Advans SA, a microfinance investment vehicle (MIV) registered in Luxembourg that mobilizes funds for microfinance institutions (MFIs), has announced that it has scheduled the opening of the first branch of its sixth microfinance bank (MFB), Advans Bank Tanzania, in Dar es Salaam in December of this year. Advans SA originally incorporated the MFI in July 2010 with initial investors including Advans SA as a majority shareholder and FMO (the Netherlands Development Finance Company) with a smaller stake. Advans Bank Tanzania will offer products such as microloans to small and medium-sized enterprises (SMEs), savings accounts in local and foreign currencies and money transfers. Advans Bank Tanzania has an initial capital of TZS 7.2 billion (USD 4.7 million) [1].
About Advans SA: Advans Group was created by Horus Development Finance of France with backing from Agence Francaise de Developpement (AFD), European Investment Bank (EIB), Nederlandse Financierings-Maatschappijvoor Ontwikkelingslanden N.V. (FMO), International Finance Corporation (IFC) and KfW Entwicklungsbank (KfW). Advans Group aims to create new microfinance institutions (MFIs) by investing as lead shareholder. LuxFLAG, an organization that certifies that microfinance vehicles actually invest in the microfinance sector, most recently certified Advans Group as of April 2010. Advans Group reported total assets of USD 15 million as of 2009.
By Diana Baide, Research Assistant
[1] Advans Group: Press Release. “Advans SA SICAR incorporates Advans Bank”
MicroCapital. “MICROCAPITAL BRIEF: The International Finance Corporation (IFC) Invests $1.1 in Microfinance Institution (MFI) Advans Ghana” by Matthew Fox, 27 September 2010
MicroCapital’s Microfinance Universe profile: Advans SA
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Advans+SA
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