BICOMS

About BICOMS

The Bia West Co-operative Cocoa Farmer’s Mutual Support and Social Services Society (BICOMS) provide a strong foundation of mutual support, financial empowerment, and social welfare for cocoa farmers. They work to ensure that no member faces challenges alone, but instead benefits from collective strength, financial solutions, and sustainable opportunities. Their Mutual Support System is built on the principle of working together. Members contribute and support one another in times of need, ensuring financial stability, social care, and community resilience. 

As an organisation, BICOMS believe in unity, trust, and collective responsibility. These values keep the communities they work with strong and thriving. 

BICOMS are based in Debiso in the west of Ghana near the border with Côte d'Ivoire. 

What is BICOMS' mission?

BICOMS mission is to empower small businesses, entrepreneurs, cocoa farmers, and cooperative groups by providing accessible, community-driven financial services. They are committed to promoting economic growth, advancing financial inclusion, and fostering mutual support to build a resilient and prosperous local community. 

What types of financial services does BICOMS provide?

BICOMS offer a range of current and savings accounts, as well as business and group loans. It also offers funeral loans providing financial assistance during times of bereavement, and tailored loans for cocoa farmers. 

What is the cost of borrowing from BICOMS?

Microfinance institutions (MFIs) charge higher rates of interest for several reasons. Firstly, the administrative costs of making many small and high-risk loans are much higher than making fewer larger and collateralised loans; secondly, they take more time assessing the feasibility of applications and thereby reducing risk because borrowers cannot offer traditional forms of collateral nor do they have salaried incomes; thirdly, MFIs often operate in geographically remote areas with low population densities and this means that they incur greater operational costs; and fourthly they often accompany loans with a range of training and technical advice.  

The Annual Percentage Rate (APR)* of loans provided by BICOMS range between 40% and 61%. Based on active borrowers the average APR is 53%. 

*The Annual Percentage Rate (APR) is a standard way of expressing the cost of a loan that allows for comparison between loans. It includes annual interest, insurance, and fees that the borrower must pay, and is expressed as a percentage of the amount borrowed. 

Does BICOMS provide any training?

There are currently no formal non-financial services provided by BICOMS. However, some basic education and awareness activities (such as financial literacy or mobile banking training) are occasionally delivered during regular monthly meetings.

Please note that these interactions are informal, undocumented, and delivered on an ad hoc basis, with no standardised curricula, dedicated resources, or monitoring in place.  

Where can I find out more information about BICOMS?

Further information about BICOMS is available from the organisation's website here.

*PAR30 is a commonly used metric that provides an insight into the quality of an MFI's loan portfolio, which is generally its major asset and therefore its greatest source of risk. It is computed by dividing the amount of delinquent loans greater than 30 days over the total amount of the loan portfolio.

Sources: *World Bank **United Nations Development Programme ***World Health Organization ****World Population Review