Frequently Asked Questions

We offer four main types of loans:

• Micro Business Loan: GH¢500 - GH¢10,000 for market women and small traders
• Group Loan (Fekuw bosea): GH¢2,000 - GH¢50,000 for groups of 5-15 people
• Emergency Loan: GH¢200 - GH¢2,000 for urgent needs, same-day approval
• Agricultural Loan: GH¢1,000 - GH¢20,000 for farmers with seasonal repayment

Visit our Loans page for more details.

Approval times vary by loan type:

• Emergency loans: Same day (often within 2-4 hours)
• Returning clients: 30 minutes to 24 hours
• New clients: 24-48 hours
• Group loans: 2-3 days for group approval

No, we do not require collateral for our microfinance loans. For individual loans, your character and business are enough. For group loans, the group guarantees together. The only exception is for very large loans above GH¢20,000, where a guarantor may be required.

Interest rates vary by loan type:

• Micro Business: 3% - 4% per month (reducing balance)
• Group Loan: 2.5% - 3% per month
• Emergency Loan: 4% - 5% per month
• Agricultural Loan: 2.8% - 3.5% per month

All loans have a 1% processing fee. Interest is calculated on the reducing balance, meaning you pay interest only on what you still owe.

Yes! Early repayment is encouraged and there is no penalty. You only pay interest for the days you actually used the money. This can save you money on interest.

Contact us immediately. We understand that business has ups and downs. We will work with you to restructure your loan or create a payment plan that works for your current situation. We don't want to see our clients struggle – we're here to help.

Susu is a traditional Ghanaian savings system. A Susu collector visits you at your shop or market stall daily, weekly, or monthly to collect your savings. You get a card where each saving is recorded, and you receive SMS updates. Your money earns interest and is fully insured. It's the easiest way to save without going to a bank.

Absolutely. All our collectors are bonded, trained, and supervised. Every transaction is recorded, and you receive an SMS confirmation. Your savings are insured, and we are regulated by the Bank of Ghana. We've been operating for over 13 years with a trusted reputation.

Our savings interest rates:

• Daily Susu: 5% p.a.
• Weekly Susu: 6% p.a.
• Monthly Susu: 7% p.a.
• Savings Plus: 8% - 9% p.a. (with free life insurance)
• Target Savings: 7% - 8% p.a. plus completion bonus
• Children's Savings: 7% p.a. with free school supplies
• Fixed Deposit: 10% - 12% p.a. (3-12 month terms)

Interest is calculated on daily balance and paid quarterly.

You can withdraw your savings anytime by:

• Calling your Susu collector (for Susu accounts)
• Visiting any branch with your ID
• Sending a withdrawal request via SMS (for registered users)

There are no withdrawal fees, and most withdrawals are processed immediately.

• Susu accounts: No minimum – start with any amount
• Savings Plus: GH¢50 minimum
• Target Savings: GH¢20 minimum
• Children's Savings: GH¢10 minimum
• Fixed Deposit: GH¢500 minimum

For all accounts, you'll need:

• Valid ID (Ghana Card, Voter's ID, or Passport)
• One passport-sized photo
• Phone number

For Children's Savings, also bring the child's birth certificate.

Yes! Many clients have multiple accounts – for example, a Susu account for daily savings, a Target Savings for a specific goal, and a Fixed Deposit for long-term savings. Each account serves a different purpose.

You can check your balance by:

• SMS: Send "BAL [account number]" to 1234
• Calling your Susu collector
• Visiting any branch
• Checking your passbook (for Susu accounts)

Yes. Visit any branch with your ID to update your phone number, address, or other details. For security reasons, changes must be made in person.

Yes, we are a fully licensed microfinance company regulated by the Bank of Ghana. Our license number is MF-0123456. We are also members of the Ghana Microfinance Institutions Network (GHAMFIN).

Monday - Friday: 8:00am - 5:00pm
Saturday: 9:00am - 1:00pm (selected branches)
Sunday: Closed
Market days: Extended hours at Kejetia and Asafo branches

Yes! All our staff speak Twi and English. We also have Hausa-speaking agents available at our market branches. We want you to be comfortable and understand everything.

We take complaints seriously. You can:

• Speak to any branch manager
• Call our customer service: 0302 420 457
• Email: complaints@royalemikrifinance.com
• Use the complaint form at any branch

We aim to resolve all complaints within 48 hours.

Yes! We offer SMS banking where you can check balances and receive transaction alerts. You can also pay loans via mobile money. We are working on a full mobile app launching soon.