The overall objective of the programme was to improve access to innovative and demand-oriented microfinance services as well as to gainful employment in MSMEs. Within the programme, component 1 aimed at enhancing the financial literacy of MSMEs, economically active low-income households and students with regards to loan and savings products. In addition, component 1 increased the quality of client service and consumer protection within the banking sector.
Technical Assistance (TA) has been provided on three levels:
Intervention Area 1: Banking supervision
- Support the transfer of tasks and functions from the Bank of Ghana (BoG) to the ARB Apex Bank;
- Provide TA, training and mentoring for the management and technical staff of the BoG, ARB Apex Bank and Credit Union Association (CUA) in the areas of strengthening supervision of and internal control in rural banks and credit unions;
- Strengthen the institutional capacity of the local rural banks.
Intervention Area 2: Financial literacy and consumer protection - banks and financial service providers
- Review and enhance the National Strategy for Financial Literacy and Consumer Protection in the Microfinance Sector and support MoFED in the implementation thereof;
- Provide TA to extend the National Strategy to other sectors beyond microfinance including the development of a code of conduct;
- Support MoFED in carrying out the yearly financial literacy week;
- Strengthen the Investigation and Consumer Reporting Office of the BoG;
- Develop and disseminate education materials among MFIs.
Intervention Area 3: Financial literacy and consumer protection – clients and consumers
- Conduct a baseline survey and needs analysis prior and after intervention;
- Design and develop curricula modules for secondary schools;
- Facilitate the process of selecting schools;
- Enhance the capacity of teachers through a ToT module and materials;
- Facilitate the pilot of the module in the selected schools;
- Disseminate educational material (print material, radio and TV programmes) to existing and potential clients.