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Revolving Fund

Ghana Microfinance Institutions Network (GHAMFIN) together with our development partner (German Sparkassenstiftung Ghana) have instituted a Revolving Credit Fund (RCF) for Microfinance Institutions (MFIs). This RCF is funded by the Federal Ministry for Economic Cooperation and Development of Germany (BMZ).

This fund is to raise additional sources of funding for active members of the MFI associations (Tiers 2, 3 & 4). Loans of up to GHS 50,000 per institution are available. The resources from the fund are intended to mitigate possible temporary liquidity challenges caused by COVID-19 and to ensure the continuation of lending to clients of MFIs (loans for income generating activities).

Information about fund details, eligibility as well as the description of the application process can be found under the FAQ.


Who is eligible for this facility?
Successful candidates meet the following eligibility criteria:
  • Your MFI is a Tier 2, Tier 3, or Tier 4 institution, and it is duly licensed by the Bank of Ghana and registered with the respective body/apex association.
  • Your MFI complies with the regulatory reporting framework (you are able to provide a copy of the last Prudential Report submitted).
  • You have already taken measures to effectively manage the business challenges caused by the COVID-19 pandemic.
  • Your MFI is an active member in good standing of your apex body (incl. payment of annual membership fees – in case of arrears of membership fees, applications cannot be considered).
What are the terms and conditions of the loan facility?
  1. Maximum amount per borrowing MFI
    • GHS 50,000 (may be limited to the MFI regulations) 2.2 Term and grace period
    • Maximum loan term: 12 months
    • Grace period: on request, maximum 2 months
    • Repayment of the loan: principal and interest shall be executed on equal monthly installments over the duration of the loan.
  2. Interest and Fees
    • Interest rate: 15% per annum (on reducing balance)
    • Processing fee of 1.5% of the facility
    • Collateral Registration Fee (where applicable) – GHS20.00
  3. Collateral for loan
    • Cash equivalent or appropriate collateral. GoG T/Bills preferred.
How should I apply?
  1. Application form – can be downloaded from GHAMFIN or Association’s Website. Ensure that all required documents are provided and attached.
  2. Recipient: Send the completed application to Apex Bank.
  3. Forwarding: A completed set of application form and annexes
    • Online: via e-mail to ARB Apex Bank (
    • Hardcopy: application form and copies of required documents
  4. How would I receive the processed loan/mode of disbursement and repayment?
    • Successful applicants would be required to open an account with any preferred Rural and Community Bank, and furnish fund manager with the account details.
  5. Who is the fund manager?
    • ARB Apex Bank is the Fund Manager
  6. Will my MFI qualify for a repeat loan?
    • Yes, repeat loans are allowed
What else do you need to know?

Unfortunately, incomplete applications (missing information or documents) cannot be processed. They will be returned to the submitter and can be resubmitted after completion/supplementation.

Any other questions?

For further questions, please contact: GHAMFIN ( or your Association

Act quickly - the fund resources are limited. Apply now

For whom is this training program?

If you are a Board Chair or Board Member of an MFI or Credit Union, and you are not older than 60 years, you are advised to attend this training as it will help you well understand and properly execute your role in the Board. This training will make yourself knowledgeable about the duties and responsibilities of board members in Ghana’s microfinance industry. You will learn all relevant information about the current regulatory framework for the subsector your MFI is operating in, how to comply with it and what would be the implications of non-compliance.

How will the assessment look like?

The assessment consists of two parts – group assessment and individual assessment. In the group assessment you will have to discuss a case study in small groups with your peers. The case studies contain typical situations that BoD members tend to face. After the discussion, your group will present the outcomes of the case analysis to the Assessment Panel. After the group presentation, you will also have to do an individual assessment that comprises a multiple-choice test.

Do I have to pass an examination?

No, in competence-based training for adults there are no exams as you may know from school or university. Yet, you will have to pass an assessment procedure. The final assessment should reflect to what extent you have understood the content and how you are able to apply them in your practical work as a board member. Furthermore, this training course prepares you towards formal recognition as a certified board member. The assessment consists of two parts – group assessment and individual assessment.

I never used Moodle before – who will help me if I face challenges?

On the course kick-off (first training day), the GHAMFIN Program Coordinator (Mr. Alexander Apau) and the GHAMFIN IT Administrator (Mr. Samuel Ackun) will introduce the GHAMFIN Moodle platform to you and take you through its main functions for you as a user. In case you forget your password and/or username, you will be demonstrated how to apply for a new one. You will learn how to download materials, how to create a forum/post a question, and how to join a forum (virtual classroom) for discussions.

What if I have questions regarding the content or if I wish to exchange views with my peers in group outside the face-to-face classroom sessions?

You may have questions regarding the content when preparing for the next module or when following up after a module attended in class. In this case you may either want to ask your peers in the group and exchange views with them, or you may want to contact the facilitator/trainer who delivers this module in your group. You can use different communication channels for this: create a WhatsApp group with your peers in group, or use the GHAMFIN Moodle platform to create a forum and ask your peers (and the GHAMFIN facilitators) for their views regarding your question.

Do I need to have internet access, or can I use the materials offline, too?

You need to have a stable internet access for downloading the materials. Except for the training test questions, all materials can be downloaded and used on any kind of high-end device of your convenience: desktop computer, laptop, tablet PC, mobile phone. Once downloaded, you can use them offline, or you may even want to print them out.

What kind of training materials will I be provided with?

This training course provides you with rich materials for further learning. For each module, you will be provided with the following set of materials: 1) Participant Manual; 2) Handouts for practical task assignments and 3) PowerPoint presentation with the key topics covered in the module. In addition, for each Module and Training Session, a video lecture of 7-15 minutes duration will be available. All materials are stored on the GHAMFIN Moodle platform you will get access to after successful registration and payment of the tuition fee.

Who will be the peers in my group?

People like you – board chairs and board members of MFIs and Credit Unions as well as chairs and members of Tier-4 Advisory Committees. One of the competitive advantages of this training program is that it provides you with intense opportunities to shares experiences with other practitioners and to learn from each other. The group size is between 15 and 20 persons. With few exceptions, the groups are composed by attendees from the same category of microfinance services providers (meaning MFC, CUs, Micro Credit Services Providers, Susu enterprises and FNGOs). This allows the trainers to customize the content to the specific needs of this type of MFI and to encourage attendees’ experience.

Who are the trainers?

To implement and further roll out this Certification Training Program, GHAMFIN and its partner Savings Bank Foundation for international Cooperation have trained a pool of 20 trainers. All trainers have been carefully selected, and they had to undergo a multilevel recruitment, selection and training process including interviews, entry and exit tests on subject knowledge and training methodology, a two-weeks Training of Trainers, the delivery of master classes etc. before being appointed as GHAMFIN trainers. In addition, five trainers attended a training as e-tutors on the use of the GHAMFIN Moodle platform. All GHAMFIN trainers deployed in this program are microfinance (or credit union) practitioners with many years of practical work experience in different positions in the microfinance industry. In addition, some trainers have an academic background in microeconomics, microfinance and/or financial management and accounting. Some of the GHAMFIN trainers take leading executive positions in the MFI apex bodies. Moreover, for selected modules (e.g. Regulatory Framework Module) GHAMFIN closely collaborates with the Bank of Ghana in providing external resource partners for the delivery of this module.

Who organizes the course?

This is a GHAMFIN Training Program. GHAMFIN is the owner and the organizer of this training.

If you have any questions with regard to training organization, please do not hesitate to contact the GHAMFIN Program Coordinator Mr. Alexander Apau (Mobile phone: 0244850884, email

What if I cannot attend all modules/days of the program?

The attendance of all four modules of the course (1) Introductory Module; 2) Regulatory Framework Module; 3) Board & Governance Module, and 4) ‘Marketing & Human Resource Management Module) is mandatory for admission to the final assessment and for certification.

If you miss a training day or module, you can continue the program only after attending this day/module with the next track of learners. Alternatively, you can do the respective module on your own in an e-learning format (through using the GHAMFIN Moodle platform). As for details, please contact the GHAMFIN Program Coordinator (Mr. Alexander Apau, email:

You should finish the program within 6 months. Otherwise, you cannot complete the program with a certificate.

What kind of certificate will I get on successful completion of the training course?

On exit of the training course, after successful assessment, you will be awarded with a joint Certificate of GHAMFIN and its partner Savings Bank Foundation for international Cooperation (Sparkassenstiftung für international Kooperation) Germany. This Certificate will be the basis for being acknowledged as a ‘Certified Board Member’ of an MFI or Credit Union. At present, GHAMFIN is in negotiations with the Regulator and the key players in the industry about an independent certification by a mandated (by the Bank of Ghana) body.

Can another board member of my institution replace me in a module if I cannot attend it?


Will I be reimbursed if I cannot attend all modules?


When and how should I pay my tuition fee?

In the onboarding letter for course participation that you will receive after successful online registration, the GHAMFIN Program Coordinator (Mr. Alexander Apau) will inform you about the amount of the tuition fee to be paid. You will also be told the respective account data for making the payment. The tuition fee has to be paid in full before reporting to the first training day. Please present the payment receipt when reporting to the first training day. We kindly ask for your understanding that no cash payments will be accepted.

How much is the tuition fee for this course?

This Board of Directors Training Program is highly subsidized by the Ministry of Economic Cooperation and Development (BMZ) of the Federal Republic of Germany. However, to ensure further sustainability of the program, attendees (respectively their delegating microfinance institutions or credit unions) are asked to pay a tuition fee that covers between 15% and 30% of the entire course costs per participant. Depending on where the course is delivered, its total cost (for 6 training days + 1 assessment day) varies between 2.882 (in Accra) and 3.073 (outside Accra). Accordingly, your tuition fee will also vary. For example: As a member of an MFI Tier 4 Advisory Committee, you would have to pay between 432,30 GHS and 460,95 GHS tuition fee for the entire course. As a Board Member of a Tier 2 deposit-taking MFI (or Credit Union), you would have to pay between 864,60 GHS and 921,90 GHS tuition fee.

What if I face technical challenges with the online registration?

In case you face challenges with your online registration, please contact the GHAMFIN IT administrator (Mr. Samuel Ackun, Mobile: 0248530682).

How can I get enrolled in the program?

To register/enroll for the course, you are kindly asked to use the GHAMFIN website ( We hope for your understanding that course registration can be done online only. Once you are registered, you will receive an onboarding/welcome letter from the GHAMFIN Program Coordinator (Mr. Alexander Apau) via email.

How will I know when and where the next course for the Board of Directors Training Program will take place?

Dates and venues for the face-to-face training deliveries will be announced on the GHAMFIN website ( This site provides you with all information about the training program.

Where does this training take place?

Depending on your residence and on the Tier and category of your MFI or Credit Union, the training will either take place in your hometown or in the regional capital close to your hometown. For reasons of cost effectiveness and due to the limitations caused by the Covid-19 pandemic, GHAMFIN strives to minimize travelling related to workshops and trainings.

The training modules take place in hotels that have been carefully selected and inspected by GHAMFIN as regards meeting the safety requirements of COVID-19 prevention.

If you wish to do this course from your home and at a time you feel comfortable with, you are welcome to do so – by using GHAMFIN’s e-learning offering. For details visit the GHAMFIN website or apply to the GHAMFIN Program Coordinator (Mr. Alexander Apau).

How long is this training course?

In its face-to-face format, this training course is a 6 days classroom class room session during which you will undergo four training modules: 1) Introductory Module; 2) Regulatory Framework Module; 3) Board & Governance Module, and 4) ‘Marketing & Human Resource Management Module. One more day will be spent on the final assessment.

The program will be delivered within a period of 3-3,5 months. Between the modules, you will have 2-3 weeks to follow-up and learn on your own.

What are the benefits for me if I attend this program?

Through attending and successfully completing this GHAMFIN training program you get prepared for board certification as required by the Regulator (Bank of Ghana). You update your knowledge on the relevant regulatory framework for MFIs and Credit Unions and on what this means for daily business operations. Last but not least, you get numerous opportunities for exchange of expertise with other board members on good governance and business practices.

How many questions will I have to answer in the multiple-choice test, and how much time will I have to do it?

You will have to answer 30 multiple choice questions that will cover all topics/modules dealt with in the course. You will have 60 minutes for answering the questions. It will be a PC-based test, that you will have to do on the GHAMFIN Moodle platform

What is the passing score in the individual assessment (multiple choice test)?

The maximum score you can earn is 100. Passing score is 70.

What if I fail to pass the individual assessment?

In the unlikely event of failing in the individual assessment, you will have two more trials to successfully pass it.

Who are the members of the Assessment Panel?

The Assessment Panel consists of 2 practitioners from different subsectors of the microfinance industry and one representative of the regulator and/or GHAMFIN/CUA).

Will there be training questions to get prepared for the final assessment?

Yes, for each module, there will be several test questions which you can use to train yourself and get prepared for the final assessment. You will find these questions on the GHAMFIN Moodle platform.

What is the GHAMFIN Moodle platform?

It is a PC- and internet-based content and learning management system that is used to store and provide learning resources (such as Manuals, PowerPoint presentations, Case Studies, Test Questions, Facilitator Guides, Video Lectures etc.) for further use (including download) by authorized users.

Can everybody access the GHAMFIN Moodle platform?

No. To access the Moodle platform of GHAMFIN, you have to be a registered course attendee of one of GHAMFIN’s training courses. With the confirmation of your registration/enrolment by the GHAMFIN Program Coordinator (Mr. Alexander Apau) you will be given a login password to access the platform. If you face challenges with accessing the platform, please contact the GHAMFIN IT Administrator (Mr. Samuel Ackun) for support.

As a course participant, can I upload content on the platform?

No. If you interesting content which you would like to share with your peers in the group, send them the link using your WhatsApp group or the chatroom (when available). You may also want to share this content with the Lead Facilitator (Trainer) for the related module and ask him/her to upload it after quality check by GHAMFIN.

Act quickly - the fund resources are limited. Apply now