Interview with Rebecca on Her Journey of Resilience and Inclusion in Ghana’s Microfinance Industry

Rebecca Addo is the founder, executive director, and the CEO of Central Microfinance Ltd. She is at the forefront of driving financial inclusion in Ghana. Additionally, she holds the esteemed position of board chairperson for the Ghana Association of Microfinance Companies, the first woman to occupy that position and she is also a respected member of the Technical Advisory Committee of the Graca’ Machel Trust for Women Leadership and Financial Inclusion Initiative in Ghana. She is a banker by profession and a certified microfinance practitioner.

Career journey and interest in finance.

Interviewer: Can you walk us through your Career Journey?

Rebecca: Absolutely. My career journey in finance spans over 25 years, starting with Prudential bank, just after my national service. I began as a banking officer and gradually moved through various departments, including banking operations, foreign and international departments, accounting, and finance, and finally, the credit department. In 2008, I made the bold decision to establish Central Microfinance where I have been serving as CEO ever since.

Interviewer: What inspired you to pursue a career in the banking industry?

Rebecca: My interest in banking stemmed from my academic background in Commerce. I was drawn to the dynamic nature of the banking industry and the opportunities it offered for professional growth. Recognizing the vital role banking plays in every economy, I felt privileged to be part of an industry that was lucrative and influential, especially during the 2000s before the emergence of fintech and oil companies.

Aside from that, fifteen years ago, I witnessed firsthand the plight of petty traders in accessing small loans to grow their businesses, some as little as GHS 500. People were not meeting the requirements of acquiring loans from the traditional banks because the requirements were so stringent, small business owners did not have collateral and some did not even have registered house numbers. Recognizing this gap, I saw an opportunity to empower small businesses through microfinance, and this fuelled my decision to establish Central Microfinance. I built the company from scratch, started in a small office of 7 staff, wearing multiple hats and leveraging my expertise, I could do everything, I was a cashier, writing loan documents, monitoring, preparing accounts and submission of returns to the Bank of Ghana. Today, we have over ten thousand clients.

Interviewer: Can you share a significant career accomplishment that you are particularly proud of?

Rebecca: Certainly. Being voted as the most outstanding CEO in the microfinance category by the Business Executive Magazine in 2023 was a moment of immense pride for me. It reaffirmed the impact of our work at Central Microfinance and motivated me to strive for even greater achievements.

Leadership style and Accomplishments

Rebecca: My leadership style centers around inclusivity and accessibility. I believe in fostering an open-door policy where employees feel empowered to voice their opinions and contribute without fear and intimidation. My customers and employees do not need an appointment to see me, unless I am in a meeting or I am engaged, they can always walk to me. Personally, this approach not only cultivates a supportive work environment but also encourages innovation and collaboration.

I consider Central Microfinance my personal endeavour. From our humble beginnings with only seven employees in a small office, to now expanding to three branches with a fourth one on the way, I have been intricately involved in every step. This includes everything from selecting branch locations, negotiating leases, overseeing renovations to the search and approval of inventory needs of new branches. It is truly an accomplishment to witness our growth and the impact we have made.

Overcoming fear and barriers to success in the banking industry.

Interviewer: What strategies have you found effective for overcoming challenges and achieving success in the banking industry?

Rebecca: Fear of failure is a challenge I have had to overcome repeatedly. I told you I was in mainstream banking; I was a middle level manager. I was going up the ladder steadily. And then I decided to opt out and do something on my own. I wondered how it was going to be like. Again, there were challenges regarding high staff turnover, mistaken corporate identity affecting us as a Company as well as managing clients and the business in general after the BOG liquidation exercise in 2018 due to loss of confidence in the Microfinance sector but I learned to embrace planning, research, and strategic thinking to navigate these uncertainties.

I think as a female leader, empathy should be one of your values, especially in the banking sector where we work directly with people(clients), it is important to have empathy, especially when you manage several people. You should also have strong boundaries set in place to keep people in check.

My advice to younger women in the banking industry is that they should prioritize the importance of education, prepare, and seize opportunities when they arise. Let me tell you about one of my remarkable female staff, an SHS graduate, who initially joined us as a mobile banker. However, her proactive approach stood out as she voluntarily understudied the cashier after completing her daily tasks. When the incumbent cashier went on maternity leave, we didn’t hesitate to promote her, recognizing her readiness and dedication. This promotion not only validated her preparation but also rewarded her with a higher salary, highlighting that opportunities often follow diligent efforts, not just monetary pursuits.

Furthermore, young women should build and maintain their professional networks, you will need to leverage it in your career journey.

Gender equity in the banking industry and women’s empowerment in the workplace.

Interviewer: How do you perceive the current state of gender equity and diversity in the banking industry?

Rebecca: Gender equity remains a challenge, especially at higher levels of leadership. If you take the banking sector in Ghana, out of 23 banks just two have women C.E.Os. If you take the 26 Savings and Loans companies just three women are C.E.Os. If you come to the microfinance level, out of the 156 institutions, just 27 are led by women. Which is less than 20%.

However, here at Central Microfinance, we have a female-dominated workforce. Out of a staff number of 45, 33 are women, and here, promotions are based on merit and not gender.

As an industry we should actively challenge stereotypes and foster a more inclusive workplace.

Interviewer: What motivates you to continue pursuing excellence in your career?

Rebecca: My mantra of “I cannot fail” drives me to always give my best. Whether it is overseeing day-to-day challenges or making strategic decisions, I prioritize thoroughness and diligence. By maintaining a steadfast commitment to success, I aim to leave a lasting impact in the financial sector.

Interviewer: What are your aspirations and goals for the future, both professionally and personally?

Rebecca: Looking ahead, I plan to retire on my own terms, which is before the age of 60 and maintain my position as a Board Member, leaving behind a legacy of excellence at Central Microfinance. On the organizational level I plan to have a fifth branch in operation before I retire.

The Bank of Ghana on-site examination rates Institutions on five grades strong, Good, satisfactory, unsatisfactory, and critical. Currently, Central Microfinance ranks ‘Good,’ a rank very few Institutions are able to achieve. It is my goal to move the Company’s rating to ‘strong’ before my exit as the CEO and make Central Microfinance a household name reaching hundreds of thousands of clients in the Microfinance sector and continue serving the low-income individuals and the marginalized communities with integrity and dedication.

This initiative is brought to you by GIZ’s Support to the Private and Financial Sector (PFS) programme. These interview series aims to empower young women in finance, promote gender equality and inclusivity, and encourage women to pursue leadership roles in their workplaces. The interviewer for this initiative is – Fatima Gberbie, Communications Specialist with PFS-GIZ Ghana.