5 September 2022

The Grameen Crédit Agricole Foundation continues to consolidate its position in sub-Saharan Africa with the granting of three new loans, including two in the Democratic Republic of Congo to two new partners.

In Benin, the Foundation granted a new loan to the microfinance institution COMUBA, for an amount in local currency equivalent to €915,000. COMUBA, a partner of the Foundation since 2015, is an institution created in 2000 by a group of market gardeners who were unable to finance their activities through the traditional financial sector. The institution offers financial and non-financial services through group loans in particular and contributes to improving the well-being of low-income women. To date, the institution has over 45,000 active borrowers, 91% of whom are women.

In the Democratic Republic of Congo, the Foundation granted a first loan to the Société de Microfinance GUILGAL (SM Guilgal), for an amount in dollars equivalent to €950,000. SM Guilgal’s mission is to provide financial and non-financial services to low-income legal and natural persons, especially small traders, young people with bankable projects and farmers (grouped or non-cooperative) in order to contribute significantly and sustainably to improving their living conditions, while preserving the environment. The institution serves nearly 8,000 borrowers, 54% of whom are women.

Also in the Democratic Republic of Congo, the Foundation granted a first loan to the microfinance institution SMICO for an amount in dollars equivalent to €970,000. SMICO is an institution created in 2010 with the mission of becoming a benchmark microfinance institution that offers rapid solutions adapted to the needs of local populations to enable them develop income-generating activities. The institution grants loans using individual and group methodologies to more than 7,000 borrowers, 52% of whom are women, and operates in urban areas in eastern DRC through a network of 7 branches and 94 employees.

With these two new partners, the Foundation is now working with four microfinance institutions in DRC. At the end of July, the Foundation had 77 partners, 52% of them in sub-Saharan Africa, which represents 32% of its portfolio under management.

For more information on our partners, click here.