The Foundation continues its investments in Eastern Europe and Central Asia

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© Didier Gentilhomme

In 2018, the Foundation continued its investments in the Eastern European and Central Asian regions with the granting of a total of seven loans from six partners for a cumulative amount of 7.6 million euros, representing 19% of the new investments made during the past year.

The Foundation thus invested for the first time in Bosnia and Herzegovina with the granting of a loan of 2 million euros to the microfinance institution Mi-Bospo, which offers access to credit and non-financial services to individuals, and in particular to women entrepreneurs. The institution also provides responsible financing by applying the principles of consumer protection, which play an important role in the development of women's entrepreneurship. To date, Mi-Bospo has more than 22,500 clients, including 64% women. The Foundation also granted an initial loan of 1 million euros to Mikra, a microfinance institution founded by CRS (Catholic Relief Services) and which offers the poorest working populations (and mainly women, representing 70.2% of its 13,400 clients) access to affordable and quality financial and support services.

In Kazakhstan, the Foundation granted a second loan in local currency equivalent to 608,000 euros to the microfinance institution Bereke, which it has been financing since 2017. Bereke, which has 5,200 clients, including 76% women, aims to contribute to improving the standard of living of citizens through economic support provided through loans granted to small and microenterprises as well as through agricultural, consumer and housing loans.

The Foundation also granted a new loan, its third since 2016, to the microfinance institution OXUS Kyrgyzstan, amounting to €687,000 over a three-year period. The institution offers individual financing and group loans, with OXUS's nearly 7,000 clients working primarily in the agriculture and livestock sectors.

In Kosovo, the Foundation also funded a new partner, AFK (Agency for Microfinance in Kosovo), with a €1.4 million loan over a three-year period. AFK is a microfinance institution that aims to improve living conditions in the country by providing micro and small businesses with access to sustainable financial services. The institution has 17,500 clients, 781 of whom are located in rural areas.

Finally, in Tajikistan, the Foundation granted two loans totaling €1.9 million to the microfinance institution Humo, a partner since 2017. The Foundation thus granted a total of three loans to this institution, whose main activity is to offer quality and affordable financial services to rural populations, as well as to promote the development of small and medium-sized enterprises in poor regions of the country. To date, Humo has nearly 50,000 clients, 81.5% in rural areas and 44.4% women.

In 2018, the Foundation consolidated its presence in West Africa with 8 new loans

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© Didier Gentilhomme

Over the past year, the Grameen Crédit Agricole Foundation has strengthened its presence in West Africa with 8 new financings, including 3 from new partners.

In Mali, the Foundation has funded Kafo Jiginew, a mutual network of savings and credit unions that offers local financial services (savings, credit, microinsurance, fund transfers, and other services) to as many people as possible in Mali to improve their living conditions. To date, the institution has 48,000 active clients, including 92% clients in rural areas. The Foundation has granted it a loan in local currency equivalent to €3 million over a five-year period.

In Benin, the Foundation granted a local currency loan equivalent to €1.4 million to a new partner, PEBCo Bethesda, whose mission is to improve the living conditions of the population by providing quality financial and non-financial services. The institution offers group and individual loans and has approximately 95,000 active borrowers, including 641 women and 331 in rural areas.

In Togo, the Foundation also funded a new partner, Assilassimé, with a loan in CFA francs equivalent to €500,000. Assilassimé is a program created in 2012 by Entrepreneurs du Monde for marginalized people. The institution provides them with financial (microcredit) and non-financial (training, individualized support, social referral) services. It currently has nearly 30,000 clients, including approximately 95,000 women.

In Burkina Faso, the Foundation also made three new investments in 2018 with existing partners, bringing its total commitments in the country to more than €4 million, or €13.81 billion of its commitments in sub-Saharan Africa as of the end of December 2018. ACFIME received a loan in FCFA equivalent to €305,000 over a three-year period. It is a microfinance institution that helps bridge the gap not covered by large MFIs operating throughout the country, as ACFIME's loans have very strong potential for social impact. It currently has 18,600 clients, including €901 billion women. PAMF-BF received a loan in local currency equivalent to €1 million over a three-year period. The institution, which has approximately 28,400 clients, is primarily engaged in collecting savings and granting loans in Burkina Faso, in order to better meet the financial needs of low-income populations within a strengthened framework of protection for its 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 specializing in financing microenterprises and very small businesses in urban centers and their inner suburbs. The loans granted are primarily intended to finance working capital and investment needs. To date, the institution has 11,000 active borrowers.

Finally, in Senegal, the Foundation granted a local currency loan equivalent to €762,000 to CAURIE Microfinance, a socially responsible and financially viable microfinance institution whose mission is to contribute sustainably to the economic and social advancement of poor microentrepreneurs, primarily women. CAURIE currently has 71,000 clients, including 98% women. The Foundation also granted €100,000 in financing to SFA (Sénégalaise des Filières Alimentaires) in the form of a shareholder current account. SFA is a social enterprise that develops an inclusive value chain based on the production and marketing of rice, and in which the Foundation has been a shareholder since 2013.

The Foundation invests for the first time in Ghana

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In 2018, the Grameen Crédit Agricole Foundation consolidated its presence in sub-Saharan Africa by investing for the first time in Ghana, where it financed three partners representing 8.1 % of the new financing set up in 2018.

ID Ghana received a loan in local currency equivalent to 300,000 euros. It is a Social Microfinance Institution that, thanks to its microcredit, savings, and training services, and its highly innovative social vision, helps thousands of families escape poverty sustainably. In particular, it has developed a group methodology without joint guarantees and offers a subsidy to beneficiary families to subscribe to the national health insurance system. To date, the institution has more than 10,000 borrowers, including 92% women.

Advans Ghana, for its part, received a local currency loan equivalent to €2 million. It is a financial institution that offers Ghanaian SMEs, microentrepreneurs, and individuals the opportunity to expand their businesses and improve their standard of living through accessible financial services. To date, the institution has nearly 14,000 clients, including 621,000 women.

Sinapi Aba Savings and Loans is a non-bank financial institution that offers various loan and savings products. Its mission is to be an incubator that provides entrepreneurial development and income generation opportunities to economically disadvantaged people, enabling them to improve their living conditions. To date, the institution, which has received a loan in local currency equivalent to €930,000, has more than 145,000 active borrowers, including approximately 801,300 women and 901,300 in rural areas.

For more information about our partners, click here.

Foundation invests in ID Ghana following SAM

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By MicroCapital

© Didier Gentilhomme

The majority of the Foundation's 76 partners are located in sub-Saharan Africa and "SAM is the best place to meet existing and potential partners." […] It also provides an incredible opportunity to bring together the Foundation's partners.

Philippe Guichandut, Director of Inclusive Finance Development at the Grameen Crédit Agricole Foundation, attended all three SAMs. The majority of the foundation's 76 partners are located in sub-Saharan Africa, and Philippe Guichandut noted that "SAM is the best place to meet our current and potential partners." He added, "Around SAM, we always take the opportunity to bring our partners together, which is the best way to exchange experiences among our partners and give them the opportunity to attend training sessions organized by us or SAM."

Leading and attending workshops at SAM has been essential for Philippe Guichandut's team to "share our own experience and promote topics that interest us, particularly in the areas of agro-microinsurance and agricultural finance." For example, at SAM in Ethiopia in 2017, the Foundation organized a field visit to introduce 11 MFIs to the R4 Rural Resilience initiative, an agribusiness microinsurance project of the World Food Programme and Oxfam America. Participants visited Africa Insurance, Nyala Insurance, the microbank DECIS, and two local NGOs, ORDA and REST.

Philippe Guichandut added that "the SAM Investor Fair is also a great way to meet new potential partners and better understand the different types of MFIs that might be interested in working with us." For example, his team met representatives from ID Ghana for the first time at the SAM Fair. This relationship has flourished, and the Grameen Credit Agricole Foundation is now financing ID Ghana through the African Facility, a partnership established between the Foundation and the French Development Agency.

ADA, a Luxembourg-based NGO, co-organizes the SAM every two years with the support of the Luxembourg Ministry of Development Cooperation and Humanitarian Action. The members of the SAM Steering Committee are: ADA, the Luxembourg Ministry of Foreign and European Affairs, the Network of African Microfinance Institutions, the African Agricultural and Rural Credit Association, and the Federation of APSFDs of the West African Economic and Monetary Union. For more information on the SAM, click here.

SAM 2019 is part of a series of events that showcase the value of SAM (African Microfinance Week), a major conference dedicated to financial inclusion in Africa. The first three SAMs took place in Arusha, Tanzania, in 2013; Dakar, Senegal, in 2015; and Addis Ababa, Ethiopia, in 2017. The next SAM will take place at the end of October 2019 in Ouagadougou, Burkina Faso!

SAM aims to provide a unified platform to address microfinance issues in Africa by bringing together investors, MFIs, researchers, banks, networks, innovators, governments, and other stakeholders. SAM 2017 welcomed 700 participants from 58 countries (mostly African), including representatives from 200 MFIs; 25 exhibitors at the Innovation Fair; and 26 investors, who made 170 contacts with MFIs at the Investor Fair. The Week also included sessions presented by 60 speakers and 20 training courses.

The Foundation: 10 years of action for financial inclusion and entrepreneurship

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© Philippe Lissac

2018 marked the 10th anniversary of the Grameen Crédit Agricole Foundation. Created by Crédit Agricole and Nobel Peace Prize winner Professor Yunus, the Foundation aims to contribute to the fight against poverty by promoting social impact entrepreneurship and financial inclusion. Since its inception, more than €200 million in funding has been granted to over 100 partners—microfinance institutions that then provide microloans to populations excluded from the traditional banking system and social enterprises that work with low-income people—working in 38 countries.

As of December 31, 2018, the Foundation had recorded €81 million in commitments, including €75.7 million in financing to microfinance institutions and €4.5 million in investments to social impact businesses. Sub-Saharan African countries account for 37% of these commitments. At the heart of its objectives, the Foundation promotes women's entrepreneurship and rural economies through the institutions it supports: 75% of microcredit beneficiaries are women and 79% live in rural areas.

Strong partnerships with the Crédit Agricole group

In 2018, several projects were launched in partnership with Crédit Agricole Group entities and Regional Banks. In partnership with CA Indosuez Wealth (Asset Management) and CACEIS Bank, Luxembourg Branch, the Foundation launched the Rural Inclusive Finance Fund (FIR) in 2018, a social impact investment vehicle enabling Crédit Agricole Group entities to invest in microfinance. The FIR, for which the Foundation has an exclusive advisory mandate, provides financing to microfinance institutions in rural areas. With the first two fundraising rounds in September and December 2018, the participation of 15 Regional Banks of Crédit Agricole, Amundi, and Crédit Agricole Assurances was confirmed for an additional amount of nearly €8 million.

In collaboration with Crédit Agricole Group entities, the Foundation has established a skills volunteer program called "Solidarity Bankers," offering technical assistance missions to Group employees on behalf of the Foundation's partners. Three missions were carried out in Burkina Faso, Senegal, and Cambodia in 2018. Three new missions are being prepared for launch in the first half of 2019 in Morocco, Kazakhstan, and Haiti.

2018 was also the year of preparation for the Foundation's 2019-2023 strategic plan. Strengthening its offering to microfinance institutions, promoting the development of rural economies, and developing partnerships with the Crédit Agricole Group will be at the heart of the Foundation's actions in the coming years.

The Foundation works for inclusive finance in Africa

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By Mathilde Thonon and Flora Helard, In-Venture

© In venture

In Benin, more than half of the population lives in rural areas, far from the cities where most traditional banking services are concentrated. To address financial exclusion, microfinance institutions such as RENACA and ACFB have emerged across the country.

For many Beninese, it is difficult to both save and take out a loan. Lacking sufficient income and collateral, rural dwellers, as well as women and young workers, often find themselves deprived of financing that could help them start a business and contribute to Benin's economy. To address the exclusion of these populations, microfinance institutions such as RENACA and ACFB have emerged across the country.

The Grameen Crédit Agricole Foundation, a committed player in inclusive finance in rural areas, supports RENACA and ACFB in their mission to promote financial inclusion and entrepreneurship in Benin. Through its financial and technical support, the Foundation helps "restore hope to communities and lift populations out of a situation of vulnerability," explains Dieudonné Gnanvo, Director of RENACA. By offering savings, credit, and insurance products tailored to disadvantaged populations, microfinance institutions present an alternative to traditional banks and promote more inclusive and sustainable finance.

RENACA and ACFB, partners committed to the field

Founded in 2008, the National Network of Village and Self-Managed Credit Unions (RENACA) is one of the most active microfinance institutions in Benin. Since 2012, the Foundation has supported this mutual network, which has nearly 145,000 member clients, including 60% women. Present in 6 of the country's 12 regions, RENACA offers its clients individual and group loans and non-financial services such as training in personal and professional financial management. RENACA's social performance is an indicator of success, just as much as its financial performance. The institution places great importance on its customer relations and regularly monitors its contractors to ensure their gradual and sustainable exit from economic insecurity.

The Association of Grassroots Financing Funds (ACFB) emerged from a research and action NGO promoting development agriculture, which originally provided subsidies to women to help them start businesses. To sustain its impact, the NGO opted for microfinance over subsidies and gave way to the ACFB in 2004, which is now present in 44 of the country's 117 municipalities. Since 2016, the Foundation has supported the ACFB in its mission to promote women's entrepreneurship and the economic inclusion of local communities.

Modeled after Nobel Peace Prize winner Muhammad Yunus's Grameen Bank, ACFB specializes in group lending. This allows people without individual guarantees to borrow, since in exchange, the group must commit to repaying if one of its members is unable to do so. The mechanism thus draws its effectiveness from the bonds of trust and solidarity that exist between members, which encourage repayment: ACFB currently has a repayment rate of around 1,00%.

Promoting inclusive finance in Africa: a priority

The trusting and close relationships with clients, fostered by the establishment of numerous branches throughout the country, are also at the root of the success of ACFB and RENACA, which together have helped hundreds of thousands of Beninese secure a better future. With the support of the Grameen Crédit Agricole Foundation, the two microfinance institutions have enabled the development of numerous sustainable economic activities in sectors such as agriculture, access to water, renewable energy, crafts, and education in rural areas.

The Foundation works to develop inclusive finance beyond Benin's borders. Today, it focuses 35% of its commitments in sub-Saharan Africa and is present in a dozen African countries. Africa will continue to be a priority for the Foundation, which will focus 45% of its commitments on the continent by 2022.

Solidarity Banker missions to be filled in Kazakhstan and Haiti

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© Didier Gentilhomme

Solidarity Banker is a new type of volunteer mission abroad offered to employees on behalf of microfinance institutions or social businesses, partners of the Grameen Crédit Agricole Foundation. Two missions are available: one on the theme of "Agricultural Loans" in Kazakhstan and a "Business Model" mission in Haiti.

The missions to be filled

The first mission to be carried out in 2019 will be for KMF in Kazakhstan. KMF is the leading microfinance institution in Kazakhstan, with over 220,000 active borrowers and a portfolio of over €250 million. The institution aims to expand its product and service offerings by diversifying its agricultural loan portfolio.

The Solidarity Banker will be responsible for proposing a model for diversifying KMF's current agricultural loan portfolio through the introduction of a new product. They will also provide risk mitigation tools specific to agricultural loans. The assignment is scheduled for the first quarter of 2019.

The second mission will aim to support Palmis Enèji, a social enterprise in which the Foundation is a shareholder in Haiti. Created in 2013 as a program of the French NGO Entrepreneurs du Monde, its mission is to offer efficient, clean, and economical cooking and lighting solutions to Haitian households. It has developed a distribution network of 150 active resellers, spread across five regions of the country, who sell solar lamps and kits, improved charcoal stoves, and gas stoves.

The Solidarity Banker's mission will be to support the company in defining a five-year business plan based on its current position, market, and opportunities. They will also make recommendations for fundraising to support the growth outlined in the business plan. The date of the mission will be determined based on the selected candidate's availability.

How to apply?

Several missions are coming up on CA Solidaires. To discover them:

  • Go to the CA Solidaires website “Find your mission”
  • Enter "Grameen Foundation" in the search bar. All Solidarity Leave offers will appear!
  • Click on the offer of your choice, you will find all the information necessary for your application.
  • More information: carolina.herrera@credit-agricole-sa.fr

Spotlight on Foundation Week

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€200 million in funding awarded, 102 partners supported, 38 countries, and more than 350 participants during the Grameen Crédit Agricole Foundation's 10th Anniversary Week. Thank you so much for celebrating with us its 10 years of work for inclusive finance and social entrepreneurship. We shared unforgettable moments that mark the beginning of a new phase. New challenges will be faced, but the Foundation will continue to adapt to meet them, to innovate by strengthening its expertise, expanding its areas of intervention, and working in partnership.

The Foundation's 10th anniversary marks a magnificent collective project, but the fight against poverty continues. This new chapter in the Foundation's history—more ambitious, more committed, and more collaborative—is only just beginning, and we are delighted to be writing it alongside you.

Relive the highlights of the Foundation Week :

The Foundation and social impact entrepreneurship: here
The Grameen Crédit Agricole Foundation’s 10th Anniversary Evening: here
Investing in Africa: myth or reality: here

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Created in 2008, under the joint leadership of Crédit Agricole SA's management and Professor Yunus, 2006 Nobel Peace Prize winner and founder of Grameen Bank, the Grameen Crédit Agricole SA Foundation is a multi-sector operator that contributes to the fight against poverty through financial inclusion and social impact entrepreneurship. As an investor, lender, technical assistance coordinator and fund advisor, the Foundation supports microfinance institutions and social enterprises in nearly 40 countries.

The Foundation's 10th Anniversary Booklet

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Ten years ago, the Foundation was created by Crédit Agricole and Professor Yunus, a pioneer in microfinance and Nobel Peace Prize winner. Ten years ago, alongside those working on the ground every day, we committed to helping build a more inclusive economy. The Foundation's anniversary is an enthusiastic reminder of the conditions of this commitment: fear no challenge, neglect no territory, and leave no one behind.

This is why we wanted to present this booklet to you on the occasion of the Foundation's 10th anniversary. It draws lessons from the mature experience of the microfinance financier that we are. It also offers ideas, proposals, and a perspective on the Bank to continue to act for development, for more inclusive, responsible, and sustainable finance.

To discover here

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Created in 2008, under the joint leadership of Crédit Agricole SA's management and Professor Yunus, 2006 Nobel Peace Prize winner and founder of Grameen Bank, the Grameen Crédit Agricole SA Foundation is a multi-sector operator that contributes to the fight against poverty through financial inclusion and social impact entrepreneurship. As an investor, lender, technical assistance coordinator and fund advisor, the Foundation supports microfinance institutions and social enterprises in nearly 40 countries.

The Foundation celebrates its 10th anniversary

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© Philippe Lissac

On November 20, Crédit Agricole SA and the Grameen Crédit Agricole Foundation hosted an evening to mark the Foundation's tenth anniversary. The event took place at the Salle Wagram in Paris and brought together nearly 200 guests. After 10 years of action, the Foundation and its partners reaffirm their commitment to inclusive and sustainable finance.

An evening to mark the Foundation's 10th anniversary

The event, organized to mark the Foundation's tenth anniversary, brought together nearly 200 people at the Salle Wagram in Paris and provided an opportunity to celebrate the Foundation's 10th anniversary alongside its founders, directors, and partners. Foundation President Jean-Marie Sander opened the evening by recalling the Foundation's origins and how, 10 years later, with over €200 million in funding granted and 100 partners supported, the Foundation and its founders, Crédit Agricole and the Grameen Trust, continue to work together for socially responsible finance.

Eric Campos, General Delegate of the Foundation and CSR Director of Crédit Agricole SA, then reviewed the Foundation's 10 years of activity and its impact, highlighting the unique alliance between the Foundation and a banking group with mutualist roots. The evening featured two roundtable discussions and speeches by two Foundation directors: HRH the Grand Duchess of Luxembourg and Jean-Michel Severino, President of Investisseurs & Partenaires.

Women and Africa, at the heart of the Foundation's actions

The issue of women's financial inclusion, a priority for the Foundation since its inception, was the subject of the first roundtable. Soukeyna Bâ, former Minister of Senegal and administrator of the Foundation, Nejira Nali, Director of Mi Bospo, a microfinance institution supported by the Foundation in Bosnia, and Bagoré Bathily, Founder of Laiterie du Berger, a Senegalese social enterprise in which the Foundation is a shareholder, discussed the importance of women's empowerment as a lever for development. In her speech, HRH the Grand Duchess of Luxembourg also highlighted the key role of women in the microfinance and entrepreneurship sectors, calling for more active participation from stakeholders in the world of finance in the fight against poverty.

The second round table of the evening focused on the Foundation's 10 years of action and brought together Professor Muhammad Yunus, 2006 Nobel Peace Prize winner, Raphaël Appert, Managing Director of Crédit Agricole Centre-est and First Vice-President of the Fédération Nationale de Crédit Agricole, and Philippe Brassac, Managing Director of Crédit Agricole SA. The founders of the Foundation reaffirmed their commitment to multiplying the Foundation's impact and better responding to the new challenges of the fight against poverty. Jean-Michel Severino's remarks then focused on development issues in Africa and the prospects for the inclusive finance sector in this diverse continent.

2019-2022: An ambitious action plan for greater impact

Digital transformation, ecological transition, and the structuring of agricultural sectors will be at the heart of the Foundation's actions over the next four years. With a target of €160 million in funding by 2022, the Foundation will continue to adapt by strengthening its expertise, expanding its areas of intervention, and working in partnership. This was the message delivered by Jean-Marie Sander in his closing speech, which was followed by a performance by the Phare Circus, a social enterprise in Cambodia in which the Foundation is a shareholder.

The Foundation's 10th anniversary marks the beginning of a magnificent, collective project. A new chapter in the Foundation's history—one that is collective, ambitious, and committed—has just begun.

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