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Grantees Funded under BUSAC Fund Phase I
Name of Applicant : Women's Assistance & Business Association
Title of Action : Access to micro-credit, insurance, etc..., for grassroot women in business.
Sector : Business
Geographical Area : Greater Accra
Action ID : # 1-59 WABA
Action Score : 78%
Total cost of Action : ¢207,460,000
BUSAC's % of Total cost : 90%
Self Financed : 10%
Action Duration : 6 months
Support from Outreach Facility : ¢-
Summary of the proposed Action : (a) The need, or the constraint to alleviate
Grassroot women who are into small scale businesses are constrained not only by inadequate resources, but are by-passed by mainstream business operators banks, insurance companies, national training bodies, etc. These women therefore strive to grow and develop their businesses through retained profits, which in the face of depreciation and inflation has been eroding over time. They are also confronted with losses in cases of disasters (fire, theft, floods, etc), and little to fall back to during old age, a situation that has led them to be branded as witches. Anecdotal evidence points to the fact that when micro-entrepreneurs make enough earnings they resort to the traditional savings accounts in commercial banks, thus failing to take advantage of the young but thriving investment market. Many micro-entrepreneurs have failed to take advantage of the investment climate either because of lack of information or unreliable and often conflicting information.

(b) The proposed solution to the identified need or constraint your achievement
WABA’s experience with grassroot women has shown that small scale business operators do save, even though in small amounts. This is evidenced in the numerous micro savings and loans schemes they are engaged in. An the Grameen Bank experience has provided empirical evidence that micro-credit does indeed raise the income levels of small scale business operators. Providing information on the benefits of diversifying savings into investment portfolios (EPACK, pension schemes, etc.) would enable them to better manage their finances. Losses suffered by small-scale operators can be minimized if insurance companies can operate ‘mini-insurance schemes’ for them. Whereas their individual contributions may be small, their critical mass (numbers) makes them an attractive proposition.

(c) The implementation plan to achieve the solution your Action
WABA proposes to gather empirical evidence of success stories in micro-credit, investment and micro-insurance schemes in the country and advocate the relevant institutions – banks, savings and loan companies, insurance firms, training institutions to address the concerns of small scale women businesses in a win-win situation. To gain legitimacy, WABA proposes to encourage small-scale business operators to begin formalization of their businesses by registering and complying with regulations.

(d) The expected impact(s) of the advocacy Action (i.e. the effects of the result(s) achieved by your Action).
  • Formalization of the informal sector increased registration of small-scale business operators;
  • Access to micro-credit improved access to micro-credit that is geared towards their particular enterprises;
  • Insurance cover property and businesses protected by insurance
  • Increased personal investment
  • Improved business skills
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