In 2018, the Foundation consolidated its presence in West Africa with 8 new loans
In the course of the previous year, the Grameen Crédit Agricole Foundation strengthened its presence in West Africa with 8 new loans, 3 of which to new partners.
In Mali, the Foundation financed Kafo Jiginew, a cooperative network of savings and loans banks that provides retail financial services (savings, loans, microinsurance, transfer of funds and other services) to the largest number of persons in Mali to improve their living conditions. The institution has 48,000 working clients at this time, 92% of whom live in rural areas. The Foundation granted a loan in local currency equivalent to €3 million over five years to this institution.
In Benin, the Foundation granted a loan in local currency equivalent to €1.4 million to a new partner, PEBCo Bethesda which is geared to improving the living conditions of people by providing quality financial and non-financial services. The institution provides loans to groups and individuals. It has ca. 95,000 active borrowers, 64% of whom are women and 33% live in rural areas.
In Togo, the Foundation also financed a new partner, Assilassimé, with a loan in CFA francs equivalent to €500,000. Assilassimé is a programme created in 2012 by Entrepreneurs du Monde for marginalized people. The institution provides them financial (microcredit) and non-financial (training, individualized support, social media optimization) services. It has nearly 30,000 clients at this time, some 97% of whom are women.
In Burkina Faso, the Foundation moreover made three investments in existing partners in 2018, bringing the total amount of its commitments in that country to more than €4 million, or 13.8% of its commitments in Sub-Saharan Africa at the end of December 2018. More specifically, ACFIME received a loan in CFA francs equivalent to €305,000 over a period of three years. This is a microfinancial institution that helps to bridge the gap not covered by large MFIs which operate across the country, with loans granted by ACFIME having a very strong potential social impact. It has 18,600 clients at this time, 90% of whom are women. For its part, PAMF-BF received a loan in local currency equivalent to €1 million over a period of three years. The core activity of the institution, which has some 28,400 clients, is to grant loans in Burkina Faso so as to help meet better the financial needs of low-income segments of the population with reinforced protection or their members or users. Finally, ACEP Burkina received a loan in local currency equivalent to €1.5 million over a period of three years. Acep is a microfinance institution specialized in the financing of microenterprises and very small existing companies in urban centres and their inner suburbs. The credits granted are intended essentially to finance the working capital and investment needs. The institution has 11,000 active borrowers at this time.
Finally, in Senegal, the Foundation granted a loan in local currency equivalent to €762,000 to Caurie Microfinance, a socially responsible and financially viable MFI geared to making a lasting contribution to the economic and social promotion of poor microentrepreneurs, mainly women. Caurie has 71,000 clients at this time, 98% of whom are women. The Foundation has also granted a €100,000 loan to Sénégalaise des Filières Alimentaires in the form of a shareholders’ current account. SFA is a social business which is developing an inclusive value chain from the production and marketing of rice, in which the Foundation has had a shareholding stake since 2013.