FAQ

  1. FAQ ON THE COMPANY.
  • Tell Me About FWF Microfinance Limited? Fwf Microfinance Limited is an Indigenous Limited Liability Company Incorporated On 22nd September 2011, Pursuant to The Companies’ Code Act 2019 (Act 992), and Licensed by Bank of Ghana to operate as a Tier 2 Deposit taking Financial Institution.

  • What is The Full Meaning of FWF? ‘‘FWF” stands for ‘‘Friends for Wealth Foundation.

  • What is our mission? To empower households and small-to-medium indigenous enterprises by providing cost effective micro-financing services in a sustainable manner to accelerate economic growth.

  • What is our vision? To be a preferred institution of choice in the financial sector and a fully-fledged bank in the country and beyond.

  • What are your values? We share the following values:
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    Discipline, Accountability, Responsibility & Equity.
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  • Are you licensed by BANK OF GHANA? Yes, we are licensed to operate as Non-Bank financial institution microfinance – deposit taking regulated under the banking act 2004 Act 673 as amended with license number 000363. We are currently 43 on the list of licensed operating microfinance companies in the country on Bank of Ghana Website.

  • Where are your offices? We have two operating branches, with its Head Office Located at Ashaiman Lebanon Opposite Checkpoint near the Police Junction and The Branch Office Located at Zenu – Atadeka Station near Alinco Filling Station.

  • How do we contact you? Please feel free to call the numbers below, send an email, Facebook message, and visit our website or send us a post we will get back to you as soon as possible 
    Head Office: Office Number: 0274423837, 0553899562

Branch Office:  Office Number: 024 121 6336

Postal Address: P.O. Box CO 1061 Tema

E-Mail:fwfloans@gmail.com, info@fwfmicrofinance.com

Website:www.fwfmicrofinance.com

Facebook: FWF Microfinance

 

2. FAQ ON ACCOUNT OPENINGS

  • What Particulars Does One Need to Open an Account? You Will Need Two Passport Pictures, and a Verifiable Identification Card.
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  • Which Type of Account Do We Operate? We Operate Savings, Junior Savers, Susu, Investment and Loan Account.
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  • What is the minimum operating balance? For savings accounts it is Gh¢10.00 and Gh¢50.00 for Junior Savers.
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  • What is the minimum amount for opening account? For savings you will need Gh¢10.00 only.
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3. FAQ ON CUSTOMER UPDATES

  • Why do I need to update my information?  It helps us to know current changes and details of our customers in order to serve you better.
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4. FAQ ON DORMANT ACCOUNTS/REACTIVATIONS

  • What is a dormant Account? An account that has no financial activity for period of more than three months.
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  • What should I do to prevent my account from becoming Dormant? You will need to continue running account through deposits, withdrawals, standing orders and transfers.
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  • How long does an account become dormant here? After three to six  months of financial inactivity with us your account becomes dormant.
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  • What can I do after my account is dormant? You will need to come to the bank with a verifiable identification card to fill an activation form for your account to be reactivated.
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  • After reactivation what next? You can operate account as before.

5. FAQ ON PASSBOOKS

  • Why do I need a passbook? It enables you keep track of all your savings deposits, interest payments, transfers and withdrawal transactions.
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  • What can I do if my passbook is missing? In the event of a passbook being lost the company must be notified immediately, and come to the office with a verifiable identification card, one passport picture and Gh¢5.00 for card replacement.
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  • What can I do if my passbook is damaged? In the event of a passbook being damaged, kindly bring damaged card along with a verifiable identification, one passport picture and Gh¢2.00 for card replacement.
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  • What can I do if my passbook is exhausted? In the event of a passbook being fully utilized kindly bring card along with a verifiable identification, one passport picture and Gh¢2.00 for new card.

6. FAQ ON LOANS

  • What type of loan products do we offer? Our loan products are grouped into Personal, Corporate, Adwumapa, Susu and Investment.
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  • How long will I save to be able to access loan? You will need to operate account for not less than 2 months.

Can I know your loan products in detail? 

  • Susu Loan: This type of loan is given to Susu contributors who had operated their account for not less than 2 months. This product is designed for thrift account holders with a reduced interest rate. Repayment plan is daily.

  • Corporate Loan: This product is design to meet short to medium term financial needs of corporate institutions. Few instances of business loans include working capital finance, infrastructure finance and term loans. Examples of Such institutions are; Schools, Churches, Pharmaceuticals, Enterprises and small to medium companies. 

  • Adwumapa loan: this refers to the short-term loans, which are supposed to satisfy people’s financial urgent need. Hence borrowers are supposed to pay off the debt within a short time period. This loan scheme is tailored to finance traders who are non-account holders with the company. It comes with a weekly repayment plan.
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    Individual Loan: It is an all-purpose loan targeted at the individual with flexible repayment schedule. The option to access another loan after repayment over time is always available. Whatever you’re financing needs are, it’s easy to lean on us.

  • Investment Loan: This product is designed to enable Investment Account holders to access credit at a lower rate using their investment as a collateral. This loan process is less than an hour. 
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    How long will it take to have my loan approved? Between 2 to 10 working days maximum if all necessary documents needed have been provided.

  • Do you offer loans to startups? No, we support businesses which are already in operation and sustainable.
    Can I know your minimum and maximum loan amount you give? We disburse loans up to Gh¢20,000.00 maximum per Bank of Ghana regulation

  • What fees are charged during the loan process? We charge 3% of the approved loan amount as insurance and processing fee, GH₵10 for individual loan application form, and GH₵15 for corporate loan application form.


7. FAQ ON INVESTMENTS

  • What type of investment do you do? 
    We offer fixed deposit where you can invest any amount from Gh¢500.00 and above for a minimum duration of 6months to a maximum of 24months.
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  • What instructions can I add to the investment?
    You can choose to rollover investment and accrued interest, rollover principal only or transfer investment and interest to account.
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  • What happens if I want to disinvest?
    Your investment can be terminated in two working days after notifying the bank. Premature termination of investment does not attract any interest nor charges on principal amount.
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  • What happens at maturity? At maturity per instructions given, investment can rollover principal only; rollover principal and accrued interest or transfer investment and interest to savings account.

8. FAQ ON MOBILE BANKING

  • Who is a mobile banker? An agent of a bank responsible for mobilizing funds by going to customers, homes, businesses, places of work etc. sometimes daily or through customer schedules.

  • Why do you need a mobile banker? For mobilizing daily deposits, to save money at bank without customer moving to bank, act as relationship officer for customer, help in answering basic customer enquiries, and help in withdrawing funds for customers in accordance with company’s operating standard.