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Oikocredit renews support to Leasafric Ghana with funding of GHS 10 million

Oikocredit renews support to Leasafric Ghana with funding of GHS 10 million

LEASAFRIC logoMonday 25 March 2024

Oikocredit’s new term loan will boost Leasafric’s work with farmers in northern Ghana and its support for ride-hailing enterprise partners.

Worldwide cooperative and social impact investor has extended a GHS 10 million (approx. € 0.7 million) loan to Leasafric Ghana, a premier non-bank financial institution, to increase its farmer financing and to procure additional vehicles for small and medium ride-hailing partner enterprises.

This new credit facility aligns with Oikocredit’s mission in empowering people living on low incomes to improve their livelihoods. Leasafric will use part of the loan to develop an agri- leasing product providing agricultural equipment to smallholder farmers in northern Ghana, enabling them to raise their productivity and incomes. This follows capacity building, supported by Oikocredit, that helped Leasafric diversify into the agriculture sector.

An Oikocredit partner since 2009, Leasafric will invest the balance of the loan in its vehicle leasing business. Its small and medium enterprise partners in the transportation sector will benefit by developing their ride hailing businesses, thereby enabling an increase in the employment of young adults.

Read the press release here

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