Speeches: Advocacy for a more inclusive and sustainable economy

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For 12 years, the Grameen Crédit Agricole Foundation has positioned itself as a committed player in the fight against poverty by promoting financial inclusion and social impact entrepreneurship. With more than €200 million in funding and more than 100 organizations supported in some 40 countries since its inception, the Foundation has built a solid history in the areas of inclusive finance, particularly microfinance, financial engineering, financing family farming, and supporting social entrepreneurship.

To promote best practices and contribute to sector advocacy, the Foundation shares its experience through various publications, organizes events, and engages in discussions with other key stakeholders in inclusive finance. The Foundation has therefore decided to share its key statements since 2018 in this new publication, "Speaking Out: Advocacy for a More Inclusive and Sustainable Economy."

For this first edition, this document is structured around 4 chapters on themes that have marked our sector:

  • The first chapter contains general reflections on the need to think about a more inclusive economy.
  • The second shares our various experiences in the development of rural areas, particularly by supporting impact entrepreneurship.
  • The third chapter presents more specifically the Foundation's work on the program for the financial inclusion of refugees launched with the United Nations Refugee Agency and Swedish Cooperation.
  • The final chapter focuses on the impact of the global economic crisis caused by the COVID-19 epidemic on microfinance institutions and their clients and on the Foundation's action to coordinate a concerted approach by donors, investors and other microfinance stakeholders to support the sector.

Crédit Agricole's purpose is to act every day in the interest of our clients and society. With this publication, the Foundation is fully playing its advocacy role in supporting microfinance and impact entrepreneurship and, alongside other key stakeholders, promoting best practices for a more inclusive, responsible, and sustainable economy.

Download the document here

AFD Group reiterates its support for microfinance by renewing a €10 million guarantee to the Foundation

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A €10 million guarantee has just been granted by the Agence Française de Développement (AFD) Group, represented by its subsidiary Proparco, to the Grameen Crédit Agricole Foundation. This financing will enable the Foundation to continue supporting microfinance institutions in Sub-Saharan Africa. Proparco has also just granted a new €5 million loan to the Grameen Crédit Agricole Foundation, which will enable it to consolidate its support for its partner microfinance institutions in the exceptional context of the Covid-19 crisis.

A historic partnership to support microfinance

The partnership between AFD Group and the Grameen Crédit Agricole Foundation is long-standing. One of the flagship joint projects is the African Facility (1) program launched in 2013. It allows the Foundation to offer financing and technical assistance tailored to small and medium-sized rural microfinance institutions in sub-Saharan Africa.

The AFD Group also supports the Foundation in financing its partner microfinance institutions through a portfolio guarantee mechanism, the ARIZ guarantee, which covers 50,% of the loans it grants to microfinance institutions. This mechanism has just been renewed for the sixth time, providing coverage for the loans the Foundation will grant to microfinance institutions in Sub-Saharan Africa over the next two years. Together, the AFD Group and the Foundation have adapted the eligibility conditions, in particular to include microfinance institutions with a highly social vocation but which are less mature.

A special Covid-19 funding envelope of €5 million

The health and economic crises generated by Covid-19 are particularly affecting the most vulnerable populations. According to the World Bank, the crisis could push 150 million people into extreme poverty by 2021 (2). This issue is at the heart of the work of the Grameen Crédit Agricole Foundation, which for 12 years has contributed to the fight against poverty through financial inclusion and entrepreneurship. The Foundation finances and supports microfinance institutions that serve populations excluded from the traditional banking system, mainly women (88%) and rural populations (84%), in around forty countries.

“The AFD Group is a leading partner of the Grameen Crédit Agricole Foundation. It has supported us for many years and enabled us to increase our impact, primarily in rural areas of emerging countries. In the context of Covid-19, the Foundation's mission takes on a very special significance. We are working to enable vulnerable populations to escape poverty by providing them with access to financial services through socially efficient microfinance institutions. The health crisis has severely tested local economies. Alongside the AFD Group, we are innovating, adapting, and providing enhanced support to these institutions to strengthen their resilience and their ability to cope with the economic effects of this global crisis,” said Eric Campos, Managing Director of the Grameen Crédit Agricole Foundation and Director of CSR at Crédit Agricole SA.

“After 10 years of cooperation in the service of financial inclusion, Proparco and the AFD Group are delighted to once again support the Grameen Crédit Agricole Foundation in the midst of 2020, which saw the Foundation’s partner microfinance institutions severely affected by the crisis. As a key player in access to finance, particularly for vulnerable populations in rural areas, the Foundation plays a major role in supporting its partner institutions and their clients during this difficult period. The renewal of the portfolio guarantee envelope granted by the AFD Group to the Foundation, as well as the financing lines granted in 2020, aim to strengthen the Foundation in its social mission to promote financial inclusion,” said Guillaume Barberousse, Head of Banking and Financial Markets at Proparco.

These new measures will strengthen the collective action of the AFD Group and the Foundation to promote the resilience of microfinance institutions and their clients in the face of this unprecedented crisis.

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(1) //www.gca-foundation.org/technical-assistance/african-facility/
(2) Access the World Bank Communique (2020) here

ZEP-RE and ACRE Africa: a partnership to strengthen agricultural insurance in Africa

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ZEP-RE, the leading African reinsurer, will acquire a majority stake of 56% in ACRE Africa (Agriculture and Climate Risk Enterprise Ltd.), a social impact company supported by the Grameen Crédit Agricole Foundation since 2014. CA Indosuez Wealth (Asset Management), the management company of the Grameen Crédit Agricole Fund which holds a stake in ACRE Africa, has validated the private equity transaction.

ACRE Africa provides crop insurance services to smallholder farmers and advisory services to development organizations and insurance regulators in Kenya, Tanzania, and Rwanda. This agreement paves the way for expanding agricultural insurance for smallholder farmers in Africa by strengthening ACRE Africa's broad range of agricultural and microinsurance products and technology platforms. "Our goal is to expand insurance coverage and improve financial inclusion throughout sub-Saharan Africa. The safety nets we are building will give many disadvantaged smallholder farmers more confidence in farming," said George Kuria, CEO of ACRE Africa, at the signing ceremony.

ZEP-RE (PTA Reinsurance Company) is a regional organization that promotes development and integration within the COMESA (Common Market for Eastern and Southern Africa) region through trade in insurance and reinsurance activities. It is based in Kenya, with regional and national offices in Zimbabwe, Côte d'Ivoire, Uganda, Zambia, Ethiopia, Sudan, and the Democratic Republic of Congo.

As a shareholder of ACRE Africa, the Grameen Crédit Agricole Foundation welcomes the cooperation between ZEP-RE and ACRE Africa. “The COVID-19 pandemic has highlighted the importance of microinsurance in helping low-income rural populations build resilience. ZEP-RE’s expertise and its alignment with ACRE Africa’s mission to champion smallholder farmers will open a new chapter for ACRE Africa, allowing it to penetrate new markets, increase its social impact, and contribute to strengthening the rural microinsurance sector,” said Eric Campos, Managing Director of the Foundation.

Another important partnership was announced at the same time. With financial support from Chainlink Community, ACRE Africa and Etherisc (an online insurance platform developer) will develop a platform for 250,000 smallholder farmers to insure them against climate change risks in Kenya. The outlook for ACRE Africa and smallholder farmer insurance in Africa is encouraging.

More information about ACRE Africa

COVID-19: MFIs gradually recover, in step with their clients

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ADA, Inpulse, and the Grameen Crédit Agricole Foundation have partnered to monitor and analyze the effects of the Covid-19 crisis on their partner microfinance institutions around the world. This monitoring is conducted periodically and will continue throughout 2020 to gain a better understanding of how the situation is evolving. With this regular and in-depth analysis, we hope to contribute, at our level, to the development of strategies and solutions tailored to the needs of our partners, as well as to the dissemination and exchange of information between the various stakeholders in the sector.

In summary

The results presented in this article come from a fourth survey [1] in a series jointly conducted by ADA and the Grameen Crédit Agricole Foundation, with Inpulse choosing to join the initiative every other year. Responses were collected between October 1 and 20 from 73 microfinance institutions (MFIs) in 38 countries in sub-Saharan Africa (SSA-37%), Latin America and the Caribbean (LAC-25%), Eastern Europe and Central Asia (EAC-18%), Asia (15%) and the Middle East and North Africa (MENA-4%) [2].

As previous surveys revealed that the main financial challenge for MFIs was the increase in their portfolio at risk (PAR), the new survey focused more closely on the situation of MFI clients and the recovery of their activities. Indeed, this is the main basis on which MFIs' activities depend. Above all, the results of this survey confirm the gradual recovery of MFI activity, with a reduction in most of the operational constraints initially encountered. The major remaining constraint concerns the collection of loan repayments, which explains the increase in PAR as the main financial challenge for MFIs.

This difficulty in collecting loans may be due to external constraints, mobility or moratorium imposed by the authorities, or to difficulties encountered by the clients themselves, for whom activity cannot always restart or is slowed down by the crisis context. Indeed, if the peak of the health crisis has passed and if it has less affected certain regions such as sub-Saharan Africa or Southeast Asia, which has allowed a certain number of sectors of activity to restart, the time has not yet come to return to normal. In particular, the restrictive measures and the overall economic situation have had and still have negative impacts on activity in a certain number of sectors, and therefore on the sources of income of the populations. This consequently affects MFIs and their financial situation, which is why it seems essential to closely monitor how the crisis is experienced by their clients, in order to adapt to their needs in a reactive manner by proposing solutions that will allow everyone, clients and MFIs alike, to survive this crisis.

1. A RECOVERY OF MFIS STILL CONSTRAINED BY THE DIFFICULTY IN COLLECTING LOAN REPAYMENTS

The responses collected during this month of October show that most MFIs are gradually resuming their activities (Fig. 1). Only some MFIs in Myanmar remain very limited in their activities due to the constraints encountered following the containment measures currently in force in the country, as well as those of a minority of MFIs in sub-Saharan Africa (one MFI in Mali and one in Malawi). The proportion of MFIs having returned to a normal pace of activity is highest in the Europe and Central Asia region.

One of the constraints faced by MFIs revealed in previous surveys was the fact that some of their staff and clients were infected with COVID-19. Therefore, we were interested in the prevalence of Covid-19 disease among staff and clients (Figs. 2 and 3).

The situation is contrasting from this point of view: the sub-Saharan Africa region appears to be the least affected, with a low proportion of MFIs reporting that some of their staff (15%) or their clients (22%) are affected. This proportion also remains very low (between 0.1 and 5%), and 70% of the MFIs in the region report that neither their clients nor their staff are affected by the virus. The Latin America and Caribbean region is, on the contrary, the most affected [3], followed by Europe and Central Asia, with a greater proportion of MFIs concerned (only 11% of the MFIs in the LAC region report that neither their clients nor their staff are affected), and higher prevalence rates for some of these MFIs. Nevertheless, while the health situation is more problematic in these regions, it remains for the moment a relatively minor constraint for MFIs.

Moreover, overall, a relatively large proportion of MFIs even report no longer facing any constraints (Fig. 4), particularly in the Europe and Central Asia region (62%), while those that continue to face a certain number of them are increasingly fewer in number over the surveys, which reflects the trend towards gradual recovery.

The main remaining constraint, cited by 32% of the MFIs in the total sample, is the difficulty in collecting loan repayments. This has resulted in an increase in the portfolio at risk, which is still the primary financial difficulty encountered by MFIs in all regions, and cited as such by 77% of them, while other difficulties tend to be cited less and less over the course of the surveys.

This difficulty or impossibility in collecting loan repayments can be explained by mobility constraints, particularly in countries or regions where restrictive measures are still in force, but also by the implementation of moratoria, whether by the authorities or by the MFIs themselves if clients needed them. Indeed, the implementation of a moratorium concerned the majority (84%) of the MFIs in the sample surveyed (Fig. 5), and a moratorium is even still in force for at least some of the clients for 48% of the MFIs in total, Asia being the region where this situation is most frequent (83% of the MFIs in the region present in the sample).

Among clients who benefited from a moratorium, those who are now repaying their loans as usual represent a minority (Fig. 6). The majority of MFIs (86% in the sample) report that some or all of their clients needed a new moratorium, or are now even in the risk portfolio, with 39% of the MFIs in the sample being affected by this latter situation. In Europe and Central Asia and in sub-Saharan Africa, more than half of the MFIs even mention the transfer to the risk portfolio of some of the clients who benefited from a moratorium.

However, overall, the majority of MFIs in each region report that at least 70% of their clients repay their loans (Fig. 7). In South and Central Asia and Europe, more than 80% of respondents have repayment levels above 70%. In contrast, the situation is worst in Latin America and the Caribbean and Sub-Saharan Africa, where 34% and 45% of MFIs have fewer than 70% of clients repay their loans, and 17% and 15% have this proportion below 50%.

2. MFI CLIENTS THEMSELVES FORCED IN THEIR RECOVERY

These volatile repayment levels, which are lower than pre-crisis habits, are explained in particular by the fact that not all clients are still able to resume their activities: except in the Europe and Central Asia region once again, MFIs reporting that 90% of their clients or more have resumed their activities are in the minority. However, for the majority of MFIs in the sample (54% in total), between 50 and 90% of clients have resumed their activities. The overall trend is therefore one of gradual recovery.

However, even if clients resume their activities, some sectors are more affected than others by the crisis. For example, the sector of activity most frequently mentioned as being the most affected is tourism in all regions outside of sub-Saharan Africa, where it is trade (cited as such by 48% of the region's MFIs). The services sector comes second in most regions except Asia, where the production and crafts sector is more affected. Conversely, agriculture is only mentioned once. Overall, the agriculture sector appears to have been less affected than other sectors by the Covid-19 crisis, as revealed in our previous work where a number of MFIs stated that they wanted to target agriculture more, as a sector less affected by the crisis.

When we look at the constraints faced by clients by sector, it appears that these constraints are specific to each of them (Fig. 10). Regarding the tourism sector, the decrease in the number of clients of entrepreneurs working in this sector is cited as the main source of difficulties, followed closely by the loss of employment, mentioned by 60% of the MFIs that identified tourism as the most affected sector. On the other hand, in the other sectors, the loss of their employment by clients does not appear among the first constraints identified. The decrease in the number of clients remains one of the major constraints, both for the trade sector, as well as for services or production and crafts, a result that is also found in other surveys carried out directly with MFI clients, such as those using the tool developed by the SPTF where the decrease in demand is identified as the main reason for the drop in income [4]. Finally, the lack of business opportunities is the first constraint for the trade sector (cited by 72% of MFIs having identified this sector as being the most affected), while the difficulty in producing or offering products is specific to that of production and crafts.

By focusing in this way on the specific constraints encountered by their clients depending on their sector of activity but also probably other factors, MFIs could thus better anticipate their short-term financial situation, and find the answers adapted to the needs of their different client segments, which will allow them all to better get through this crisis. This responsiveness also seems to have already been adopted by certain MFIs, to the extent that, beyond the priority given to the repayment of loans or their restructuring, some of them have set up not only new communication and distribution channels via digital, but also new credit policies or new products (Fig. 11).

 

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[1] The results of the first three surveys of ADA partners, Inpulse and the Grameen Agricultural Foundation are available here: //www.ada-microfinance.org/fr/crise-du-covid-19 and //www.gca-foundation.org/observatoire-covid-19/
[2] The number of responding MFIs per region is as follows: SSA: 27 MFIs; LAC: 18 MFIs; EAC: 13 MFIs, Asia: 12 MFIs; MENA: 3 MFIs. Despite the low number of responding MFIs in the MENA region, we felt it was important to share the feedback from those MFIs who take the time to respond to these surveys. However, we urge caution when interpreting the results in this region, whose representativeness cannot be stated.
[3] As the MENA region is represented by only 3 MFIs in the surveyed sample, the high figures in this region should be considered with caution.
[4] The results of these surveys are available here: //app.60decibels.com/covid-19/financial-inclusion#explore

Kafo Jiginew, resilient in the face of the Covid-19 crisis in Mali

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© RFI Knowledge

The Covid-19 crisis has impacted the activity of Kafo Jiginew, a microfinance institution funded by the Grameen Crédit Agricole Foundation since 2018. This is primarily due to the slowdown in international economic activity, which has impacted savings growth, but also due to the demand for credit, which has also declined. This overview was presented by David Dao, Director of Kafo Jiginew, during an interview given on the occasion of the presentation of donations worth 25 million FCFA to the widows and orphans of Malian soldiers who are part of the institution's membership.

Covid-19 has also affected the Malian cotton sector, which is largely financed by the institution, which has seen its demand decline on the global market. Credit requests from cotton producers have decreased, which for the institution represents a significant drop in financial income. Another consequence is the increased risk of loan defaults, which could weigh on Kafo's financial profitability in 2020. David Dao, however, expects a positive result for 2020 and asserts that the situation will not affect the existence of the institution, which is solid.

Kafo Jiginew remains the leader in microfinance in Mali with at least 40% market share, 430,000 clients, and a portfolio of 68 billion FCFA. Since 2014, the institution has entered a phase of profitability that continues. In 2015, Kafo Jiginew also initiated a global rating operation with MFR – Microfinanza Rating, an international audit firm that evaluates and rates its financial and social performance. These best practices ensure transparency vis-à-vis international donors such as the Grameen Crédit Agricole Foundation, which will remain committed alongside its partners to address the current crisis.

Source: Bamada.net

 

The Foundation publishes its Impact Newsletter

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The Grameen Crédit Agricole Foundation publishes a Special Impact Newsletter that presents the evolution of the Foundation's direct and indirect impact figures and an "Impact Focus" section with the initial results of the international coalition, initiated in May 2020 by the Foundation, to protect microfinance institutions and their clients in the face of the Covid-19 crisis. These results demonstrate real cooperation and coherence of action between the 30 organizations that signed the commitment. Due to the speed of the measures taken, liquidity defaults have been avoided to date and technical assistance, coordinated and focused on essential actions, has made it possible to support the institutions throughout the period.

We also present the joint interview with the Managing Directors of CA Normandie-Seine and CA Centre France, two regional banks that have invested in Finance Inclusive en Milieu Rural (FIR), Crédit Agricole's first microfinance fund, which strengthens the Group's action and impact in favor of financial inclusion.

You will discover the key figures of Solidarity Bankers, the Crédit Agricole Group's skills volunteering program for organizations funded by the Foundation, as well as a travel diary of a Solidarity Banker from Crédit Agricole SA who went to Senegal to support SFA, a social enterprise supported by the Foundation.

Download the The #37 Special Impact Newsletter

Signatory organizations report on Covid-19 engagement and lessons learned

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Over the past few months, the financial inclusion sector has embarked on a journey to address the Covid-19 crisis. On the ground, microfinance institutions have taken measures to address health risks, lockdowns, and the economic downturn. In the meantime, lenders, investors, support organizations, and technical assistance providers have had to adapt their intervention principles and coordinate their actions (1). By signing Commitment on key principles to ensure the protection of microfinance institutions and their clients in the Covid-19 crisis ("the Commitment"), 30 organizations have committed to certain key principles.

Six months after the signing of the Commitment, a working group composed of signatories (ADA, Cordaid Investment Management, Frankfurt School Impact Finance, Grameen Credit Agricole Foundation, Microfinance Solidaire, SIDI and the Social Performance Task Force) is drawing lessons from the implementation of the principles of the Commitment. In a joint publication, the signatories present the state of implementation of 10 principles, particularly those linked to the deferral of deadlines and the first stages of voluntary debt restructuring, in line with what could be observed during the first months of the crisis.

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We conclude that there was excellent coordination among international donors, who agreed on the terms of the repayment extension, avoiding, in most cases, lengthy restructuring discussions. This rapid response proved essential in avoiding a liquidity crisis in the sector, as most of the funded partners maintained sufficient liquidity levels. In rare cases, when uncoordinated individual behavior threatened the equitable sharing of constraints among international donors, peer pressure was effective.

We have also witnessed unprecedented coordination in the area of technical assistance, which has already resulted in collaborations between technical assistance providers, such as the organization of a joint webinar on liquidity management, the provision of business continuity tools, and the implementation of field surveys with end clients. However, the coordination has not lived up to our initial objective, particularly due to the need to prioritize the most urgent issues. Given the significant challenges that microfinance institutions will face on the ground, we believe it is essential to continue our efforts on this front to avoid duplication and strive for greater efficiency.

Our commitment to client and staff protection continues. We have encouraged initiatives to promote the continued protection of clients and staff during this time of crisis, and we must continue these efforts to ensure they remain at the center of discussions. Many microfinance institutions will need to recover a business that is intimately linked to the financial health of clients, the behavior of field staff, and the treatment of staff. To this end, we encourage the coordinated collection of information on staff management and client outcomes throughout the crisis and beyond. We also encourage the intensification of sector-specific initiatives that contribute to effective monitoring in these exceptional circumstances (2).

New debt financing slowed considerably during the crisis but did not stop completely. While some economies are restarting, many of the partners we finance have shown promising signs of recovery since July 2020, with significant differences between countries and sectors. Recognizing the opening of this new chapter, we are committed to supporting and consolidating the economic recovery in a timely and responsible manner.

Open publication

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[1] //www.covid-finclusion.org/investors
[2] The Social Investor Working Group of the SPTF has issued Lenders' Guidelines for Defining and Monitoring Responsible Covenants in the Covid-19 context.

Sinapi Aba wins Best Bank for Women Entrepreneurs award

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Sinapi Aba has been awarded the Gold Winner for Best Bank for Women Entrepreneurs 2020 at the Global SME Finance Awards. Launched in 2018, the Global SME Finance Awards were designed to recognize the outstanding commitments and achievements of financial institutions and Fintech companies in providing exceptional products and services to their SME customers.

Sinapi Aba is a microfinance institution established in 1994 in Ghana by Opportunity International to serve as an incubator that provides business development and income-generating opportunities to economically disadvantaged people, enabling them to improve their living conditions. Sinapi has been a partner of the Foundation since 2018. Through its savings and credit products, Sinapi Aba promotes entrepreneurial development, particularly women's entrepreneurship, which represents 78% of its clients. The institution also contributes to the development of rural areas, as 76% of its clients launch income-generating activities in rural areas.

Sub-Saharan Africa is one of the main regions supported by the Grameen Crédit Agricole Foundation. In Ghana, where the Foundation began operations in 2018, the Foundation is financing the microfinance institution Sinapi Aba with a local currency loan equivalent to €931,000.

More information about Sinapi Aba here.

Foundation grants new loan to OXUS Tajikistan

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The Grameen Crédit Agricole Foundation has granted a new loan to the microfinance institution OXUS Tajikistan. The loan, worth €465,000, is the fourth granted to this Tajik institution, which primarily targets microentrepreneurs and farmers in rural areas. Its social mission is clear and aims to improve the economic and social conditions of low-income populations who are not served by the banking sector.

With this new loan, the Foundation has €24.5 million in outstanding loans tracked in the Eastern Europe and Central Asia region, with a total of 19 partners in 10 countries. This represents €261 million of the total outstanding loans tracked by the Foundation as of the end of September 2020.

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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 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 40 countries.

For more information on the organizations supported by the Foundation, Click here.

 

Crédit Agricole Solidarity Bankers in Pictures

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Launched in June 2018 at the initiative of the Grameen Crédit Agricole Foundation and Crédit Agricole SA, Solidarity Bankers is a skills-based volunteer program open to all Crédit Agricole Group employees in support of microfinance institutions and social impact businesses supported by the Foundation.

The objective of the program Solidarity Bankers is twofold: on the one hand, it allows us to promote the skills of Crédit Agricole Group employees who wish to get involved in solidarity projects and, on the other hand, to strengthen support for microfinance institutions and businesses financed by the Grameen Crédit Agricole Foundation. Two years after its launch, discover the testimonials and highlights of the missions in Senegal and Cambodia in 3 video capsules which present the results of the program.

First destination, Senegal

The program's first mission is emblematic: the mission led by Jonathan Michaud, an agricultural engineer from Crédit Agricole Franche Comté in Senegal for the Laiterie du Berger. With the support of the Regional Bank, the Solidarity Banker spent two years helping the Dairy structure the dairy sector in Senegal. Today, he is Director of KOSSAM SDE, the Dairy's subsidiary created following his mission, which is helping to structure the dairy sector in northern Senegal by providing material resources and training to farmers and developing an innovative model of pilot "mini-farms." 1,230 local farmers were supported, whose income increased by more than 50% between 2018 and 2019.

Another mission was carried out in Senegal in 2020. Michèle Kouam, IT Project Manager at Crédit Agricole SA, left at the beginning of the year to support the Société Sénégalaise des Filières Alimentaires (SFA). Her mission was to work on the digitalization of rice collection for SFA, a company that produces white rice from paddy grown by small producers in the Senegal River Valley. By enabling access to credit, providing technical support, and guaranteeing a fair price, SFA now supports 3,200 smallholder farmers and promotes the development of an inclusive rice sector in Senegal.

Heading to Cambodia

A final mission completes this visual overview: the mission of François Galland, International HR Director of Crédit Agricole SA, to the microfinance institution Chamroeun. François worked for two weeks on Chamroeun's human resources strategy. The institution offers financial products and services to more than 33,000 low-income people in Cambodia, who are also supported with a range of training and social support services.

Next steps

Since the program's launch, 20 missions have been launched, 12 of which have already been completed. The selection process for the first missions launched in 2020 has been finalized, but two missions remain to be filled, in Morocco and Egypt.

With Solidarity Bankers, Crédit Agricole's regional banks and entities in France and internationally are increasing their efforts to promote inclusive finance and strengthening the human and societal projects of the Group/PMT 2022 strategy.

Watch the video of the 3 missions

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