Paper
Microfinance Product Development in Ghana. The Innovative and Unique Dimensions of Kraban Support Foundation's Micro-Loan Products
Examining innovation in microloan products of financial NGOs in Ghana
This paper describes the innovative microloan products developed by the Kraban Support Foundation (KSF), discussing them in the context of the Third Annual Microfinance Conference in Ghana. The conference aimed to identify best practices and assess the impact of the industry within the framework of the Millennium Development Goals.The paper states that growing competition necessitates innovation in product development for MFIs and financial non-government organizations (FNGOs) in Ghana. In addition to KSF, the paper also examines other institutions, and compares their method of product development and systems delivery with those of KSF.Study findings indicate that while all institutions have developed various loan products, KSFs loan products are unique. Clients find that the flexible nature of the microloan products eases repayment. KSF adopts the following steps for microloan product development:
- Market identification;
- Market analysis;
- Need analysis;
- Product testing;
- Advertising testing;
- Launch;
- Product management.
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