Cofina Sénégal SA
Cofina is a young pan-African mesofinance group.
Amount
€ 4,260.00
Type of investment
Subsidy
Development impacts
- Local economic growth
- Financial inclusion
Beneficiary locations
Investment field
Financial Institutions
Activity
BIO is co-financing a SPI4 audit which will allow the financial institution to measure and improve its social performance. SPI4 includes the Client Protection Principles, amongst other things and prepares the institution for a Smart Campaign certification.
Cofina started its activities in 2014 and is now one of the leading MFIs in 4 of its 6 countries. Cofina was initially focusing its activities on income generating loans and guarantees to unbanked MSMEs. In 2016, it started to deploy retail activities providing current accounts, savings accounts, notes, bank cards, online transfer services, insurance products to its clients who were usually excluded from formal financial services.
Cofina is still a young pan-African mesofinance group in deployment phase. However, its unique business model, innovative products, entrepreneurial mindset, agility, understanding of its market, and the level of professionalism of its top management make of Cofina a major MFI disruptor.
Development impacts
-
Local economic growth
Financing Cofina will improve local MSME financing while their contribution is vital;
Direct and indirect job creation (average 47% increase in staff costs within next 2y)
-
Financial inclusion
By extending the offer of financial products available to MSMEs, BIO’s financing participates to financial inclusion;
Cofina helps MSMEs to move towards more formalisation.
View more of our investments in this region
Financial Institutions
BRAC International Finance
12,815,000.00
Liberia, Sierra Leone, Tanzania, Uganda
08/11/2024
Debt
