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September 9, 2010 | Business

MICROFINANCE, AN ALTERNATIVE TO TRADITIONAL BANKING

MICROFINANCE, AN ALTERNATIVE TO TRADITIONAL BANKING

Basically this research work was aimed as assessing the impact of micro financing on the informal micro scale business in Ghana. It was realized from the study that the impact of “micro financing on the informal micro scale business in Ghana is encouraging. There is a large and significant informal financial sector which is active in many African countries. It exists alongside the formal financial sector. Despite this active presence, the credit needs of the rural sector are largely unsatisfied. Evidence from Ghana suggests that the informal sector while limited in the function of financial intermediation, is gradually adapting its operations to the growing needs of its usual clientele. Capital is an essential ingredient for the success of very business and this includes the informal Micro Scale Businesses. The attraction and formation of capital however remains the major problem of the informal sector. With the acceptance of micro finance onto the financial terrain, the informal sectors through the various micro schemes have had the ability to attract credit and their ability to raise their own capital is enhanced.

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