Business News Sun, 8 Sep 2019

Baobab Microfinance registers 3,241 under-privileged beneficiaries on NHIS

3, 241 under-privileged persons have benefitted from Tamale based Microfinance Company, Baobab Company Limited as part of its Corporate Social Responsibility by being registered onto the National Health Insurance Scheme.

Each adult beneficiary had one of his/ her dependent benefiting from the package and it was done across three (3) centres thus West Hospital, SDA Hospital and NHIS office at Gumani in Tamale Metro and Sagnarigu District.

The organization believes that ‘Investing in access to health system does not only save lives, but it’s a crucial investment in the wider economy. This is because ill-health impairs productivity, hinders job prospects and adversely affects human capital development’’.

The company has the corporate vision of ‘Northern Ghana without Poverty’ through tailor made financial products and services for women groups. Over the past decade, Baobab has been working to alleviate poverty in Northern Ghana by making access to credit a reality to women and as well inculcate savings and investment habits among women. Out of a total of 10,255 loan clients, 9,502 are women representing 92.66% with an average loan size of GHS 744.00 per woman.

Baobab obtained its first Bank of Ghana (BOG) operating license on 23rd April, 2008 as Baobab Financial Services Ltd and when BOG issued a directive in 2010 mandating all financial services to rebrand and have ‘Microfinance’ added to their name, BMC was the first in the whole of Ghana (out of over 400 companies) to meet all such requirements and was granted a new operating license by BOG on 29th July, 2011 (License No. 000001). BMC has Five (5) branches and an agency; its Head Office Branch which is located at Zogbeli-Tamale, Yendi Branch, Bimbilla Branch, Salaga Branch, Sawla Branch and Kalpohini agency. BMC has survived the upheavals in the financial sector and contrary to general decline in deposits, it is experiencing continuous increases. BMCs deposits surge by 74% from second quarter of 2019 to September.

Source: mynewsgh.com