CÔTE D’IVOIRE – FMO has approved a €5 million (US$5.67m) investment in Fin’Elle, a subsidiary of the COFINA Group dedicated to supporting women entrepreneurs in Côte d’Ivoire and offering adapted and accessible financial services.
The financing from FMO will strengthen Fin’Elle’s position in meso finance and thus continue to facilitate access to credit for many women entrepreneurs and SMEs active in agricultural value chains, with a strong social and environmental impact.
Marema Bao, President of the Board of Directors of Fin’Elle, said: “It is with a definite commitment that we have established this partnership. We are pleased to work with FMO to provide financial support to women entrepreneurs in the agricultural sector.”
“Supporting female entrepreneurship through inclusive finance is at the heart of Fin’Elle’s actions. This partnership allows us to strengthen the implementation of our common vision, to participate in the empowerment of women in Côte d’Ivoire,” she said.
Created in 2018, Fin ‘ELLE now serves more than 10,000 clients and ranks 9th among microfinance institutions in Côte d’Ivoire.
“We are proud that FMO, through its MASSIF fund, supports Fin’Elle in its ambitions to increase access to finance for women entrepreneurs and women-led SMEs in Côte d’Ivoire, as this is strongly aligned with our own mandate,” FMO, MASSIF Portfolio Manager Jeroen Harteveld, said.
“The realization of this latest partnership between the two entities demonstrates that FMO considers Groupe Cofina a preferred regional partner in its goals to increase its presence and impact in Francophone Africa.”
In July last year, Fin’Elle secured US$2.72m loan from Oikocredit, a social impact investorans a technical assistance to help them improve women’s financial literacy and increase financial inclusion in Côte d’Ivoire.
Fin’ Elle has more than 9,000 clients and is ranked 9th in the ranking of MFIs in Côte d’Ivoire. Fin’Elle is a subsidiary of the Groupe Cofina, the African leader in mesofinance.