MICROCAPITAL BRIEF: Oikocredit lends $ 5.6 million to the Union des Caisses de Crédit Mutuel du Senegal (CMS) to promote rural financial inclusion

0

The Union des Caisses de Crédit Mutuel du Sénégal (CMS), a microfinance institution (MFI) in Senegal, recently borrowed 5 million euros (US $ 5.6 million) from Oikocredit, a cooperative based in Senegal. Low. With this funding, CMS aims to expand its “financial inclusion portfolio… in rural and peri-urban areas of Senegal” including through “the approach of women and young people”.

Oikocredit’s Director of Investments for West Africa, Yves Komaclo, praised CMS’s “far reaching reach” and the deal’s potential to “create greater social impact in all regions of Senegal” .

Founded in 1988, CMS has 1.3 million members and approximately 250 branches in rural and urban areas. It offers a mix of in-person and digital services, including personal and business banking as well as investment opportunities. As of November 2021, CMS has savings of approximately XOF 200 billion (USD 345 million) and a loan portfolio of XOF 105 billion (USD 181 million).

Founded in 1975, Oikocredit invests in debt and equity in financial inclusion, agriculture and renewable energies in Africa, Asia and Latin America with the aim of “investing responsibly … to improve the quality of life of low-income individuals or communities in a sustainable manner. “As of June 2021, Oikocredit had investments valued at 835 million euros (US $ 969 million) deployed through 529 partners around the world.

By Adhya Singh, Research Associate

Additional sources and resources

Oikocredit press release
https://www.oikocredit.coop/k/en/n2613/news/view/346069/9049/oikocredit-strengthens-its-financial-inclusion-portfolio-with-an-investment-in-union-des-caisses- de-credit-mutuel-du-senegal.html

CMS home page
https://www.cms.sn/

Oikocredit annual reports
https://www.oikocredit.coop/en/publications/annual-reports

Did you know that MicroCapital publishes the MicroCapital Monitor journal every month? To learn more, visit https://www.microcapital.org/products-page/.

Similar articles:


Source link

Share.

Comments are closed.