SPEED Funding Facility Limited (SFFL)

Vision

The vision of SPEED Funding Facility Limited (SFFL), a company limited by guarantee is to become established as a sustainable wholesale refinancing facility for financial institutions on lending to the MSME sector. It will thereby contribute to the growth of Ghana's private sector. SFFL will operationally set a high standard of governance and accountability, attract new contributing members and develop an exit strategy which facilitates further growth of the fund for the direct benefit of the MSME sector.

Mission Statement

The Mission statement of SFFL is to provide throughout Ghana on going access to wholesale finance otherwise unavailable for financial institutions who in turn support the medium and long term financing needs of MSMEs.

Objectives

To provide funding facilities primarily as wholesale funds but also risk sharing products such as partial inter-bank loan guarantees In its activities SFFL shall endeavor to promote the development by financial institutions of socially and geographically balanced growth oriented financial support products for MSME end users.

History and Fund Size

SPEED responded on a selective basis over the period 2002 to 2006 to a financial sector-wide demand for wholesale refinancing: from universal banks, savings and loans companies, rural banks and lease companies.

By September 2006 the SPEED fund was fully operational supporting nine participating financial institutions with wholesale loans to a total value of approximately GH¢3.2 million. These revolving facilities utilized the custodial and managerial services of the Bank of Ghana. During the period to September 2009 the fund will be augmented by an additional GH¢3.3 million from DANIDA to expand activity and to finance new product support to financial institutions active in the micro and SME sector. A management contract from GTZ supports operational activities. A newly formed fund company SFFL will typically lend between GH¢100,000 and GH¢300,000 over a 2 to 3 year period to regulated financial institutions.

Organisation

  • SFFL is located at 5th Circular Road Extension, Labone, Accra.
  • The overall responsibility for the performance of SFFL is with the Board.
  • SFFL has a 6 member board who are: DANIDA, GTZ and GoG
SFFL is managed by a Technical Director, a Fund Manager and an Accounts Officer.

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