Local economic development in Africa
Support for entrepreneurship in Africa is a Group commitment. By acquiring microfinance institutions, Finafrica thus opens the doors to its network, a pan-African group that improves member institutions’ operational and financial performance. The growth strategy is mainly based on the development of financial services for local companies. The objective is to build one of the largest networks of financial institutions in Africa, focusing on financing entrepreneurship.
African economies are characterized by the very large percentage of Very Small Enterprises (VSEs), a sector without access to bank credit. Microfinance provides access to financial services for women, who benefit from a wide range of credit, payment and savings products. Microfinance, backed by digital solutions, is making it possible to develop credit in rural areas.
The performance of the Finafrica network institutions
Financial institutions benefit from the support of a key shareholder who defines a strategic plan to provide growth and profitability. These institutions develop offers for the diaspora to facilitate money transfers, finance real estate acquisitions and orient individual savings towards financing the local economy.
Very small enterprises benefit from centralized services to improve their performance (controls, audits, marketing) and to access adapted refinancing solutions. In addition, they belong to a network that allows them to share resources and exchange best practices. Their employees also benefit from opportunities for internal mobility and development within the Group.
The digitisation of financial services is a priority to improve customer service quality, increase the number of companies with bank accounts and provide better access to banking services and financing in rural areas.