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Institution

Meklit MFI Ayer TenaAddis AbabaPO Box 27634
Data approved: 2011-12-23
Data version: 1
Age of data: 150 months

Institution

Innovative Finance The Ghana Tours Building, C122/2 Farrar AvenueAdabrakaAccra, Greater AccraP.O. Box CT 153
Data approved: 2013-03-20
Data version: 2
Age of data: 132 months

Product

Individual (Consumption) Loan Product 4 of 4 « Prev | Next »

Product

Susu Loan Product 5 of 6 « Prev | Next »

Product Summary

Number borrowers850
Loan Amount (range)ETB 10,000 - 50,000
Loan Term (range)12 - 24
Other Services (text summary)Credit Educ, Credit Ins
Annual Interest & Method16.0%-20.0% annual, Flat
Fees2.00% upfront
Insuranceupfront
TaxNone
Comp Dep5.0%-15.0% upfront 5.00%-15.00% ongoing
Range of pricing 
Interest Price ComponentN/A
Fee Component29.0% - 41.9% (Int+Fee)
Insurance Component1.1% - 5.4%
Tax Component Range0
Full APR (int fee ins tax dep)33.6% - 50.0%
Transparency Index (min/max)32 - 50
Transparency Index (average)40

Product Summary

275
GHS 200 - 1,500
3 - 8
Credit Educ, Tech Asst Visits, Business Training, Other Training
60.00%-84.00% annual, Flat
2 fees
1.00% upfront
None
30.00% upfront
 
84.9% - 110.4%
11.3% - 31.6%
0 - 6.6%
0
166.9% - 235.4%
25 - 36
28

Product Details

Key Statistics
Outstanding portfolio (ETB)ETB 2,550,000
Portfolio (USD)USD 138,586.96
Active Clients with Loans850
Approximate % Female Clients40% - 60%
Approximate % Urban Clients60% - 80%
Methodology
Individualx
Solidarity group
Village banking
Self help group
Other
Description
This loan is delivered to individuals who have permanent employment. Interest rate is 16%, paid monthly. The Guarentee is met by the employer.
Loan Purpose
Any purposex
Income generation
Mortgage/housing
Consumer loan
Agriculture
Education
Other household finance
Other
Other (2)
Included Services
Credit educationx
Group meetings
Credit insurancex
Workplace visits
Business training
Other training
Other
Other (2)
No other services
Eligibility
Menx
Womenx
Must run a business
Must own a home or land
Must be a salaried workerx
Must be specific age group
Other
Other (2)
# Borrowers by Product
Portfolio Size by Product
Geographic Coverage
# Regions for this institutionN/A
# Regions for this productN/A
Regions Active

Product Details

Key Statistics
Outstanding portfolio (GHS)GHS 55,000
Portfolio (USD)USD 27,918.78
Active Clients with Loans275
Approximate % Female Clients60% - 80%
Approximate % Urban Clients60% - 80%
Methodology
Individualx
Solidarity group
Village banking
Self help group
Other
Description
Designed using a susu methodology, suitable for individuals with microenterprises.
Loan Purpose
Any purpose
Income generationx
Mortgage/housing
Consumer loan
Agriculture
Educationx
Other household financex
Other
Other (2)
Included Services
Credit educationx
Group meetings
Credit insurance
Workplace visitsx
Business trainingx
Other trainingx
Other
Other (2)
No other services
Eligibility
Menx
Womenx
Must run a businessx
Must own a home or land
Must be a salaried worker
Must be specific age groupx
OtherMust contribute daily savings prior to receiving loan. Must have guarantor.
Other (2)Must have been working for the past 2-3 years
# Borrowers by Product
Portfolio Size by Product
Geographic Coverage
# Regions for this institution2
# Regions for this product2
Regions ActiveGreater Accra Region, Northern Region

Loan Conditions

Loan Amount
CurrencyETB
Minimum loan sizeETB 10,000
Maximum loan size50,000
Loan Term and Grace Period
Shortest loan term12.0 months
Longest loan term24.0 months
Approx average24.0 months
Grace Period
Grace period usage0
Average grace period0
Repayment Frequency
Daily
Weekly
Every 2 weeks
Every 4 weeks
Monthlyx
Every 2 months
Quarterly
Every 6 months
Every 12 months
Single end payment
Irregular payments

Loan Conditions

Loan Amount
CurrencyGHS
Minimum loan sizeGHS 200
Maximum loan size1,500
Distribution at Disbursement (Est.)
Loans less than GHS 1,00090%
GHS 1,000-5,00010%
GHS 5,000-7,5000
GHS 7,500-10,0000
GHS 10,000-13,0000
Greater than GHS 13,0000
Loan Term and Grace Period
Shortest loan term3.0 months
Longest loan term8.0 months
Approx average6.0 months
Distribution at Disbursement (Est.)
Loans 3 months or less20%
Between 4 and 6 months80%
Between 7 and 9 months0
Between 10 and 12 months0
Between 13 and 18 months0
Longer than 18 months0
Grace Period
Grace period usage0
Average grace period0
Repayment Frequency
Dailyx
Weeklyx
Every 2 weeks
Every 4 weeks
Monthlyx
Every 2 months
Quarterly
Every 6 months
Every 12 months
Single end payment
Irregular payments

Pricing Information

Interest
Lowest quoted nominal interest16.00%
Highest quoted nominal interest20.00%
Reason(s) why interest rate variesNot specified
Interest rate periodYearly
Interest Rate Calculation MethodFlat
Subsidized by funder request?
Is rate fixed for entire loan termYes
Upfront Fees
Fee 1
DescriptionService Charge
% of loan amount - min2.00%
% of loan amount - max2.00%
OR, Fixed amount - min0
Fixed amount - max0
Reason for variation
Appears on Repayment Sched?Yes
Ongoing Fees
This product has no ongoing fees
Upfront Insurance Fees
Ins 1
DescriptionLoan Insurance
% of loan amount - min0
% of loan amount - max1.50%
OR, Fixed amount - min0
Fixed amount - max0
Reason for variation<1000 ETB=1%,<2000 birr=1.2%,<3000 ETB=1.3%, <4000ETB=1.4%, <5000 ETB=1.5%. Over 5000 ETB=0
Appears on Repayment Sched?Yes
Ongoing Insurance Fees
This product has no ongoing insurance fees
Compulsory Deposit
Required forAll
CriteriaN/A
Is deposit indicated on the repayment schedule?Yes
Do borrowers control deposit in their group?
Deposit BEFORE or AT Disbursement
% loan amount deposited5.00% - 15.00%
or, Fixed-amount deposited0
Deposits DURING period payments
% loan amount deposited5.00% - 15.00%
or, Fixed-amount deposited0
Conditions on access to depositEnd Term
Interest Paid on Deposit
Minimum interest rate paid5.00%
Maximum interest rate paid5.00%
Interest payment frequencyAnnually
Taxes
Are taxes charged on this product?No
Additional Comments
Compulsory savings: <5000 ETB = 15%, <10,000 ETB Loan = 10%, >1 10,000 ETB Loan = 5%. Client deposits monthly the same amount, e.g 15% upfront plus 15% over the term of the loan in monthly installments. Interest savings is compounded semi-annually.

Pricing Information

Interest
Lowest quoted nominal interest5.00%
Highest quoted nominal interest7.00%
Reason(s) why interest rate variesBranch, Time as Client, Loan Size, Client Risk, Collateral, Loan Purpose
Interest rate periodMonthly
Interest Rate Calculation MethodFlat
Subsidized by funder request?No
Is rate fixed for entire loan termYes
Upfront Fees
Fee 1Fee 2
DescriptionProcessing FeeCommitment Fee
% of loan amount - min3.00%2.00%
% of loan amount - max3.00%2.00%
OR, Fixed amount - min00
Fixed amount - max00
Reason for variationN/AN/A
Appears on Repayment Sched?NoNo
Ongoing Fees
This product has no ongoing fees
Upfront Insurance Fees
Ins 1
DescriptionInsurance Fee
% of loan amount - min1.00%
% of loan amount - max1.00%
OR, Fixed amount - min0
Fixed amount - max0
Reason for variationN/A
Appears on Repayment Sched?No
Ongoing Insurance Fees
This product has no ongoing insurance fees
Compulsory Deposit
Required forAll
CriteriaN/A
Is deposit indicated on the repayment schedule?No
Do borrowers control deposit in their group?Yes
Deposit BEFORE or AT Disbursement
% loan amount deposited30.00%
or, Fixed-amount deposited0
Deposits DURING period payments
% loan amount deposited0
or, Fixed-amount deposited0
Conditions on access to depositEnd Term
Interest Paid on Deposit
Minimum interest rate paid2.00%
Maximum interest rate paid8.00%
Interest payment frequencyAnnually
Taxes
Are taxes charged on this product?No

Full Pricing Data

Individual (Consumption) Loan samples
Sample 1Sample 2Sample 3Sample 4
Loan AmountETB 10,000ETB 12,000ETB 16,000ETB 30,000
Loan Cycle (1, 2, 3, etc)Not KnownNot KnownNot KnownNot Known
Disbursement Date2011-06-252010-02-252010-05-142011-06-17
Loan Term (Months)24.0 months12.1 months24.0 months36.0 months
Grace Period (Months)0.0 months0.0 months0.0 months0.0 months
Total Cost of CreditNot KnownNot KnownNot KnownNot Known
True Price by Comp       
Interest and Fee Component29.8%41.9%40.0%29.0%
Insurance Component1.1%2.2%1.2%1.2%
Tax Component0.0%0.0%0.0%0.0%
Deposit Component3.7%5.9%4.8%3.4%
Full APR (int fee ins tax dep)34.6%50.0%45.9%33.6%
Transparency Index46323548
        
Original Repayment SchedulePDFPDFPDFPDF
MFT Pricing CalculationPDFPDFPDFPDF

Full Pricing Data

Susu Loan samples
Sample 1Sample 2Sample 3
Loan AmountGHS 200GHS 1,000GHS 1,500
Loan Cycle (1, 2, 3, etc)Not KnownNot KnownNot Known
Disbursement Date2012-10-242013-01-072012-11-23
Loan Term (Months)3.1 months7.0 months6.0 months
Grace Period (Months)0.0 months1.0 month0.0 months
Total Cost of CreditGHS 48.10GHS 420.20GHS 630
True Price by Comp     
Interest price component100.3%84.9%110.4%
Fee Component31.6%14.6%19.3%
Insurance Component6.6%3.1%4.0%
Tax Component0.0%0.0%0.0%
Deposit Component96.9%64.3%96.6%
Full APR (int fee ins tax dep)235.4%166.9%230.3%
Transparency Index253626
      
Original Repayment SchedulePDFPDFPDF
MFT Pricing CalculationPDFPDFPDF
Individual (Consumption) Loan Price Graphs


Susu Loan Price Graphs


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Key Statistics
# Samples:
# Products
# Institutions
# Countries
# Borrowers
Loan Portfolio (USD)
% Products using declining balance
% Products with one or more fee
% Products with one or more insurances
% Products with compulsory deposits
Filter table:
Country InstAbbrev SampleCode Loan Amount USD Loan Term (Months) SampClients FullAPR DateApproved
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