West Africa Microfinance Conference 2014

The microfinance sector plays a significant role in the development of the Africa’s economy. It provides employment and other positive engagements, and accesWest Africa Microfinance Conferences to credit facilities to the informal sector which constitutes the larger population in the
Africa’s economy.

The sector like any other faces several challenges that prevent the sector from meeting its intended objectives. In Ghana for example there are about 1700 registered active microfinance companies and employs a substantial number of the youth.However, many of these companies make huge loss or collapse after before their third year in operation. This incidence can highly be attributed to some many factors including; low credit recoveries- the major contributor to the collapse of many of the microfinance companies, lack of credit facilities, lack of proper management of fund, lack of proper training for the practitioners, lack of the proper technology to help operator track their works and mobilizations more effectively.

These and many other challenges prevented the microfinance companies from living up to public expectations hence making some sections of the public lose confidence
and interest in the microfinance system.