CA-Assurances and the Grameen Crédit Agricole Foundation on a mission to Burkina Faso

Crédit Agricole Assurances is assisting the Grameen Crédit Agricole Foundation in conducting due diligence on CIF-VIE, one of the leading insurance companies in Burkina Faso, which is of particular interest to the Foundation. This transaction is part of the Foundation's dual ambition: to strengthen its presence in the microinsurance sector and consolidate its ties with Crédit Agricole Group entities.

CIF-VIE: a company with strong potential

CIF-VIE began its operations in Burkina Faso in 2013, with the support of RCPB, the leading Burkinabe microfinance cooperative network, and ADA (a Luxembourg NGO). It aims to improve the protection of policyholders and beneficiaries through a comprehensive range of life, death, and capitalization insurance products in Burkina Faso.

Today, the African company accounts for 61.3 billion euros of the market. With a positive net profit since its creation, CIF-VIE is taking a new step in its growth with a strategic, operational, and financial transformation. Its action plan: open its capital to new shareholders to comply with the new requirements of the Inter-African Conference on Insurance Markets (CIMA); restructure its organization towards greater efficiency and better risk management; and develop its products and expand its distribution network. Its goal by 2020 is to be among the top five insurance companies in Burkina Faso.

The Foundation and CA-Assurances join forces to support microinsurance

The Grameen Crédit Agricole Foundation supports 70 microfinance and social business institutions in more than 30 countries. As an investor, financier, and supporter, it strengthens its contribution to the financial transition by supporting the development of microinsurance in Africa.

Noting CIF-VIE's strong potential, the Foundation, alongside CA-Assurances, carried out a due diligence mission to better understand this structure and assess the possibility of investing in it. Pierre Casal Ribeiro, Microinsurance Expert at the Foundation, led the due diligence mission accompanied by Eduardo Cardoso de Miranda, Creditor Insurance Expert at CA-Assurances, with the support of El-Hadj Diop, Investment Advisor, and Céline Hyon-Naudin, Social Business Investment Officer at the Foundation.

Crédit Agricole Assurances, the leading insurance group in France and the leading bancassurer in Europe, has committed itself alongside the Foundation to a dynamic of social responsibility to promote the skills and convictions of its employees in favor of the common good.

Investing in a more shared economy is the driving force behind this collaboration.