The Grameen Credit Agricole Microfinance Foundation (GCAMF), a Luxembourg-based investor in microfinance institutions (MFIs) and other social businesses, recently notified MicroCapital that it has disbursed the first half of a 30-month loan of EUR 152,000 (USD 207,000) to Mec Fadec, a Senegalese microfinance institution (MFI) [1]. GCAMF also disbursed the first tranche of a three-year loan of EUR 488,000 (USD 664,500) to Benin’s Réseau National des Caisses villageoises d’Épargne et de Crédit Autogérées (RENACA), a network established to institutionalize the microfinance activities of the NGO Centre Béninois pour le Développement des Initiatives à la Base (CBDIBA). This tranche represents 62 percent of the total loan amount. Both loans have been made under the GCAMF project “Take-off Facility for Microfinance in Africa,” which was developed with support from the French development agency Agence Francaise de Developpement (AFD) with the aim of strengthening MFIs in Sub-Saharan Africa through loans and technical assistance.
As of 2013, Med Fadec has a gross loan portfolio of USD 780,300 and approximately 1,560 active borrowers. Information on the savings services offered by the MFI is unavailable.
RENECA lends on short- and medium-term time horizons to small enterprises and producers that are members of 32 savings and credit unions. As of December 2012, RENACA reported total assets of USD 13.4 million, a gross loan portfolio of USD 8.8 million, USD 5.5 million in deposits, return on assets (ROA) of -1.14 percent, return on equity (ROE) of -3.81 percent and approximately 83,900 participants.
As of December 2012, GCAMF reports total assets of USD 67.9 million.
By Nisha Koul, Research Associate
About Mec Fadec: Mec Fadec is a microfinance institution (MFI) in Senegal that was created in 1999 by US-based Christian humanitarian organization World Vision. Its aims is to “fight poverty by organizing and training its members and providing adequate and diversified financial services in the departments of Kébémer and Louga that cover 11 rural communities.” Mec Fadec has five offices in the Louga region and offers savings and lending services. As of 2013, Mec Fadec has a gross loan portfolio of USD 780,300 and approximately 1,560 active borrowers. Data on the savings services offered by Mec Fadec are not available.
About Réseau National des Caisses villageoises d’Épargne et de Crédit Autogérées (RENACA): Réseau National des Caisses villageoises d’Épargne et de Crédit Autogérées (RENACA) is a network in Benin established to institutionalize the microfinance activities of Béninois pour le Développement des Initiatives à la Base (CBDIBA), an NGO. RENECA lends on short- and medium-term time horizons to small enterprises and producers that are members of 32 savings and credit unions. As of December 2012, RENACA reported total assets of USD 13.4 million, a gross loan portfolio of USD 8.8 million, USD 5.5 million in deposits, return on assets (ROA) of -1.14 percent, return on equity (ROE) of -3.81 percent and approximately 83,900 participants.
About Grameen Credit Agricole Microfinance Foundation (GCAMF): The Grameen Credit Agricole Microfinance Foundation (GCAMF) was founded in Luxembourg in 2008 by Crédit Agricole SA, a French retail bank, and Grameen Trust, a nonprofit microfinance organization affiliated with Grameen Bank of Bangladesh. GCAMF offers financing products to microfinance institutions (MFIs), focusing on MFIs that prioritize rural development, transparency, consumer protection and serving women. As of December 2012, GCAMF reports total assets of USD 67.9 million.
Sources and Additional Resources:
[1] Information provided to MicroCapital by Grameen Credit Agricole Microfinance Foundation, October and November, 2013.
MicroCapital Story, October 11, 2013, “Grameen Credit Agricole Microfinance Foundation (GCAMF) Loans $1.3m to Azerbaijani Viator, $1.6m to Kosovar Kreditimi Rural i Kosoves,” https://www.microcapital.org/microcapital-brief-grameen-credit-agricole-microfinance-foundation-gcamf-loans-1-3m-to-azerbaijani-viator-1-6m-to-kosovar-kreditimi-rural-i-kosoves/
MicroCapital Story, May 23, 2013, “Grameen Credit Agricole Microfinance Foundation (GCAMF) Disburses Tranches of $1.8m in Loans to African Microfinance Institutions GRAINE of Burkina Faso, CAURIE of Senegal,” https://www.microcapital.org/microcapital-brief-grameen-credit-agricole-microfinance-foundation-gcamf-disburses-tranches-of-1-8m-in-loans-to-african-microfinance-institutions-graine-of-burkina-faso-caurie-of-senegal/
MicroCapital Story, March 15, 2013, “Agence Francaise de Developpement (AFD) to Guarantee Grameen Credit Agricole Microfinance Foundation (GCAMF) Loans, Largely in Sub-Saharan Africa,” https://www.microcapital.org/microcapital-brief-agence-francaise-de-developpement-afd-to-guarantee-grameen-credit-agricole-microfinance-foundation-gcamf-loans-largely-in-sub-saharan-africa/
MicroCapital Universe Profile, Med Fadec, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Mec+Fadec%2C+Senegal
MicroCapital Universe Profile, Réseau National des Caisses villageoises d’Épargne et de Crédit Autogérées (RENACA), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=R%C3%A9seau+National+des+Caisses+villageoises+d%27%C3%A9pargne+et+de+Cr%C3%A9dit+Autog%C3%A9r%C3%A9es
MicroCapital Universe Profile, Grameen Credit Agricole Microfinance Foundation (GCAMF), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Grameen+Credit+Agricole+Microfinance+Foundation
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