A TA program to strengthen microfinance in West Africa

© Didier Gentilhomme

Actors committed to microfinance

With over 10 years of experience in the microfinance sector, the Grameen Crédit Agricole Foundation finances and supports microfinance institutions with technical assistance. It represents over €200 million in financing, a presence in nearly 40 countries, and more than 85 institutions supported since its inception. With 37% of investments in Sub-Saharan Africa, the continent is at the heart of the Foundation's actions and its mission to contribute to the fight against poverty.

Alongside the European Investment Bank (EIB) and the Luxembourg government, the Foundation will strengthen its support for microfinance institutions in West Africa as part of a new technical assistance program. Both of the Foundation's partners have extensive experience in developing microfinance: the EIB has already committed more than €1.3 billion to the sector since the first microfinance operations in 1992, and Luxembourg accounts for 611,000 million of global microfinance assets under management.

Strengthening the Foundation's impact in West Africa

After granting the Grameen Crédit Agricole Foundation a loan equivalent to €12 million in CFA francs in 2019 to support microfinance in West Africa, the EIB has awarded, on behalf of the Government of Luxembourg, a grant of €332,000 to provide technical support to five microfinance institutions supported by the Foundation.

This two-year program will enable the Foundation to support Caurie (Senegal), Kafo Jiginew (Mali), Graine (Burkina Faso), ACEP Burkina Faso, and ACEP Niger to facilitate their digital transformation, improve risk management, and strengthen social performance management. Through this partnership with the EIB and the Government of Luxembourg, the Foundation is expanding its presence in West Africa and strengthening its value proposition to its partners in the region.