4.4 M€
Wallet
17 094
Number of beneficiaries
89.7 %
Women beneficiaries
74.4 %
Rural beneficiaries
Sierra Leone
Financial services
Funding granted
Loan of €600,000*
(Equivalent in local currency)
Foundation Partner
since 2019
*Outstanding at grant value
Context :
With its strong agricultural potential, this sector remains the main source of livelihood for Sierra Leoneans. This sector accounts for 59.1% of the country's GDP and two-thirds of its employment.
The company:
It was in 2008 that the NGO LAPO Nigeria launched the LAPO SL MFI in Sierra Leone. True to the NGO's mission, the MFI primarily provides microcredit to women in disadvantaged areas. Today, LAPO is one of the largest MFIs in the country, covering 80,000 people nationwide.
Impact :
LAPO SL's flagship product is group loans for women in disadvantaged areas. The institution is committed to providing access to financial services for low-income families to help them escape poverty.
Grameen Crédit Agricole Foundation invests in three new countries
© Philippe Lissac
For the first time, the Grameen Crédit Agricole Foundation is investing in Rwanda, Niger, and Sierra Leone. With these new investments, the Foundation now operates in 16 sub-Saharan African countries.
During the first half of 2019, the Grameen Crédit Agricole Foundation made new investments, including three in new countries. It financed the LAPO microfinance institution in Sierra Leone for the first time, with an equivalent amount of €385,000. LAPO's mission is to offer financial services that meet the needs of economically active people in a profitable and innovative manner. It is an MFI committed to developing the microfinance sector in Sierra Leone based on best practices in microfinance and strengthening the sector with a view to developing a credit culture. To date, the institution has nearly 22,000 clients, including 97.3% women. This clientele is located in rural areas.
The Foundation also secured an initial financing amounting to €500,000 from the Nigerien microfinance institution ACEP Niger. ACEP Niger is an MFI specializing in financing very small businesses in urban areas. It manages loans and savings products for small and micro-enterprises in urban and peri-urban areas that have been rejected by the traditional banking system. In keeping with its corporate social responsibility priority, ACEP Niger has adopted the SMART Campaign's client protection principles. It thus ensures that its borrowers are protected from over-indebtedness. To date, the institution has nearly 4,000 clients, including approximately 251,000 women. All of ACEP Niger's clientele is located in urban areas.
Finally, the Foundation also granted an initial loan equivalent to €493,000 to VisionFund Rwanda, a microfinance institution and subsidiary of VisionFund International whose mission is to provide financial and non-financial services to disadvantaged rural communities. VisionFund Rwanda primarily serves vulnerable women with children and young people in rural areas and offers them opportunities for economic empowerment. The products offered and the strategy are focused on strengthening and providing financial services to village savings and loan associations and groups. To date, the MFI has nearly 12,000 clients, including 62% women and 85% clients in rural areas.