Cofina Mali

Debt : October 2021

BIO has granted a EUR 3 M loan to Cofina Mali, a microfinance institution in Mali.

Amount

€ 3,000,000.00

Type of investment

Debt

Development impacts

  • Local economic growth
  • Private sector consolidation/innovation
  • Financial inclusion
  • Promotion of ESG best practices

Beneficiary locations

Sub-Saharan Africa: Mali

Investment field

Financial Institutions

Activity

KK.64.191  Microfinance institution

Organisation

Cofina Mali

Domicile

Mali

More investments in

Cofina Mali

Cofina is a young pan-African mesofinance group. Following the 2019 investments into the Ivorian and the Senegalese subsidiaries, BIO has the opportunity to support Cofina Mali, which is less mature and is operating in a complex market with low financial inclusion.

This investment will allow Cofina Mali to support the informal economy in a post-covid context.

Development impacts

  • Local economic growth

    Access to full range of banking services to highly underserved MSME segment in a fragile and LDC context.

    Support growth of thousands of informal micro-enterprises, which are key drivers for local economic activity, employment, and poverty alleviation

    Direct jobs supported and created, as well as the expected doubling of the number of branches by 2025

  • Private sector consolidation/innovation

    Innovative and more efficient banking processes and products that are especially adapted to the target MSME segment

  • Financial inclusion

    Specific credit and saving services for informal micro-entrepreneurs which are the key target of Cofina

  • Promotion of ESG best practices

    Institution strongly motivated to obtain SmartCampaign certification

    SPI4 assessment and related recommendations are part of BIO’s ESAP.

E&S Impact

E&S improvement measures that will be implemented

  • Formalise an E&S policy and fully align the exclusion list to the EDFI exclusion list.
  • Perform an external SPI4 Social Performance Audit & implement the action plan as identified by the auditor.
  • implement HR measures regarding road safety and the employees’ grievance mechanism.

Besides these actions, Cofina Mali will be one of the three subsidiaries that will start implementing the E&S action plan agreed between Cofina Group and other DFIs.

Current situation

Cofina Mali is a microfinance institution with the majority of its portfolio oriented towards micro-entrepreneurs. While Cofina Mali currently has no formal E&S policy in place, it already uses an exclusion list as part of the credit manual, which is largely aligned with the EDFI exclusion list. They are also compliant with the majority of the IFC PS 2 requirements regarding labour conditions.

Risk Category : C

View more of our investments in this region

TowerCo of Africa

Infrastructure

TowerCo of Africa

12,000,000.00

  Uganda

  09/01/2024

  Debt

SIMA Commercial & Industrial Solar Green Bond

Infrastructure

SIMA Commercial & Industrial Solar Green Bond

10,000,000.00

  Kenya, Nigeria, South Africa

  29/12/2023

  Debt

ACEP Group

Financial Institutions

ACEP Group

 4,824.00

  Niger

  28/11/2023

  Subsidy

Alterfin

Investment Companies & Funds

Alterfin

5,000,000.00

  23/10/2023

  Debt

EA Foods Ltd

Enterprises

EA Foods Ltd

 10,448.00

  Tanzania

  09/10/2023

  Subsidy

Poa! Internet

Enterprises

Poa! Internet

13,543.00

  Kenya

  24/08/2023

  Subsidy

Gebana Burkina Faso

Enterprises

Gebana Burkina Faso

 3,000,000.00

  Burkina Faso

  20/07/2023

  Debt

ASA Tanzania

Financial Institutions

ASA Tanzania

7,000,000.00

  Tanzania

  19/07/2023

  Debt

Alterfin

Investment Companies & Funds

Alterfin

 21,500.00

  11/07/2023

  Subsidy