A-CUBE MICROFINANCE LTD - Suhum, Ghana

Ten years ago from now, a lending scheme was born in the office of the Social Welfare Department of Suhum. The need to solve the financial problems of colleague National service Personnel gave rise to the A-Cube Micro Loan Scheme as it was called at the time.
Other civil servants such as teachers, nurses, police and fire service personnel among others patronised the service and thus got it entrenched.
The proprietor, Alexander Appiah-Aboagye, a young entrepreneur at the time took a bold decision to hire an office space after completion of his national service with the social welfare department. Money lending license from the police CID at the time legitimised the business up until the year 2011 when the Central bank took charge of regulating the money lending and entire microfinance  

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sector.
Widening the coverage
Whilst the A-Cube Micro Loan Scheme began as a purely lending scheme to formal sector workers from the proprietor’s personal savings, it became necessary to expand service to the informal sector for purposes of financial inclusion. The SUSU system was thus adopted and applied to the informal sector workers.

Highlights of A-Cube
A-Cube has led the microfinance industry in the Suhum Municipality for the past ten years and still counting.
A-Cube has developed creative products like MEWI which allows parents to save for their wards in school through the kids themselves. This is indeed is a huge effort towards financial inclusion.
A-Cube has over six thousand registered depositors (micro-savers, over a hundred fixed term depositors and close to two hundred loan clients as at December 2016.
A-Cube has embarked on a rural campaign drive where most villages around Suhum are to be served with its products. One such village known as Ateibu that stands out is going to have a state of the art sales office or for closer business by the end of February 2017. This mobilization center will serve about five villages and communities.

Future of A-Cube
Having successfully managed A-Cube for ten years, the sector has been properly understood and well learnt to build good foundational structures. Focus is now on attracting some equity investment to meet the two million Ghana cedis capitalisation requirement. The capital when injected coupled with the tremendous experience, understanding of the industry and valuable goodwill will offer the springboard to grow the business from microfinance to a savings and loans status within five years time. In another five years thereon, a commercial banks status will be attained.