MICROCAPITAL BRIEF: Grameen Credit Agricole Microfinance Foundation (GCAMF) Loans $200k to Mec Fadec of Senegal, $680k to TIAVO of Madagascar

The Grameen Credit Agricole Microfinance Foundation (GCAMF), a Luxembourg-based organization founded by French Bank Credit Agricole and Bangladeshi NGO Grameen Trust, recently informed MicroCapital that it has disbursed the second half of a loan in local currency equal to EUR 152,000 (USD 207,000) to Mec Fadec, a Senegalese microfinance institution (MFI), and a loan of EUR 500,000 (USD 681,000) to Tahiry Ifamonjena Amin’ny Vola (TIAVO), a Madagascar-based MFI. MicroCapital reported on the first half of this loan to Mec Fadec by GCAMF in November 2013. Mec Fadec, which operates mainly in the Kebemer and Louga regions of Senegal, aims to relieve poverty by offering its clients training in addition to financial services. TIAVO, which was established in 1999, offers credit and savings services to mainly Madagascan farmers.

As of December 2012, GCAMF reported total assets of EUR 51.1 million (USD 70.3 million). As of 2014, Mec Fadec reported a staff of 16 employees and a loan portfolio of EUR 621,000 (USD 846,000) outstanding to 1,340 borrowers. Information on the savings services offered by the MFI is unavailable. As of the same year, TIAVO reported a loan portfolio of EUR 6.1 million (USD 8.3 million) outstanding to 11,400 borrowers and 108 branches in Madagascar. As of 2012, TIAVO reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 13.6 million, return on assets of 1.85 percent, return on equity of 13.3 percent and deposits of USD 5.7 million in 97,000 accounts.

By Benjamin Krupp, Research Associate

About Mec Fadec

Mec Fadec is a microfinance institution (MFI) in Senegal that was created in 1999 by US-based Christian NGO World Vision. Its aim 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.” As of 2014, Mec Fadec has a gross loan portfolio of USD 846,000 and approximately 1,340 active borrowers. Data on the savings services offered by Mec Fadec are not available.

About Tahiry Ifamonjena Amin’ny Vola (TIAVO)

Established in 1999, Tahiry Ifamonjena Amin’ny Vola (TIAVO) is a microfinance institution (MFI) based in Madagascar. It offers loans and savings primarily to the poor people in rural areas in the province of Fianarantsoa. As of 2012, TIAVO reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 13.6 million, return on assets of 1.85 percent, return on equity of 13.3 percent and deposits of USD 5.7 million in 97,000 accounts. As of 2014, TIAVO reported a gross loan portfolio of EUR 6.1 million (USD 8.3 million) and 11,400 borrowers.

About Grameen Credit Agricole Microfinance Foundation

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 organizations seeking to improve the lives of poor people, focusing on microfinance institutions (MFIs) that prioritize rural development, transparency, consumer protection and serving women. As of December 2012, GCAMF reported total assets of EUR 51.1 million (USD 70.3 million). As of December 31, 2013, the foundation has invested in 31 microfinance institutions (MFIs), 10 social-business projects and one fund in 21 countries since its inception in 2008.

About Grameen Trust

Grameen Trust is a nonprofit organization that was established in 1989 in Bangladesh. Grameen Trust supports microcredit with the intent of alleviating poverty globally. It does this through the Grameen Bank Replication Program (GBRP) which provides training, technical assistance, funding and performance analysis to organizations and individuals working to develop microcredit programs using Grameen Bank’s operational and philosophical model.

Sources and Additional Resources

[1] Information provided to MicroCapital by GCAMF, July 8, 2014

MicroCapital, June 17, 2014: Grameen Credit Agricole Microfinance Foundation (GCAMF) Loans $2m to Cambodian Angkor Mikroheranhvatho Kampuchea; Invests $546k in Equity in Palestinian Arab Center for Agricultural Development

MicroCapital, June 4, 2014: International Finance Corporation, Centre International de Développement et de Recherche (CIDR) to Expand Health Microinsurance in Senegal

MicroCapital, November 5, 2013: Grameen Credit Agricole Microfinance Foundation (GCAMF) Disburses $515k of $872k in Loans to Mec Fadec of Senegal, Réseau National des Caisses Villageoises d’Épargne et de Crédit Autogérées (RENACA) of Benin

MicroCapital Universe Profile: Mec Fadec

MicroCapital Universe Profile: Tahiry Ifamonjena Amin’ny Vola (TIAVO)

MicroCapital Universe Profile: Grameen Credit Agricole Microfinance Foundation

MicroCapital Universe Profile: Grameen Trust

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