Status: Approved investment
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The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.

Who is our customer

COFINA Senegal is a young microfinance institution providing financial products and services customised for MSMEs whose needs are too large for smaller MFIs and whose structure is too informal or risky for commercial banks; thereby targeting the “missing-middle”.

What is our funding objective?

The loan facility to COFINA Senegal will support on-lending to women-owned MSMEs, youth and/or rural clients, which is fully aligned with FMO’s strategic goal of Reducing Inequalities.

Why do we fund this investment?

The transaction is a new client for FMO and will also be the first FI-AF loan in Senegal. Even though Senegal has maintained an economic growth rate above 6% in the last four years, close to one person out of two still live below the national poverty line. 90% of COFINA Senegal's portfolio is dedicated to MSME funding, our loan will thereby drive financial inclusion, which is critical in reducing poverty and achieving inclusive economic growth. On top of that, COFINA Senegal belongs to the COFINA Group, which has the ambition of becoming the Pan African mesofinance leader. FMO is willing to build a long-term relationship with the Group as a whole.

What is the Environmental and Social categorization rationale?

COFINA Senegal is classified as category C. The deal team has identified no high-risk exposures in the loan portfolio of the client. COFINA Senegal is in the process of receiving the Smart Campaign certification.

More investments

Date Total FMO financing
12/13/2019 EUR 5.00 MLN
Financial Institutions
Publication date
Effective date
Total FMO financing
EUR 2.50 MLN
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk Environmental & Social Category
(A, B+, B or C)