RENACA, finalist of the 2020 European Microfinance Award

In the current context of the Covid-19 pandemic, encouraging savings activities is essential to ensure the resilience of vulnerable people. Savings help, among other things, smooth consumption in the face of income volatility, minimize the impact of financial and other shocks, encourage long-term planning, and provide opportunities for productive investment.

The 2020 European Microfinance Award (EMA 2020) will award €100,000 to the organization that best promotes effective and inclusive savings. Among 70 applications from 37 countries, three finalists have been announced: Buusaa Gonofaa Microfinance, Muktinath Bikas Bank, and RENACA, a partner of the Grameen Crédit Agricole Foundation. These organizations offer savings products and services based on a true understanding of client needs and behaviors, reach underserved populations, and ensure that savings are accessible, affordable, and useful.

RENACA is a union of Beninese cooperatives supported by the Foundation since 2013, targeting low-income and vulnerable populations in rural areas. RENACA offers a wide range of savings products (door-to-door "tontine" models, term deposits, and demand deposits) and promotes community savings and credit groups. Its savings offering is supported by a mobile application and the use of tablets, for secure and reliable customer transactions. RENACA also provides training on financial education and other non-financial services.

Following the announcement of the finalists, Luxembourg's Minister for Development Cooperation and Humanitarian Affairs, Franz Fayot, said: "The extraordinary response to this year's award is a strong testament to the impressive reputation it has earned for its rigor and the quality of the benefits that can be reaped by exposing those who perform well in the process. The diverse applications highlight not only the importance of responsible, inclusive financial services during crises, but also how savings can strengthen the resilience of vulnerable communities in particular."

The winner will be chosen from among the three finalists by a Jury and their name will be announced on November 19, 2020 during an online ceremony to be held during EMW 2020.
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