Verification: a0d6e82a7952e405

LFHCK a.k.a LiFeHaCK

Pan-African Savings and Loans Reboots Mama Club Group Loans: Empowering African Women Again

Published by

TEDDIE

on


By Deborah Asantewaah SARFO

Pan-African Savings and Loans, which operates under Ecobank Ghana, has brought back its ‘Mama Club Group Loans’ initiative tailored for women’s specific financial requirements. This program provides these individuals with a reliable lending option aimed at improving both personal circumstances and community welfare.

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 its smooth launch. The project 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 assurance regarding the new product’s capability to tackle the difficulties faced by women in obtaining financial services. She also highlighted that this initiative underscores the bank’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 an excellent credit record, and lacking financial and digital knowledge—we believe that our updated approach to group lending could mitigate many of these problems, if not entirely resolve them,” she stated.

She pointed out that the Mama product offers financial assistance at a competitive interest rate along with flexible payment options and gives a cashback of up to seven percent on interest for timely repayments.

Sarah Annam, who leads the Gender Program at Pan-African Savings and Loans, highlighted that this scheme provides women with accessible financing of up to approximately GH₵5,000, free from the burden of collateral or a guarantor.

She mentioned that the criteria and procedures for obtaining these loans have been significantly simplified. She also noted that any female-led group consisting of between five to fifteen members who run an economically viable small business falling under the MSME category can qualify 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 are empowered, they generate further opportunities, which contributes to lasting development and wealth.”

Provided by Syndigate Media Inc. (
Syndigate.info
).

Discover more from LFHCK a.k.a LiFeHaCK

Subscribe to get the latest posts sent to your email.

Leave a Reply

Previous Post
Next Post

Recent posts

Quote of the week

"People ask me what I do in the winter when there's no baseball. I'll tell you what I do. I stare out the window and wait for spring."

~ Rogers Hornsby

LFHCK a.k.a LiFeHaCK

About

Lifehack Your Life is a simple content personal blogger from everywhere.

Topics

Made with 🩷 in Yogyakarta Indonesia

Share This

Share This

Share this post with your friends!

Discover more from LFHCK a.k.a LiFeHaCK

Subscribe now to keep reading and get access to the full archive.

Continue reading