MARKET WOMEN GET OVER US$385,000 LOAN TO UPLEFT THEIR BUSINESSES
Peace and Love Microfinance has since 2014 empowered market women in Akim Oda Market, Ghana, with over US$385,000 in microloans, significantly enhancing their trading capacities.
The financing was disbursed to women traders for working capital, inventory expansion, and business growth. According to Akuapim North Municipal District in the eastern region, Akim Oda Municipal Chief Executive Asare Bediako, Peace and Love Microfinance's support aligns with the government's and municipal assembly's strategy to.
- Promote women's economic empowerment
- Boost local economic growth
- Create jobs and reduce poverty
"My municipality has witnessed remarkable economic transformation. Market women who received financing from Peace and Love Microfinance have increased their trade volumes, improved profitability, and enhanced their overall well-being," she noted.
Until recently, market women in Akim Oda faced significant challenges accessing finance for their businesses. Traditional financial institutions considered their collateral inadequate or viewed their businesses as high-risk.
Peace and Love Microfinance, a partner financial institution of the USAID-supported Feed the Future Ghana Mobilising Finance in Agriculture (MFA) Activity, bridged this financing gap. During the 2021 trading season, Peace and Love Microfinance disbursed US$25,000 to the Akim Oda Market Women's Association for:
- Inventory expansion
- Working capital
- Business training and mentorship
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We struggled to access loans from traditional
"We struggled to access loans from traditional banks due to collateral requirements. Peace and Love Microfinance's flexible lending terms and business training have transformed our businesses," said Ama Serwaa, leader of the 150-member association, 80% of whom are women.
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With MFA's technical support and incentives
With MFA's technical support and incentives, Peace and Love Microfinance provided training and lending expertise to market women. The association's members repaid the loan within six months and expanded their businesses.
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Financing from Peace and Love Microfinance has increased
"Financing from Peace and Love Microfinance has increased our trading capacity, improved our bargaining power, and enhanced our economic resilience," Serwaa added. The municipal assembly recommends Peace and Love Microfinance to other markets, while the Akim Oda Market Women's Association attracts new members. Peace and Love Microfinance is committed to supporting more women traders, offering long-term loans for business expansion.
"Our partnership with USAID-supported Ghana MFA has enhanced our microfinance capabilities. Our women-focused loan portfolio has grown from 25% to 35% with a 100% loan recovery rate," said Mr. Kofi Adomako, General Manager of Peace and Love Microfinance.