Please note that the information you are viewing is 132 months old and may not represent the prices currently charged. If you represent this MFI and wish to update your information, click HERE

Institution

Rich Step Investment Head OfficeTemaKpone, Greater AccraP.O. Box SC116
Data approved: 2013-03-14
Data version: 2
Age of data: 132 months

Institution Details

Institution TypeNon Bank Financial Institution
Is this institution regulated?Yes
Website addresshttp://www.richstepinvestment.com
Year established2007
Head of InstitutionStephen Dzovor
Regions activeGreater Accra Region
# Branches9

Total Portfolio (nat'l)GHS 200,000
Total Portfolio (USD)USD 101,522.84
Active clients with loans150
Approximate % female clients60% - 80%
Approximate % urban clients80% - 100%
Network affiliationsGHAMFIN, GCSCA
Funders

Loan Products » Summary

150 Borrowers
USD 101,522.84 Portfolio
Active Product

Loan Products » Conditions

Product Name Loan Size Range Loan Term (months) % Female % Urban Loan Purpose Eligibility Other Services
Petty Traders Loan GHS 50 - 1,000 1 - 5 40% - 60% 80% - 100% Business Women, Men, Have business, Have home or land, Specific age group Group Mtgs, Credit Ins, Other Training

Loan Products » Pricing Information

Product Name Annual Nominal Interest Fees Insurance Taxes Compulsory Deposit APR (int+fee) Full APR Transparency Index
Petty Traders Loan 60.00%-120.00% annual, Flat 2 Fees 0 None 25.00% upfront 147.3% - 245.4% 259.4% - 420.1% 16
Institution Price Graph
Please note that the information you are viewing is 132 months old and may not represent the prices currently charged. If you represent this MFI and wish to update your information, click HERE

Institution

BestFUND Head OfficeCantomentsAccra, Greater AccraP.O. Box CT 5217
Data approved: 2013-03-04
Data version: 2
Age of data: 132 months

Product

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Product Details

Key Statistics
Outstanding portfolio (GHS)GHS 2,110,130
Portfolio (USD)USD 1,071,131.98
Active Clients with Loans1,211
Approximate % Female Clients60% - 80%
Approximate % Urban Clients0% - 20%
Methodology
Individualx
Solidarity group
Village bankingx
Self help group
Other
Description
Designed for individuals with businessness requesting a larger loan size than Individual Loan.
Loan Purpose
Any purpose
Income generationx
Mortgage/housing
Consumer loan
Agriculture
Educationx
Other household finance
Other
Other (2)
Included Services
Credit education
Group meetings
Credit insurancex
Workplace visitsx
Business training
Other training
Other
Other (2)
No other services
Eligibility
Menx
Womenx
Must run a businessx
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 institution2
# Regions for this product2
Regions ActiveGreater Accra Region, Ashanti Region

Loan Conditions

Loan Amount
CurrencyGHS
Minimum loan sizeGHS 3,000
Maximum loan size8,000
Distribution at Disbursement (Est.)
Loans less than GHS 1,0000
GHS 1,000-5,00030%
GHS 5,000-7,50060%
GHS 7,500-10,00010%
GHS 10,000-13,0000
Greater than GHS 13,0000
Loan Term and Grace Period
Shortest loan term6.0 months
Longest loan term10.0 months
Approx averagedk
Distribution at Disbursement (Est.)
Loans 3 months or less0
Between 4 and 6 months30%
Between 7 and 9 months70%
Between 10 and 12 months0
Between 13 and 18 months0
Longer than 18 months0
Grace Period
Grace period usage100%
Average grace period1.0 month
Repayment Frequency
Daily
Weeklyx
Every 2 weeksx
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 interest3.00%
Highest quoted nominal interest8.00%
Reason(s) why interest rate variesClient Risk
Interest rate periodMonthly
Interest Rate Calculation MethodFlat
Subsidized by funder request?No
Is rate fixed for entire loan termYes
Upfront Fees
Fee 1
DescriptionProcessing Fee
% of loan amount - min3.00%
% of loan amount - max3.00%
OR, Fixed amount - min0
Fixed amount - max0
Reason for variationN/A
Appears on Repayment Sched?Yes
Ongoing Fees
This product has no ongoing fees
Upfront Insurance Fees
This product has no upfront insurance fees
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?No
Deposit BEFORE or AT Disbursement
% loan amount deposited10.00%
or, Fixed-amount deposited0
Deposits DURING period payments
% loan amount deposited0
or, Fixed-amount deposited0
Conditions on access to depositFinal Pmt
Interest Paid on Deposit
Minimum interest rate paid4.00%
Maximum interest rate paid4.00%
Interest payment frequencyEnd Term
Taxes
Are taxes charged on this product?No

Full Pricing Data

Capacity Loan samples
Sample 1Sample 2Sample 3Sample 4
Loan AmountGHS 3,000GHS 3,200GHS 6,500GHS 6,600
Loan Cycle (1, 2, 3, etc)Not KnownNot KnownNot KnownNot Known
Disbursement Date2013-01-032013-01-152013-01-072013-03-04
Loan Term (Months)4.0 months4.0 months3.0 months4.0 months
Grace Period (Months)1.2 months1.2 months0.9 months1.0 month
Total Cost of CreditGHS 450GHS 480GHS 780GHS 990
True Price by Comp       
Interest price component51.0%51.0%50.1%50.7%
Fee Component13.9%13.9%17.9%13.8%
Insurance Component0.0%0.0%0.0%0.0%
Tax Component0.0%0.0%0.0%0.0%
Deposit Component10.4%10.4%10.8%10.4%
Full APR (int fee ins tax dep)75.3%75.3%78.8%74.9%
Transparency Index48484648
        
Original Repayment SchedulePDFPDFPDFPDF
MFT Pricing CalculationPDFPDFPDFPDF
Capacity Loan Price Graphs


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% Products with one or more insurances
% Products with compulsory deposits
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