According to Barbara Oteng-Gyasi, the microfinance company, will give women in her constituency who are unable to access traditional financial services the opportunity to small loans.
According to Barbara Oteng-Gyasi, the microfinance company which is known as the Obaapa Micro Loan Scheme (OMLS), will give women in her constituency who are unable to access traditional financial services the opportunity to small loans.
“Considering the industrious nature of women, the scheme is what they need to complement their efforts. It is the women who support the home and the development of their communities, therefore, we need to pay serious attention to them,” she said.
“The procedures for Obaapa Micro Loan Scheme has been made simple and easy for the women, and the applicant is expected to lead the managers to their trading area for assessment and recommendation for the loan,” she added.
She further explained that the scheme starts with ¢500.00 for each applicant.
The microfinance started with a seed money of GH¢12,000 ($2478).
Launching the microfinance and other social interventions by the MP, the wife of Ghana’s Vice President, Samira Bawumia contributed GH¢20,000 to the scheme.
She praised Mrs. Oteng-Gyasi for seeking the welfare of the women in her constituency. She added that her actions were in line with the government’s commitment to making life comfortable for Ghanaians through various social intervention programmes.
Mrs Bawumia entreated the women to be faithful in paying back the loans so the scheme benefits other people.
Mrs Oteng-Gyasi, who is also the Deputy Minister for Lands and Natural Resources, urged the women not to yield to spousal or family pressures to divert the use of the money for other purposes that would make it difficult for them to expand their businesses or repay the loans.