We’re excited to announce that our field partner network is expanding. Last month Deki’s International Programmes Manager Diane Rafla completed her due diligence visit to the two Ghana organisations. Both new partners, St Joseph Cooperative Credit Union in Upper West Ghana and BESSFA Rural Bank in Upper East Ghana focus mainly on agricultural clients and the new entrepreneurs should be on the Deki website in a few weeks’ time.
St Joseph Cooperative Credit Union
St Joseph Cooperative Credit Union is based in Jirapa, Upper West Ghana. Ghana is a rapidly growing West African country known for its chocolate, coffee, gold and timber exports among others. While Ghana’s economy is one of the strongest in Africa, the upper West Region is largely un-served by the business and wealth generated in the South. A large percentage of the population in this area are poor subsistence farmers with limited access to the resources needed to lift themselves out of poverty.
St Joseph’s mission is to improve the socio-economic well being within the communities where they work. They combat poverty by providing access to microfinance facilities, training and development projects in their service areas.
Interest rates: St Joseph’s offers a variety of loan and savings products. The loan product they are offering in partnership with Deki charges a 1.62% interest rate per month on a non-declining balance. For example, on a £100 loan, the client pays £1.62 each month, totalling £19.50 on a 12-month loan.
St Joseph’s also requires that clients carry an insurance policy with their loan, which costs the client 1% – 2% of the value of their loan.
BESSFA Rural Bank
BESSFA is based in Garu, Upper East Ghana. While Ghana’s economy is one of the strongest in Africa, the upper East Region is very difficult to access and significantly behind the South in terms of development.
This part of the country is very arid, and has largely been stripped of its natural resources resulting in the desertification of much of the land. While farmers are being taught improved farming techniques to combat previous environmental destruction, most still do not have access to the financial resources needed to invest in and grow their farming businesses.
BESSFA is one of only a handful of Rural Banks in the region dedicated to meeting the needs of these rural, hard to reach clients.
Interest rates: BESSFA offers a variety of loan and savings products. The loan product they are offering in partnership with Deki charges a 2.67% interest rate per month on a non-declining balance. For example, on a £100 loan, the client pays £2.67 each month, totalling £32 on a 12-month loan.
BESSFA also requires that clients carry an insurance policy with their loan, which costs the client 2% of the value of their loan.