Micro-finance plays a major role in development such as:
- A. Helping very poor households meet basic needs
- B. Improving household economic welfare
- C. Empowering women by supporting women's economic participation and thus promoting gender equity.
- D. Creating employment opportunities
- E. Contributing immensely to financial inclusion
Globally, the microfinance industry has realized an undeniable expansion and as the number of microfinance institutions continues to grow, the level of competition in the industry becomes a question of interest since the sustainability of these institutions is highly debated.
As the number of MFIs continues to grow and competition becomes strong in the industry, concerns for its survival and long-term sustainability tends crucial.
Studies have argued that high attrition rates, low portfolio quality, repayment rate, collection methods and inadequate skills set or capacity just a few to mention seem to threaten the sustainability of MFIs.
The number of licensed MFIs (to include all the tiers) has grown to over 690 as at July 2016 with reference to Bank of Ghana Report.
The number of MFIs continues to surge as the industry is considered a conduit to the attainment of the Millennium Sustainable Development Goal of poverty alleviation
Despite the growth and competition in the Ghanaian Microfinance Industry, some MFIs are winding up leading to creating mistrust and loss of confidence in the industry which continues to bedevil the industry, impacting negatively on the inflow of savings, investments and donor funds for the development of the industry
The winding up of MFIs and its attendant consequences have and continue to become a source of concern for all because of the role MFIs play in the growth and development of an economy.
The development of the industry is not without challenges even in the phase of regulation.
Findings have revealed that, the major reasons for the winding up of MFIs can be attributed to inadequate skills set, poor corporate governance and lack of professionalism of managers of MFIs and it is against this backdrop that the West African Microfinance Training Institute (WAMTI) is established.
The institute is dedicated to the development and advancement of the microfinance sector towards building a sustainable, resilient and profitable industry
West Africa Microfinance Training Institute was incorporated under the companies Act,1963 (Act 179) on the 1st day of October ,2014 and was entitled to commence business with effect from 28th day of July, 2015.
The company registration number is CS496782014.