Oikocredit strengthens its financial inclusion portfolio with an investment in Union des Caisses de Credit Mutuel du Sénégal
The loan will develop CMS’ lending portfolio, focusing on rural and agricultural income-generating activities
Amersfoort, the Netherlands – Social impact investor Oikocredit provided a loan of € 5 million to Union des Caisses de Credit Mutuel du Sénégal (CMS), the only microfinance institution in Senegal with a presence in almost every region of the country.
Oikocredit's loan will expand the CMS financial inclusion portfolio across its vast branch network, located mainly in the rural and peri-urban areas of Senegal. The loan will help CMS reinforce its market leadership position, having emerged from the Covid-19 crisis in a stronger position than most competitors, increasing its women and youth outreach while building new development partnerships for its 1.3 million customers and members.
Amadou Jean-Jacques Diop, Managing Director of CMS, stated: “Through this loan, CMS is renewing its successful relationship with Oikocredit and plans to consolidate this partnership as part of its development plan. The shared interest in financial inclusion and sustainable improvement of the living conditions of low-income people makes it easier and more attractive for CMS and Oikocredit to work together. CMS aims to strengthen its regional leadership in financial inclusion and looks forward to having Oikocredit as a partner to support us in this plan.”
Yves Komaclo, Oikocredit's Investment Manager for West Africa, stated: “We are delighted to support CMS in Senegal for the coming years. We are keen to renew our partnership with this high outreach union of credit and savings cooperatives, which is uniquely positioned to support our regional financial inclusion strategy. We are also pleased to be the first international lender to return to CMS since the post-Covid economic stabilisation. We look forward to joint work supporting local communities while creating a higher social impact in all regions of Senegal.”
Oikocredit has supported CMS since 2007. With a € 225 million outstanding portfolio at the end of 2020, CSM is one of Senegal's most important microfinance institutions.
Social impact investor and worldwide cooperative Oikocredit has 46 years of experience funding organisations active in financial inclusion, agriculture and renewable energy.
Oikocredit's loans, equity investments and capacity building aim to enable people on low incomes in Africa, Asia and Latin America to improve their living standards sustainably.
Oikocredit finances 529 partners, with total outstanding capital of € 836 million (at 30 June 2021). For more information: www.oikocredit.coop.
Crédit Mutuel du Sénégal has more than 33 years of experience in financial inclusion in Senegal. It currently has more than 1.3 million customers and members, with savings of more than XOF 200 billion and outstanding loans of around XOF 150 billion. Its network of branches (more than 220), the largest in the country's banking and microfinance sector, which covers all regions and almost all of Senegal's departments (43/45), enables it to provide services accessible to the country's most vulnerable groups. Through the forthcoming digitalisation of all its services, CMS aims to increase its positive impact on financial inclusion and the empowerment of disadvantaged populations.
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