Top 10 Best-Performing MFIs in the 60 Decibels Microfinance Index

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The Grameen Crédit Agricole Foundation participated as a co-funder in 60-Decibels' first microfinance index. The list of the best-performing institutions in 2022 was recently unveiled. Five of the Foundation's partners are included in this ranking:

Top 10 best-performing MFIs:
ACEP Burkina Faso
Advans Ivory Coast
LAPO Sierra Leone

Top 3 best performing MFIs in Africa:
LAPO Sierra Leone
ECLOF Kenya

Top 3 Best Performing MFIs in Asia:
Annapurna

Of the 72 institutions studied in 41 different countries, these MFIs achieved the best results in all categories of the index: Access, Business Impact, Household Impact, Client Protection, and Resilience. The Foundation welcomes these excellent performances and congratulates ACEP Burkina Faso, Advans Ivory Coast, Lapo, Eclof Kenya And Annapurna which are identified among the most influential MFIs. A wonderful recognition for all stakeholders who have contributed to the growth of social impact and fostering a more human customer relationship.

Alongside its partners, the Foundation's funding, granted mainly to small institutions located in rural areas and reinforced by our technical assistance mechanisms, helps strengthen support for local economies.

18,000 clients of 72 microfinance institutions in 42 countries were surveyed to measure microfinance outcomes.

Read the full ranking on the 60-Decibels site.

The Grameen Crédit Agricole Foundation continues to develop its activities in Sub-Saharan Africa

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During the second half of 2022, the Foundation granted two new loans in sub-Saharan Africa, confirming its commitment to the economic and social development of the region.

A new loan for an amount in local currency equivalent to €457,500 was granted on November 28, 2022 to the microfinance institution ACFB in Benin. A partner of the Foundation since 2017, ACFB's mission is to facilitate access to financial services for low-income populations and microentrepreneurs. ACFB's social mission is to support the economic and social development of households, particularly women in rural areas. At the end of the second half of 2022, ACFB had a growing number of active borrowers (approximately 35,433), the vast majority of whom were women (94%) and clients living in rural areas (90%).

On December 1, 2022, the Foundation also granted a loan in local currency equivalent to €500,000 to VisionFund Uganda. This microfinance institution, established to support vulnerable populations and microenterprises in Uganda, offers financial services tailored to the specific needs of its clients. VisionFund Uganda emphasizes group lending methodology and, as of the end of the second half of 2022, had a significant number of active borrowers (approximately 46,761), the vast majority of whom are women (95%) and clients living in rural areas (60%).

To learn more about the partners supported by the Foundation, Click here.

Vert Ltd in Kenya, in which the Foundation is a shareholder, received a visit from representatives of the EU and the EIB.

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Thursday, April 6, a delegation of members of the European Parliament and the European Investment Bank (EIB) on a visit to Kenya came to see how the EIB supports investments in 60 high-impact projects in the country. The MEPs visited the site of one of the high-impact projects: Green, Ltd, a social enterprise specializing in the export of fresh fruits and vegetables, located in Kathome and of which the Grameen Crédit Agricole Foundation has been a shareholder since 2016.

"We are very satisfied with the work and the impact that EU and EIB funding is having on the ground. […] We look forward to the continued partnership between the EU and Kenya." Irene Giribaldi, Head of Delegation.

Vert Ltd's social mission is aligned with the EIB's policy and objective: to transform rural life and foster economic development.

“We support a base of over 5,000 smallholder farmers across the country, from whom we source fresh fruit and produce, which is then primarily exported to the European market. The funding we received enabled us to increase the amount of mangoes we purchased from smallholders, creating and supporting 95 permanent jobs and over 300 temporary jobs during peak seasons, as well as countless other indirect jobs throughout the chain. I am just one example of many businesses that have grown or expanded thanks to EIB funding,” said Jane Maina, Managing Director of Vert Ltd.

Watch the Citizen TV Kenya report:

Vert, Ltd., founded in 2000, has established a sustainable model by working directly with small local farmers organized into small groups. Vert Ltd. significantly increases their income and provides opportunities to diversify their production, while fostering stable outlets for export or local markets.

The Grameen Crédit Agricole Foundation facilitates the emergence of more inclusive and resilient agricultural value chains by investing in agribusiness with high social impact.

To learn more about Vert Ltd, click here.

Facilitating access to microinsurance for rural farmers: training of the Foundation's partners in Cambodia.

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THE International Labour Office (ILO), Proparco and the Grameen Crédit Agricole Foundation organized a training session on microinsurance in Phnom Penh, Cambodia, in March 2023. This training, intended for the Foundation's Asian partners, brought together representatives from Chamroeun (Cambodia), Annapurna and Pahal (India), and VisionFund (Myanmar). It is part of the technical assistance program coordinated by the Foundation, organized by the ILO, and financed by Proparco.

The two-day training, led by Craig Churchill, Head of the ILO's Social Finance Enterprises Department, and assisted by Ali Tareque Parvez, aimed to equip partner institutions with the tools they need to develop a comprehensive strategy to improve the effectiveness and value of microinsurance and strengthen its contribution to their business strategy. Participants shared their microinsurance experiences and learned the basic principles of implementing a microinsurance program.

The beneficiary institutions appreciated the relevance and adaptation of the training content to their needs. Several video testimonials from partners are available online, illustrating the positive feedback on this training.

  • Interview with Yanick Milev, CEO of Chamroeun and Member of the Board of Directors of CIE Prévoir. Learn more about Chamroeun.
  • Interview with Pramod Panda, Head of Insurance Department, and Amrit Sarangi, Head of SME Microinsurance. Learn more about Annapurna.
  • Interview with Alok Rajpat of Pahal. Learn more about Pahal.
  • Interview with Gaw Mu, Product Manager at VisionFund Myanmar. Learn more about VisionFund Myanmar.

This training is part of a broader technical assistance program offered by the Foundation. This program also includes the development of a customized technical plan, including product design, adaptation of internal processes, establishment of partnerships with insurers, and product marketing.

The ultimate goal of this program is to develop microinsurance in rural areas and facilitate access to better risk management solutions for vulnerable people. By strengthening the microinsurance skills of its Asian partners, the Foundation contributes to improving insurance products and services for underserved communities in developing countries.

To learn more about the program, click here

Foundation grants first loan to KosInvest in Kosovo

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The Foundation's funding efforts in Eastern Europe continued with the approval of an initial loan in local currency equivalent to €600,000 to the microfinance institution KosInvest in Kosovo, over a period of two years. The Foundation currently has two other partners in Kosovo.

KosInvest is a microfinance institution that aims to improve the living standards of rural communities in Kosovo through a wide range of financial products and services: business loans, agricultural credit, and consumer credit. The new loan granted by the Foundation will enable KosInvest to strengthen its impact by primarily supporting low-income individuals, farmers, and small and microenterprises.

To date, KosInvest finances 2,400 clients, including 34% women and 55% clients living in rural areas.

More information about our partners here

SSNUP Program: Supporting MLF Malawi to develop agricultural financial services with mobile telephony.

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MLF Malawi

The microfinance institution MLF Malawi has benefited from the SSNUP (Smallholder Safety Net Upscaling) program since the first quarter of 2023, coordinated by ADA (Support for Autonomous Development) and for which the Grameen Crédit Agricole Foundation was selected as one of the impact investors responsible for its implementation. This program aims to increase the productivity and resilience of smallholder farmers, particularly in Asia and Africa, through better risk management and the promotion of sustainable and climate-smart agricultural practices.

The two-year project aims to improve financing for agricultural activities carried out by producers in rural areas in Malawi through the development of agricultural loans and a credit rating system, the integration of mobile money transfer and savings services and the optimization of operational procedures.

The technical assistance provided by the Foundation within the framework of the program will strengthen the financial offer of the MFI through the training of 17,000 women farmers (operating in the sectors of corn, Irish potatoes, soybeans, rice, livestock, horticulture and
peanuts.) to digital finance to improve their digital literacy and encourage the use of banking services on their mobile phones. Trained in the use of mobile money, these 17,000 women will have easier access to additional financial services tailored to their business. They will have more confidence to carry out transactions themselves.

Malawi's economy is heavily dependent on the agricultural sector (29.5 billion of GDP), which employs over 80 billion of the population (World Bank). The population relies primarily on subsistence, rain-fed agriculture, which increases its vulnerability to climate shocks and creates food insecurity. Mobile money services promote the financial inclusion of women.

MLF Malawi, a partner of the Grameen Crédit Agricole Foundation since 2018, is a microfinance institution (MFI) established in 2002 by MicroLoan Foundation UK, a charitable organization dedicated to microfinance in sub-Saharan Africa. As of December 2022, the institution had more than 40,000 active borrowers (100 women, 80 rural) and managed a loan portfolio equivalent to approximately €4.6 million.

For more information about the SSNUP program, Click here.

Solidarity Notebooks: A Solidarity Banker in Kosovo

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Launched by the Grameen Crédit Agricole Foundation and Crédit Agricole SA in 2018, Solidarity Bankers is a skills-based volunteer program open to all Crédit Agricole Group employees, in France and internationally, for microfinance institutions and impact businesses supported by the Foundation. Discover the testimony of Stéphanie Thibesard, Solidarity Banker at CACEIS Bank, Luxembourg Branch, who went to Kosovo for a risk management mission with the AFK microfinance institution.

What prompted you to apply for a Solidarity Banker mission?

I knew about the Grameen Crédit Agricole Foundation but not the Solidarity Bankers program it offers to Crédit Agricole Group employees. I discovered it when a podcast by a solidarity banker, Andreas Brunner, was broadcast, sharing his own experience. I admit I completely recognized myself in what he described. So I consulted the Foundation's "catalogue" to see the different missions offered. The mission at AFK in Kosovo, corresponding to my activities at CACEIS Bank Luxembourg Branch, seemed obvious to me! And this, for several reasons: it allowed me to discover a sector of activity that was unfamiliar to me (microfinance), to share my knowledge, experiences and skills (help and contribution to the improvement of a system), it offered me a unique human experience (acting for others but also with others), it represented a new personal challenge and it was a unique opportunity to get out of my comfort zone!

To what extent is this mission relevant and enriching for your work within CACEIS?

As part of this technical assistance mission on behalf of AFK, we worked on setting up an operational risk map, which was previously non-existent within the MFI. This gave me the opportunity to share my knowledge on operational risks and more specifically on the mapping of these risks, to then work on a template adapted to the institution's activities, both simple and functional, but above all effective (which can be enriched during subsequent reviews and according to AFK's needs). This exercise allowed me to refocus on the essentials of a map, namely identifying the major risks linked to an activity in order to be able to remedy them through action plans. I realized that by sometimes wanting to enrich or expand it too much (both in indicators and in granularity), the map sometimes tends to lose in terms of readability.

What does this opportunity mean to you on a personal level?

Above all, this opportunity represents an incredible human experience! In Kosovo, and particularly in the AFK teams, I met very welcoming people, available but also transparent in their communication (important for the smooth running of the mission). The exchanges were truly constructive and very enriching. I also discovered a culture: the recent history of this country and its reconstruction, a way of life and customs, a sense of hospitality, a geographical and economic environment... During this immersion, I was also able to observe a real capacity for resilience among the Kosovars. I think that one necessarily comes back different from this kind of mission.

Would you be interested in new technical assistance missions on behalf of the Grameen Crédit Agricole Foundation?

Without a doubt! If a new mission of this type were to arise again, I would apply! However, I believe that such an experience should be shared by as many people as possible. I can therefore only encourage the group's employees to embark on a Solidarity Banker mission.

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I would like to sincerely thank the Management of CACEIS Bank, Luxembourg Branch (Philippe Bourgues, Country Managing Director and Dominique Lapierre, Deputy Managing Director) as well as Human Resources (Anne-Catherine Loiseau and Pauline Duburquoy) for their support in this project. I would also like to thank Séverine Pierret (ROCP Management) for her availability and wise advice, particularly during the preparation phase of the mission. And of course, a special thank you to the AFK teams (represented by Vahdet Anadolli, CEO and Xhevdet Spahija, COO) for the warm welcome they gave me and for the excellent conditions in which this mission was carried out.

Discover the Solidarity Banker positions available

The Foundation, UNHCR and Sida continue to join forces to ensure financial inclusion for refugees in Uganda

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Since 2019, the Grameen Crédit Agricole Foundation, the Swedish International Development Cooperation Agency (Sida) and the United Nations High Commissioner for Refugees (UNHCR) have joined forces to support refugee populations in Uganda through an innovative program aimed at improving the livelihoods, resilience and financial inclusion of both refugees and host communities.

Uganda hosts approximately 1.5 million refugees and asylum seekers, making it the largest refugee-hosting country in Africa and the third largest in the world. It is one of the countries with the most progressive refugee policies in the world and a leading country in implementing the Comprehensive Refugee Response Framework (CRRF) and the Global Compact on Refugees (GCR). In Uganda, refugees enjoy freedom of movement, the right to work, and have been included in the country's National Development Plan III. They are allocated land, live in settlements close to host communities, and have access to the same national public services, including health, education, water, livelihoods, and sanitation.

A large majority of the refugees (94%) live in 13 settlements located in the southwest and north of the country. The remaining 6% live in urban areas near Kampala. Despite Uganda's progressive and inclusive policies, the poverty rate among refugees is nearly twice that of host communities, creating challenges for peaceful coexistence and security issues, particularly for women, girls, and people with special needs.

The program developed by the Foundation, UNHCR, and Sida aims to improve access to credit and savings for refugees and their host communities so they can develop income-generating activities. This program, which leverages mixed financing (public and private capital), has three components: a guarantee fund, debt financing by the Foundation for three microfinance institutions (MFIs) (Vision Fund Uganda, Brac Uganda Bank Ltd, and Ugafode), and technical assistance for the MFIs and refugees. The Grameen Crédit Agricole Foundation, with financial support from Sida, coordinates the program, which also offers refugees non-financial services such as business training and financial education.

Thanks to the program, the supported MFIs were able to open new branches in the districts of Moyo (Parlorinya settlement), Yumbe (Bidibidi settlement) and Isingiro (Nakivale settlement) where many refugees live. Thus, VisionFund Uganda, a partner of the Foundation since 2020, served 28,739 active borrowers at the end of 2022 in branches managed under the program (including 20 refugee %s and 72 women %s), for an outstanding loan of UGX 3.3 billion (EUR 868,663). In the branches concerned, significant digitalization work was carried out with 100% digital disbursements. The field visits carried out by the Foundation's teams also provided a better understanding of the challenges faced in increasing the financial inclusion of refugees: difficulties in recruiting refugee staff, various problems faced by clients (health problems, droughts, reduction of food rations, people returning to South Sudan). A new objective for the institution is the establishment of insurance products (agriculture, health) for clients because over time, the needs of the host populations evolve.

To date, despite various constraints and risks, particularly those related to the COVID-19 pandemic, the program has grown well. A recent evaluation revealed that out of a sample of 373 respondents, 91 new jobs had been created either through new businesses or the expansion of existing activities. More than 80% of the 289 beneficiaries surveyed and who received training also reported having started saving. Similarly, 78% of the beneficiaries reported that the knowledge and skills acquired during the training they received contributed to the growth of their businesses.

This innovative project will continue to expand with the goal of providing access to quality financial services and training to as many people as possible. To achieve this, the program will intensify financial education training to reach as many refugees and host communities as possible, continue customer surveys to facilitate informed decision-making, and develop refugee-friendly products while continuing to roll out the project model in other refugee camps.

Learn more about the program Financial Inclusion of Refugees.

Grameen Crédit Agricole Foundation participates in the “High Commissioner’s Dialogue on the 2022 Protection Challenges”

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On December 7, Violette Cubier, Technical Assistance Officer at the Grameen Crédit Agricole Foundation, participated in the plenary session of the UNHCR-organized event in Geneva, "The High Commissioner's Dialogue on Protection Challenges 2022." This provided an opportunity to discuss the role of development cooperation in advancing protection, inclusion, and solutions for refugees and stateless people, as well as for host communities.

Participants were able to discuss how to improve development cooperation in displacement contexts and launch concrete, tangible and multi-stakeholder initiatives to address the identified challenges.

For the Grameen Crédit Agricole Foundation, this event was an opportunity to present and promote its financial inclusion program for refugees and host communities in Uganda, in cooperation with UNHCR and the Swedish Development Cooperation (SIDA). This program aims to promote access to credit, savings, and other financial and non-financial services for refugees and their host communities.

The program has been hailed as an “exemplary initiative for the sustainable economic inclusion of refugees.”

To learn more about the program, Click here.

Advans Côte d'Ivoire: the institution celebrates its 10th anniversary with a string of awards

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Advans Côte d'Ivoire celebrated its 10th anniversary on March 23, 2022, in Abidjan. The ceremony was attended by approximately 80 guests.

Founded in 2012, Advans Côte d'Ivoire, a partner of the Grameen Crédit Agricole Foundation, currently operates through a network of 22 branches, employing over 650 people. The institution currently serves over 160,000 clients with outstanding loans of over 65 billion CFA francs.

True to the mission that has made it a success, Advans Côte d'Ivoire continues to help small businesses grow by providing sustainable access to simple and adaptable financial products and services. To achieve this, it relies on the use of innovative services, local distribution models, and the digitalization of its product offering.

For its innovative digital payment and savings solution for cocoa producers and cooperatives, Advans Côte d'Ivoire was awarded the 2018 European Microfinance Award for "Financial Inclusion through Technology." Named "Best Financial Institution for Credit Services" for the third consecutive year and "Best Financial Institution for Agricultural Finance Offerings" for the first time, the institution continues to garner awards with the African Consumer Label.

In ten years, Advans Côte d'Ivoire has been able to develop a wide range of products adapted to the realities and expectations of disadvantaged populations.

To learn more about Advans Côte d'Ivoire, click here.

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