Understanding the marketing strategies of microfinance institutions within the Accra metropolis of Ghana: Case of selected institutions

Abstract

This study focused on identifying whether micro finance institutions (MFIs) within the Accra metropolis use marketing approaches and strategies in savings mobilization and credit delivery. The basic source of data for this study is primary data. The data was elicited from the credit officers and in some cases management team of the microfinance institutions. A descriptive statistics was employed for the analysis of the data. In relation to their marketing objectives, mission statements, strategy and approaches, the study found that the selected microfinance institutions are not market-oriented in the delivery of their services. Among the recommendations made are that MFIs should create marketing departments, fashion out customer service packages, and strengthen their marketing planning capabilities especially in the area of environmental awareness. Key words: Microfinance, marketing strategies, saving mobilization, credit delivery.