G-Life Microfinance Limited is registered in Ghana as a financial institution to provide micro financial services to the productive poor. The company is also registered with the Ghana Microfinance Network as well as the Ghana Association of Microfinance Companies. G-Life Microfinance Limited is the first Micro Finance Institution (MFI) in Ghana to deploy mobile phone banking services.
From a modest beginning (using an old laptop which also served as a server) in a makeshift office, G-Life Microfinance Limited has grown to become synonymous with financial service delivery within the urban, peri-urban and rural communities.
Since 2009, G-Life Microfinance Limited has grown from a single business office to eight main offices and five satellite offices nationwide.
Its staff strength has increased from 2 to over 90 and its customer accounts currently stands at 18,000 and over.
Boahemaa Ntim, the Executive Director of G-Life Microfinance Limited, is responsible for the strategic development and growth of the company. She has a degree in Finance from the University of Ghana and an MBA in Finance from the same University.
She has worked with three financial institutions in Ghana- Standard Chartered Bank, Citi Savings and Loans (Intercontinental bank) and CAL Bank over a 10 year period. As a result of her versatility and natural flair for marketing, her entire career has been in sales and marketing of financial products.
�We seek to provide financial solutions for all, especially, the productive poor within our cities, towns and villages.�
G-Life�s intends to use technology and automation to deliver the highest level of personal and social services in a friendly, professional manner. It also aims to encourage thrift savings and the wise use of credit; provide sound financial management in order to maintain earnings for its continued growth and to provide a conducive environment with equal opportunities for all employees.
G-Life Microfinance operates in accordance with the highest standards.
G-Life Microfinance Limited adheres to all Corporate Governance rules and tasks Non Executive Directors and an External Audit firm to ensure compliance to these rules.
Some products of the company include Aketua Account. Individual employees in the informal sector receive their salaries through this account and employees receive a regular SMS every month to alert them on their salaries
Employees can invest their salary in high yielding investment instruments; there are no withdrawal charges and salaries can be used as security for a loan.
Business Account
This is for individuals and companies who want to save either weekly or monthly with G-Life.
Employee salaries can be paid through this account too and companies can apply for business loans to pay staff salaries. The initial deposit of GH�5.00
Cedi A Day
The purpose of this product is to help people start up money-saving habits through a door-to-door service and ensure a happy and financially stable future by putting a minimum of GH�1.00 daily into the money box. The minimum maturity period is 12 months and
a 7 percent interest is paid at the end of the 12 months maturity period.
A savings box is given to the client. Contributors must have a fixed location such as a shop or office to offload the boxes.
College Fund
The College Fund is targeted at children up to the age of 18. Minimum opening amount is GH�20.00
while the minimum account balance is GH� 20.00 only.
Regular periodic lodgment through standing order or direct debit is admissible. Interest rate of up to 8 percent per annum is paid and maturity periods are 3, 6, 9 and 12 years only.
It helps parents and guardians to raise their funds without borrowing to pay school fees or purchase educational text books and other stationery among others are to be made.
Dharma Account
Dharma is an Indian word translated as life�s purpose. The purpose of this product is to help people in the informal sector to save towards specific goals and projects. Clients can make daily, weekly or monthly contributions and earn attractive interests of up to 18 percent. Initial deposit to open this account is GH�2.00. Free statements are given on demand. Withdrawals can be made after 3 months and savings can be used as security to apply for loans. GH�2.00 is charged on withdrawal.
Via: Ghana Money Blog
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