The Grameen Crédit Agricole Foundation is pursuing its investments in sub-Saharan Africa with the signing of new partnerships, particularly in Kenya where it has a new partner.
Sumac Microfinance Bank was established in 2002 by a group of 14 investors who initially formed an investment group to help chart out a better future for themselves. In 2004, the institution opened its doors to the public as Sumac Credit Ltd with a mission to empower businesspeople who couldn’t match the stringent loan requirements by commercial banks.
The institution’s focus on serving businesses is driven by the fact that business enterprises are the backbone of the country’s economy. Its promise is always to keep offering the best financial services to businesses.
The Grameen Crédit Agricole Foundation thus granted a first loan to Sumac, for an amount in local currency equivalent to € 2 million over a two-year period. With this new loan, the Foundation now has 40 partners in sub-Saharan Africa, including six in Kenya. This represents 53% of the partners supported by the Foundation and 32% of its portfolio under management.