Mfantseman Community Bank disbursed 2.6 billion cedis to women groups

The Mfantseman Community Bank at Biriwa in the Central Region has disbursed 2.6 billion cedis over the past five months to women's groups to expand their businesses, under the Micro Finance Credit Scheme.

Mr. Kojo Ellis, Manager of the bank who disclosed this to the Ghana News Agency (GNA) in an interview at Biriwa, said 90 percent of the loan went traders and farmers.

He said it was part of the efforts to inculcate the habit of saving with the banks among women instead of keeping money under pillows and trunks, which he said were not safe.

Mr. Ellis stated that Africa Development Fund (ADF) granted the bank 150,000 dollars for the scheme.

He said to ensure successful operation of the scheme ADF based in Kenya East Africa took some staff and directors of the bank to Kenya to study micro financing.

Mr. Ellis said some of the women received between 200,000 and 600,000 cedis and were repaying on monthly basis since the scheme is a revolving one.

He said the African Development Foundation based in Washington, USA provided vehicles and computers worth 1.3 billion cedis to support the scheme.

The bank has started training the women in simple book keeping and accounting to manage their businesses effectively.

A total of 1. 2 billion cedis had also been disbursed under the Poverty Alleviation Fund to farmers and fishermen on behalf of the District Assembly.

He said the bank was training fishermen and fishmongers in batik tie and dye, screen-printing and other ventures they could do during the lean season.

Mr. Nuh Efremsi Entsie and Mr. Emman Credon Sevor, Vice Chairman and member of the Board respectively said the bank has planned to sponsor a football team in the district.

Mr. Entsie stated that the financial institution, the only qualified community bank in the Central Region had assisted schools with sporting equipment to unearth talented youth.

He said it would offer scholarship for students and pupils who gain admission to institutions of higher learning.