Micro finance product development in Ghana: The case of Kraban Support Foundation’s micro loan products

Abstract

In Ghana today, the growing competition in the financial services sector has necessitated the need for innovative products with emphasis on sale of funds in order to succeed in the dynamic operating financial environment. Micro-finance institutions (MFIs), especially the financial non-governmental organizations (FNGOs), are playing pivotal roles in micro-finance service delivery in Ghana. Through innovative product development, these microfinance institutions render very useful financial services to the rural, peri-urban, urban, and the informal sectors of the Ghanaian economy to meet ever increasing demand for these innovative microfinance services.