The Non-Bank Financial Institutions Award scheme has been designed to celebrate the successes of the NBFIs and MFls in their intermediation roles and activities.
This is to provide a framework to support all Non-Bank Financial Institutions to improve and develop to unleash their full potential.
The scheme offers NBFIs and MFIs the
opportunity to show that they meet the standards set by the sector umbrella organization assessed them by their peers and put in place the conditions for continued improvement.
The scheme has been designed to provide the tools and encouragement to those NBFIs and MFls at the beginning of their improvement journeys, as well as promoting and recognising those that are at the cutting edge of the sector.
Even though the sector players have contributed immensely to micro business
development and poverty reduction through its leading cohorts in Ghana, the behavior of some institutions appear to raise concerns on their credibility and financial security for the many who save and transact other financial businesses with them besides other negative perception by certain unscrupulous publics.
Towards engendering competitiveness, credibility, enhance transparency and risk
avoidance on citizen doing business with them across the country, GHAMFIN as the
umbrella body has instituted an Awards Night to celebrate excellence, credibility and
award the best and bettering ones whilst encouraging the weak to improve and be
It is only through the sector working together, to share best practice, drive up
standards and supporting those who are committed to improving their offer to their
clients that individual NBFls and MFIs and the sector will reach their full potential. The
award scheme would undergo a review every year to improve the criteria that guidesthe process.
GHAMFIN is a network of all Non-Bank Financial Institutions and Associations engaged in the provision of financial and non-financial services to low-income households and micro small medium enterprises.
The Financial Inclusion Advocacy Centre is an international action-oriented micro-
finance think-tank geared towards an exhaustive financial inclusion. The Centre’s
mission is to build the institutional strength and outreach of the Microfinance sector in
the world especially in Africa by providing full range of high quality, best-practice
technical inputs and support to all industry stakeholders, in a sustainable and demand-
A Technical Committee made up of Experts, Academia, Practitioners, Financial Service
Providers and Association Representatives review the selected institutions’ performance and other relevance documents to substantiate their qualification.
Mystery shopping were carried out at some of the selected institutions to ascertain some vital information to aid the processes.
Some institutions nominated by Associations to the categories of special awards for their
exceptional contribution to the communities they operate within.
Randomly selected clients were contacted to rate their level of satisfaction factors using some parameters with ratings1-5 (1 -least and 5- highest)
Other categories awarded include;
The Socially Responsible Institution.
Most Customer Centric Institution.
Most Gender Focused.
Contribution to Financial Literacy.
Most innovative product of the year.
Outreach In Rural Areas.
The best Microfinance Methodology.
Best Sustainable MFI in Agriculture Financing.
Best in the Promotion of Digital Financial inclusion.