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What is Accumulating Savings and Credit Associations (ASCAs)

Handbook of Research on Social Entrepreneurship and Solidarity Economics
Informal savings groups. All members regularly save the same fixed amount while some participants borrow from the group. Interest is usually charged on loans. ASCAs require bookkeeping because the members do not all transact in the same way. Some members borrow while others are savers only, and borrowers may borrow different amounts on different dates for different periods. If members pay interest on their loans, the return to savings has to be individually calculated and fairly shared among the group.
Published in Chapter:
The Effect of Microfinance on Poverty Reduction in Developing Economies
Christopher Boachie (Central University College, Ghana)
DOI: 10.4018/978-1-5225-0097-1.ch013
The study explores the contributions of microfinance to poverty reduction. The study used a descriptive design to establish the relationship between sales performance and access to credit in the SME sector in Ghana. Cross sectional survey was used to gather relevant data. The target population was the micro businesses in Madina in Ghana with a sample size of 200. The study reveals that microfinance has a positive impact on micro businesses. There exist a significant relationship between microfinance and sales. It was also found out that, the dependency burdens on micro entrepreneurs coupled with the low credit access from the microfinance institution for productive activities lead them to deploy the credit to meet the demand of both the business and household.
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