Crédit Agricole and Dai-ichi Life join forces to provide microfinance for women

©Philippe Lissac

May 14, 2020. Among the 1.7 billion unbanked adults worldwide, women are overrepresented: approximately 980 million of them do not have a bank account, which corresponds to 56% of the world's unbanked (World Bank). They are therefore part of the target population for microfinance, which provides a range of financial products and services to people excluded from the banking system.

To support the development of microfinance for women, Dai-ichi Life Insurance Company Limited, the Tokyo branch of Crédit Agricole CIB, and the Grameen Crédit Agricole Foundation have implemented an innovative initiative. Dai-ichi Life Insurance Company has invested 2 billion yen in a 10-year loan scheme, structured by Crédit Agricole CIB, to promote microfinance for women. This initiative will enable the Grameen Crédit Agricole Foundation to support microfinance institutions that support women and social enterprises in rural economies in developing countries.

This is the first-ever loan program of its kind implemented by the Crédit Agricole Group. “This exceptional operation perfectly illustrates the Ambitions of the Group Project 2022. It reaffirms our client-centric model and our efforts to offer them innovative solutions in Asia, while strengthening our commitment to responsible investment,” said Michel Roy, Senior Regional Officer of Crédit Agricole CIB for Asia-Pacific.

With this partnership, Dai-ichi Life Insurance Company strengthens its commitment to impactful investments. “We are honored to financially support the Grameen Crédit Agricole Foundation and its work to promote the financial and entrepreneurial inclusion of women in developing countries. As a responsible institutional investor, Dai-ichi Life will continue to actively engage in ESG investments and contribute to the establishment of a sustainable social framework throughout the world,” said Tetsuya Kikuta, Director and Executive Officer of the company.

For the Foundation, this is a tremendous opportunity to strengthen its work in developing countries. “Alongside Crédit Agricole CIB and Dai-ichi Life, we will increase our support for women’s empowerment through microfinance and female entrepreneurship. We are very proud to be part of this innovative and unique partnership in the history of the Crédit Agricole Group,” commented Eric Campos, CEO of the Grameen Crédit Agricole Foundation.