The Foundation finances for the first time Thitsar Ooyin in Myanmar

The Grameen Crédit Agricole Foundation has just granted a first loan in local currency equivalent to € 1.3 million to Thitsar Ooyin, in order to enable this microfinance institution to continue its action, particularly with rural populations in Myanmar.

Thitsar Ooyin is a microfinance institution based in Hakha, Chin State, a rugged and isolated mountain area in northwest Myanmar. This institution is active in some of the most difficult to access regions of the country. It provides microcredits to the poorest and underprivileged communities in rural areas, and in particular to women. Its methodology has enabled the institution to build a solid client base despite difficult conditions, thus creating a significant impact on the livelihoods of rural populations.

Thitsar Ooyin offers both group and individual loans, mainly to women. To date, the institution has a loan portfolio of € 7.3 million and has over 30,000 borrowers, 79% of whom are women and 92% of whom live in rural areas. It currently employs over 100 people through a network of twelve branches located in Chin State and Sagaing region.

With this loan, the Foundation now has three partners in Myanmar.

For more information on the organisztions supported by the Foundation, click here.

The Fondation grants a new loan to Caurie in Senegal

© Philippe Lissac

In July, the Grameen Crédit Agricole Foundation granted a new loan to the microfinance institution Caurie, in Senegal, for an amount in local currency equivalent to €1.2 million. This new loan further consolidates a partnership started in 2009 between the Foundation and Caurie.

The Coopérative Autonome pour le Renforcement des Initiatives Economiques par la MicroFinance (CAURIE-MF) was created in 2005 by Relief Services (CRS) and CARITAS Senegal. Over 60% of CAURIE-MF’s activity develops in rural areas and in 13 administrative regions of Senegal. To date, the institution serves over 80,000 clients, 97% of whom are women and 61% of whom live in rural areas.

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Created in 2008, under the joint leadership of Crédit Agricole SA and Professor Yunus, 2006 Nobel Peace Prize winner and founder of Grameen Bank, the Grameen Crédit Agricole Foundation is a cross-business actor which contributes to the fight against poverty through financial inclusion and social impact entrepreneurship. Investor, lender, technical assistance coordinator and Fund advisor, the Foundation supports microfinance institutions and social enterprises in 40 countries.

Faten, partner of the Foundation in Palestine, awarded with the Smart Certification

 

In June 2020, the Smart Campaign recognised the action of FATEN, partner of the Grameen Crédit Agricole Foundation, in terms of customer protection by granting the institution the Smart Certification. The Smart Campaign is a global initiative to incorporate strong client protection principles into the financial inclusion industry. The Smart Campaign’s Client Protection Certification programme publicly recognizes those institutions providing financial services to low-income households whose standards of care uphold the Smart Campaign’s seven Client Protection Principles. These principles cover such important areas such as pricing, transparency, fair and respectful treatment and prevention of over-indebtedness.

The certification programme contains a rigorous set of standards against which institutions are evaluated by independent, third-party raters that are licensed by the Smart Campaign. The raters are established, specialized rating agencies with extensive experience, having analyzed hundreds of institutions to date.

In 2019, the Smart Campaign already publicly recognised the action of three other microfinance institutions, partner of the Foundation, as Client Protection Certified for meeting strong standards of client care: Musoni (Kenya), Chamroeun (Cambodia) and Salym Finance (Kyrgyzstan). These institutions have thus joined almost 120 others in over 40 countries that have been certified since the programme was launched in January 2013.

For further information about Grameen Credit Agricole Foundation partners, please click here.

 

The Grameen Credit Agricole Foundation invests again in Moldova

© Philippe Lissac

The Grameen Credit Agricole Foundation is pursuing its investments in Moldova with the granting of a loan to the microfinance institution Microinvest. This loan, in local currency equivalent to € 2 million, is the first one granted to this institution which grants microcredits and support for business creation to small entrepreneurs in many regions of the Moldova Republic.

Many of the beneficiaries of Microinvest loans are entrepreneurs living in rural areas, in this landlocked country between Ukraine and Romania. It is one of the main MFIs in Moldova with its head office located in Chisinau. To date, Microinvest serves over 35,000 active borrowers, of which 47% are women and 66% are clients located in rural areas.

With this investment, the Foundation consolidates its presence in the region of Eastern Europe and Central Asia, where it already has 19 partners in 10 countries. This region thus represents 26% of the portfolio monitored by the Foundation.

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Created in 2008, under the joint leadership of Crédit Agricole SA and Professor Yunus, 2006 Nobel Peace Prize winner and founder of Grameen Bank, the Grameen Crédit Agricole Foundation is a cross-business actor which contributes to the fight against poverty through financial inclusion and social impact entrepreneurship. Investor, lender, technical assistance coordinator and Fund advisor, the Foundation supports microfinance institutions and social enterprises in 40 countries.