HFC Bank Ghana limited, as a Universal Banking institution, was licensed in November 2003 to provide banking services to its valued customers. The company evolved from a mortgage finance institution with mortgage financing as its core business. This remains one of the bank’s core business activities in addition to Commercial and Investment Banking services. In this regard, HFC Bank is playing several pioneering roles in the development of Ghana’s financial market.

PARTNERSHIP WITH CHF INTERNATIONAL (Establishment of Boafo Microfinance Services)

CHF International and HFC Bank Limited (Ghana) have established Boafo Microfinance Services Ltd., a micro-finance service company to address a market niche by providing housing and enterprise micro-finance loans to households living and working in the informal settlements of Accra, Tema, Kumasi and recently Takoradi. Boafo, which means "helper" in the native Twi language, combines Ghana's largest mortgage lender with CHF International, the pioneer in housing microfinance, to provide a "helping hand" to low-and moderate-income Ghanaians in their pursuit of business, shelter and educational opportunities. Funding for Boafo will be provided by HFC Bank, CHF International, the Global Development Alliance (GDA) of the U.S. Agency for International Development (USAID) and the United Nations Slum Upgrading Facility (SUF). It is estimated that in Ghana, 1.9 million urban poor face limited access to credit to improve or build their homes. In its role as a unique supplier of non-mortgage housing microfinance loans, Boafo:

• lends for the improvement or expansion of homes in informal settlements;
• lends for business expansion to increase household incomes;
• offers access to savings services through the HFC Bank;
• offers minimal consumer education on managing credit and home improvement projects; and
• requires less collateral coverage for loans to informal sector entrepreneurs than that required by other lenders.

Both CHF and HFC Bank bring unique strengths and a strategic fit to the Ghanaian microfinance market. CHF pioneered progressive-building loans in the 1980s and is recognized as a leader in housing microfinance. Today, CHF has development finance operations in eleven countries and an outstanding portfolio of $76 million, of which 30% is made up of home improvement loans. HFC Bank is Ghana's leading mortgage lender, with a strong branch network, new deposit and loan products, extensive experience in the Ghanaian market, and a Board and management commitment to serve low-income Ghanaians.

Housing Infrastructure Development Within corporate relationship with CHF International, HFC Bank donated GH¢10,000 as part of the Company’s Corporate Social Responsibility (CSR) to CHF International for the reconstruction of selected alleys in Ga Mashie – an indigenous part of Accra. Sod cutting for the commencement of construction was held in Ga Mashie on Wednesday, 11th February 2008. Pavement of the alleys were completed and commissioned in April 2009.