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.

Investing in Africa: myth or reality

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To conclude "Grameen Crédit Agricole Foundation Week," Crédit Agricole SA and the Foundation organized a conference on the Crédit Agricole Campus in Montrouge on the challenges and opportunities of investing in Africa. Three special guests shared their perspectives on this diverse continent.

Alongside the Crédit Agricole Group, the Grameen Crédit Agricole Foundation has been committed to promoting inclusive finance and socially impactful entrepreneurship for 10 years. To mark its 10th anniversary of collective action, Crédit Agricole SA and the Foundation organized "Grameen Crédit Agricole Foundation Week."

The "Investing in Africa: Myth or Reality" meeting closed the week on November 22. Can we look to our future while ignoring the African continent? Our three exceptional guests shared their perspectives on this diverse continent, its challenges, its issues, and its investment potential, sharing their expert insights and personal experience of the continent with the many attendees.

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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 and social entrepreneurship

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© FGCA

To mark its 10th anniversary of collective action, Crédit Agricole SA and the Foundation organized "Grameen Crédit Agricole Foundation Week." To kick off the Foundation Week, three entrepreneurs shared their experiences during a conference on the Foundation's work to promote socially beneficial entrepreneurship. Alongside the Crédit Agricole Group, the Grameen Crédit Agricole Foundation has been committed to promoting inclusive finance and socially beneficial entrepreneurship for the past 10 years. To mark its 10th anniversary of collective action, Crédit Agricole SA and the Foundation organized "Grameen Crédit Agricole Foundation Week."

Foundation Week kicked off with the "Foundation and Social Impact Entrepreneurship" meeting held on November 19. The event brought together three social entrepreneurs supported by the Foundation to discuss key issues in the sector. It was also on this occasion that the check corresponding to the amount raised through the Centimes Solidaires initiative was presented to the NGO Entrepreneurs du Monde.

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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.

Grameen Crédit Agricole Foundation Week

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Crédit Agricole SA and the Grameen Crédit Agricole Foundation are organizing a series of events in November to mark the Foundation's tenth anniversary. Two meetings with Group employees will take place on the Crédit Agricole Campus in Montrouge and Paris on November 19 and 22, 2018.

The Foundation, 10 years of action alongside the Crédit Agricole group

Created 10 years ago under the joint leadership of Crédit Agricole executives and 2006 Nobel Peace Prize winner Muhammad Yunus, the Grameen Crédit Agricole Foundation is a multi-sector operator that aims to promote inclusive finance. An investor, lender, technical assistance coordinator, and fund advisor, the Foundation supports more than 70 microfinance institutions and social enterprises in 35 countries with over €77 million in commitments.

Since its inception, the Crédit Agricole Group has supported the Foundation's work in the microfinance and social entrepreneurship sectors. Ten years later, ties are strengthening and partnerships with the Regional Banks and Group entities are consolidating. To mark its 10 years of collective action, Crédit Agricole SA and the Grameen Crédit Agricole Foundation are organizing "Grameen Crédit Agricole Foundation Week" in November, with a series of events open to Crédit Agricole Group employees.

A birthday celebrated with the Group's employees

Foundation Week will kick off with the event "The Foundation's Actions in Support of Socially Useful Entrepreneurship," held on November 19 in the Green Auditorium of the Crédit Agricole campus in Montrouge. The event will bring together social entrepreneurship experts and entrepreneurs supported by the Foundation to discuss the sector's key issues. It will also be an opportunity to present a check for the amount raised through the "Centimes Solidaires" initiative to the NGO Entrepreneurs du Monde. The donations collected will be used to support entrepreneurship projects for refugees, single parents, and the homeless.

The "Investing in Africa: Myth or Reality" meeting will take place on November 22nd at the Red Amphitheater in Montrouge. This event will focus on the opportunities and challenges associated with investment operations in Africa and will address the issue of the impact of entrepreneurship and financial inclusion on the African continent. Investors and investment experts in Africa will be present at this event, who will share their perspectives on the theme of development and financial inclusion in African countries.

UNHCR, Sida and the Foundation join forces for the inclusion of refugees

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© UNHCR

The Grameen Crédit Agricole Foundation, UNHCR, and Sida are joining forces to develop a program that promotes access to credit for refugees and host communities. Microfinanza has conducted an initial study in Uganda and Jordan, with the possibility of expanding the program to other countries.

A financial inclusion program for refugees

Often perceived as too risky a clientele, refugees generally receive little or no service from financial service providers. However, the needs of these populations are significant, and access to financing for income-generating activities can contribute to their social inclusion. To address this issue, the United Nations High Commissioner for Refugees (UNHCR), the Swedish Cooperation Agency, and the Grameen Crédit Agricole Foundation are working together to prepare a credit access program for refugees and host communities. The first phase of preliminary research has just been completed.

The Grameen Crédit Agricole Foundation was selected to manage the technical assistance and support its partner microfinance institutions in developing a range of products and services tailored to refugee populations. Under the Foundation's coordination, field missions were conducted by Microfinanza to assess refugees' needs for financial and non-financial services in Uganda and Jordan, the first two countries in the program.

A first assessment in Uganda and Jordan

In Uganda, despite a well-structured refugee reception policy that promotes their integration, employment opportunities are limited. Approximately 1.5 million refugees currently live in the country, mostly concentrated in rural areas, where the difficulties of finding employment and accessing financing are even more significant.

In Jordan, 750,000 refugees are currently registered. Due to regulatory obstacles, this population remains largely excluded from the labor market. At the same time, the local microfinance sector, still very young, lacks the resources necessary to expand the range of initiatives developed for refugee groups.

It was in these contexts that the program's first study was conducted. Beyond assessing refugees' financial needs, the study established avenues for better addressing them. The second phase of the program will aim to develop, through financing and technical assistance, the services offered to refugees by the Grameen Crédit Agricole Foundation's partner microfinance institutions.

You can download the reports by clicking on the links below:

Full report (EN): Jordan – Uganda
Executive Summary (EN): Jordan – Uganda

Access the blog on the Findev Gateway website by clicking here.

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To find out more

The United Nations High Commissioner for Refugees (UNHCR) is mandated by the United Nations to coordinate international action for the protection of refugees. The organization provides essential assistance, helps guarantee fundamental rights, and develops solutions aimed at the well-being of its target populations. UNHCR works in 128 countries on behalf of 74.1 million people.
http://www.unhcr.org/ / @Refugees

The Swedish International Development Cooperation Agency (Sida) is an agency working on behalf of the Swedish parliament and government with the mission of reducing global poverty. Through its activities and in cooperation with other stakeholders, it contributes to the implementation of Swedish international development policy. The agency is present in 35 countries in Africa, Asia, Europe, and Latin America.
www.sida.se / @Sida

Microfinanza is a company specializing in services and technical assistance related to the microfinance sector. Its mission is to contribute to financial inclusion and participate in the growth and professionalization of the sector. With over fifteen years of experience, Microfinanza operates through a variety of activities: consulting projects, training, evaluations, and the preparation of studies and research.
https://www.microfinanza.com/

Solidarity Bankers, the Crédit Agricole group's volunteer program

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© FGCA

At the initiative of the Grameen Crédit Agricole Foundation and Crédit Agricole SA, volunteer missions with skills labeled "Solidarity Banker" are offered to employees on behalf of microfinance institutions or "social business" type companies, partners of the Foundation.

Many Crédit Agricole Group employees volunteer for solidarity projects. To support this momentum, the Group has launched "CA Solidaires," a program that promotes employee engagement in projects with a positive societal impact. It is within this framework that a new engagement format is now offered to the Group's employees: Solidarity Leave. At the initiative of the Grameen Crédit Agricole Foundation and Crédit Agricole SA, skills-based volunteer missions labeled "Solidarity Banker" are offered to employees on behalf of microfinance institutions or social businesses that are partners of the Foundation.

This is a unique partnership in the history of Crédit Agricole and the Grameen Crédit Agricole Foundation. With "Solidarity Banker," the Group and the Foundation are leveraging their synergies and strengthening their efforts to promote sustainable finance. The goal: to leverage the skills of Crédit Agricole Group employees and provide additional support to microfinance institutions and social enterprises supported by the Foundation through pro bono assignments carried out by employees.

First missions to Burkina Faso, Senegal and Cambodia

The first mission carried out under the "Solidarity Banker" program took place in Burkina Faso, in cooperation with Crédit Agricole Assurances. Eduardo Cardoso de Miranda, a borrower insurance expert at CA Assurances, assisted the Foundation in conducting due diligence on the company CIF-VIE. Created in 2013 with the support of RCPB, the main Burkinabé microfinance cooperative network, and the NGO ADA, CIF-VIE operates in the microinsurance sector and holds 6% of the local market share. Currently entering a new stage in its growth, CIF-VIE is opening its capital to new shareholders. Thanks to the contributions made by CA Assurances, the Foundation was able to better understand the structure and assess the possibility of investing in it. The evaluation of the CIF-VIE financing application is underway.

A second mission took place in Senegal, in favor of the Laiterie du Berger, a social enterprise in which the Foundation is a shareholder and which currently supports more than 800 Fulani herders in the north of the country. With the support of Crédit Agricole Franche-Comté (a shareholder of the Laiterie du Berger), Jonathan Michaud, an agricultural engineer from the Caisse Régionale, went on a two-week technical assistance mission. The objective: to structure an operational framework allowing the transition from experimentation to the deployment of 15 pilot mini-farms of the Laiterie. The result of the mission was the formalization of an action plan and a more ambitious collaboration between Crédit Agricole Franche Comté and the Laiterie is envisaged.

With Banque de Proximité à l'International (BPI), a mission took place between September and October in Cambodia for Chamroeun, a microfinance institution supported by the Foundation. François Galland, Director of International Human Resources, spent two weeks on the ground to help improve the HR management of Chamroeun, a microfinance institution supported by the Foundation. The HR strategy developed following the mission will support the organizational restructuring of Chamroeun, which currently serves more than 25,200 clients in Cambodia, including 821,300 women.

Upcoming missions to Morocco and Kazakhstan

Before the end of 2018, two more missions could be launched for Al-Karama in Morocco and KMF in Kazakhstan. Al-Karama currently serves more than 26,200 clients in Morocco. It should be able to benefit from financing and technical assistance as part of a cooperation scheme between the Foundation and Crédit du Maroc, including a "Solidarity Banker" mission to improve its anti-money laundering and counter-terrorist financing (AML-CFT) systems. KMF is the leading microfinance institution in Kazakhstan with more than 220,000 active borrowers and a portfolio of €257 million. The institution will receive an expert from Crédit Agricole to help it develop its product and service offerings.

The Crédit Agricole Group's commitment to the Grameen Crédit Agricole Foundation is thus strengthened with the "Solidarity Banker" program, which marks the mutualist Group's commitment to sustainable finance, capable of promoting a more responsible and better shared economy.

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

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