0244028009|
|6||DL Money Lending Limited||Kumasi||020201577|
|7||F.O.D Money Lending Services Limited||Accra||0577738770|
|8||FIDO Money Lending Limited||Accra||054-0114250|
|9||Heritage And Legacy Money Lending Company Limited||Accra||0207431581|
|10||Infinity Capital Money Lending Limited||Accra||0302964372|
|11||KDA Money Lending Services Limited||Kumasi||0322028948|
|12||Krowe Money Lending Company Limited||Accra||0302546950|
|13||Link Exchange Micro-Credit Limited||Accra||0302242746|
|14||Macella Money Lending Limited||Accra||0205369118|
|15||Magnet Money Lending Limited||Accra||0302969087|
|16||MHT Money Lending Limited||Accra||0302948885|
|17||Multi – Value Money Lending Limited||Accra||0242613448|
|18||MultiTrust Money Lending Services Limited||Accra||0244232044|
|19||NDL Money Lending Limited||Accra||0206467368|
|20||Nectar Money Lending Srevices||Accra||0302962311|
|21||New ACME Trust Money Lending Services Limited||Accra||0243220404|
|22||PatKat Money Lending Company Limited||Mankesim||0244623454|
|23||Primefex Money Lending Limited||Accra||0245704280|
|24||PWF Capital Money Lending Limited||Accra||0208141968|
|25||Quick Credit And Investment Money Lending Limited||Accra||0302687475|
|26||Selvan And Salia Capital Money Lending Limited||Accra||0208350396|
|27||Sikapress Money Lending Company Limited||Accra||0302676435|
|28||Star Capital MoneyLending Limited||Accra||0572231930|
|29||Vision Fund Ghana Money Lending Limited||Accra||0302502064|
|30||Welcome Money Lending Services Limited||Takoradi||0312000602|
|31||Yobsons Money Lending Limited||Accra||0208377974|