Objectives of microfinance
Objectives of the company
Access to microfinance is essential in the process of economic development. In Ghana supply of these services is limited, especially in rural and peri-urban areas, leaving low-income entrepreneurs facing significant barriers of growing their businesses and consequently hindering economic and social developments.
The company intends to improve the standard of living for hundreds of thousands of Ghanaians, especially those living in rural areas. In order to achieve its mission, Destiny Microfinance Limited will provide small loans to micro-entrepreneurs. Through its microfinance operations, the company intends to create diversified and more stable income possibilities for Ghanaians who are unable to access finance from traditional financial institutions.
Furthermore, the company will create employment opportunities locally as an employer and regionally by stimulating entrepreneurship through its operations. Eventually it intends to set a best-practice example for servicing low-income clients in a financially sustainable manner,
hopefully inspiring other MFIs to follow suit, resulting in a more competitive market where MFIs will be forced to reduce their cost of lending and thus making finance accessible to the poor of the country.
The company will serve the following major purposes:
- Provide attractive, diversified, affordable and dependable financial services to the active poor, in a timely and competitive manner, that would enable them to undertake and develop long-term sustainable entrepreneurial activities; Mobilize savings for intermediation; Create employment opportunities and increase the productivity of the active poor in the country, thereby increasing their individual household income and uplifting their standard of living; Enhance organized, systemic and focused participation of the poor in the socio-economic development and resource allocation process; and Provide veritable avenues for the administration of the microcredit programs of government and high net worth individuals on a non-recourse basis;
Category: Payday loans