The Executive Director of Association of Rural Banks, Ghana, Mrs Comfort Owusu, who is also a strong women’s development advocate has urged women particularly in the peri-urban and smaller communities to take advantage of rural banks’ microfinance scheme to strengthen their financial independence.
Mrs Owusu has also mentioned that, through rural banks’ microfinance scheme, a lot more women have been able to access funds to grow their businesses, adding that, with microfinance, women are able to engage in income generating activities which help them to be financial relevant in diverse ways and to a large extent give domestic financial support to their households.
She further noted that when there is unforeseen occurrence such as sickness, women have money on them and anxiety about where to get money is reduced to some extent.
According to her, through microfinance support in their economic activities, women are no longer liabilities or a burden to their husbands but financial contributors, a development she stated has enhanced respect for women in marital homes.
Mrs Comfort Owusu made these assertions and more at a day’s Credit Savings Association durbar, which was organized by the Akuapem Rural Bank PLC recently for a section of their microfinance clients at the Methodist Girls’ Senior High School at Akuapem, Mamfe in the Eastern Region.
The durbar was under the theme: “Microfinance and Women Empowerment: A Tool for Poverty Reduction which was aimed at empowering women to be financially viable.
She has therefore revealed that microfinance has significantly improved the economic standing of the productive poor as well as increasing women’s financial security, self-confidence and status in society.
Mrs Owusu continued that microfinance provides women with financial security, disclosing “Our women at this durbar are earning income on regular basis through funds provided by Akuapem Rural Bank PLC.”
She emphasized that microfinance empowers women socially because they will always have funds to do business to generate income, it will give women self-confidence, they will be recognized in their communities and can control their own destiny.
While advising women in microfinance to pay back their loans, she did indicate that one of the key pillars of any effective microfinance scheme is sustainability and that they must commit themselves to pay back their loans which will be the only way to sustain the scheme in perpetuity.
This she said is extremely important because women economic empowerment and poverty reduction would depend on continues operation of the microfinance scheme by Akuapem Rural Bank PLC.
“This will require that beneficiaries of the scheme should continue to meet loan repayment fully and on timely basis to avoid the high incidence of non-performing loans and past due,” she said.
Mrs Owusu pledged that the Association would continue to support rural banks that introduce important poverty reduction intervention such as microfinance scheme to empower women who are currently striving to support their families to survive.
Akuapem Rural Bank’s engagement with a section of their Microfinance clients at the durbar was a very good opportunity for the clients to interact with key management of the bank as well as key industry players.
The durbar discussed a new insurance policy to provide cover for some life events to clients and their dependents. The clients were also educated on cyber security issues as well as business management skills.
