Cofina Sénégal SA

Subsidy : January 2019 - July 2019

Cofina is a young pan-African mesofinance group.

Amount

€ 4,320.00

Type of investment

Subsidy

Development impacts

  • Local economic growth
  • Financial inclusion

Beneficiary locations

Sub-Saharan Africa: Senegal

Investment field

Financial Institutions

Activity

Microfinance Institution

Organisation

Cofina Sénégal SA

Domicile

Senegal

More investments in

Cofina Sénégal SA

  • Debt € 3,000,000.00 (2019)
  • Debt € 3,000,000.00 (2019)

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 Sénégal SA

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.

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