communication strategy for microfinance

Background

• Ghana’s microfinance institutions have grown in leap and bounds.

• Currently there are 518 licensed institutions operating in the micro-finance landscape.

• Need not recount the economic relevance of Microfinance institutions in a developing economy like that of Ghana's.

• Not only does it make funds available to small and medium sizebusinesses, more so, microfinances has strongly boosted the country’seffort towards a cashless society.

• While the mainstream commercial banking system has been unable torope in majority of people in the banking sector, the role of Micro financeinstitution in attracting Ghana’s unbanked into the banking stream hasbeen profound.

• Despite these widely recognized merits, recent occurrences have raisedoubt about credibility of most Microfinance institutions.

• The fact is that some Microfinance institutions have come under a barrageof criticisms over some operational and ethical infractions, lately.

• Subsequent to these negative publicity, the Central bank has threatened

• Pulse report headlined ‘Bank of Ghana wages war on illegal microfinancecompanies’ dated August 24,2015, speaks volumes of the regulatorscommitment to ridding the microfinance landscape of illegality.

• The regulator is not the only stakeholder which stand indicted, Customer’s confidence in the whole concept continue to dwindle.

• This will certainly portends challenges for all companies operating in the Microfinance institutions.(The Trickling or Association Effects).

• Generic association may result in lack of trust and unfavorable disposition towards these institutions.

• While there is a cause for these illegal institutions to be alarmed, thosewhose operations are legal must have even more cause to be alarmed sincethis development may negatively affect their operations and investments.

• Thus, the cost involved in making these institutions legal and ethical is athigh risk.

• Generally, the benefits as enumerated above may be lost if the seeminglydwindling trust in these institutions go unaddressed.

Insight

Trust is invaluable in any form of relationship, especially in either commercial and transactional relationships….

Strategy

Leverage a value-driven brand campaign that seeks among others to:

• Articulate and Exude trust for the company.

• Stand the company out as the most trusted microfinance player.

To build trust you:

• and a .

• and stakeholder engagements

• industry and explore

• and

Tactics

Building a Thought-Leadership Status

• Create a Company Blog.

• An informative platforms to educate your prospecting and existing targets on some key financial concepts.

• Curate contents that provides valuable information to your target(Prospecting and Existing).

• Occasional Executive/Employee profiling.

• Leverage influencer bloggers who will occasional write on the company’s.

• Customer Testimonials will also be published on the platform

• Business News will be shared weekly.

and stakeholder engagements

• Organizing events which will afford us a first hand interaction with our stakeholders.

• Events should bring regulators, shareholders, advisers, partners and Customers together.

• For instance, Quarterly Financial Symposiums/Forums.

• User-generated social media campaigns has gained prominence. #MyidealPartner.

industry and explore

• Beyond our events, there are a number of events that our association with can rub off positively with us.

• If there are broad base industry events, can we explore and find a speaking opportunities.

• Are there critical industry issues that we want to spearhead advocacy on?

• Who attended those events and how has it empowered them for their task?

and

• That single social cause that will be executed and sustained, annually.

• The project must be in line and consistent with brand building efforts.

• Employees will spearhead the project.