MICROCAPITAL BRIEF: Grameen Crédit Agricole Microfinance Foundation Invests $788k in Oxus DR Congo, $321k in Uganda’s Encot

The Grameen Crédit Agricole Microfinance Foundation (GCAMF), a Luxembourg-based provider of financial services to microfinance institutions (MFIs) and other social businesses, recently informed MicroCapital that it has issued the following two loans: (1) EUR 630,000 (USD 788,000) over a two-year period to Oxus Democratic Republic (DR) Congo, an MFI based in the Democratic Republic of the Congo that was launched in 2013 by the Oxus Group; and (2) EUR 257,000 (USD 321,000) over a three-year period to Encot, a provider of microloans to rural enterprises in Uganda that was established in 2006.

Oxus Group was created in 2005 by the French non-governmental organization Agency for Technical Cooperation and Development (ACTED) to provide financial services to poor households. As of 2014, it is active in Afghanistan, the DR Congo, Kyrgyzstan and Tajikistan.

As of September 2014, Oxus DR Congo had 12,000 active borrowers and a gross loan portfolio of USD 3.1 million. Oxus DR Congo is planning to provide deposit services beginning in 2015. As of September 2014, the members of Oxus Group had a combined loan portfolio of USD 41 million outstanding to 44,000 borrowers in Afghanistan, the DR Congo, Kyrgyzstan and Tajikistan. As of 2012, Oxus Afghanistan was the only one of the group’s MFI accepting deposits with USD 414,000 held for 9,000 depositors.

As of 2012, Encot had total assets of USD 352,000 and a gross loan portfolio of USD 178,000. Encot does not accept deposits.

As of December 2012, Grameen Crédit Agricole Microfinance Foundation reported total assets of EUR 51.1 million (USD 70.3 million). Since its inception in 2008 through 2013, the foundation has invested in 21 countries through 31 microfinance institutions (MFIs), 10 social-business projects and one fund.

By Simon Pfanner, Research Associate

About Oxus Democratic Republic of Congo

Oxus Democratic Republic of Congo (DRC) is a for-profit MFI in the Democratic Republic of Congo that was established in May 2012 as part of the Oxus Group, which is comprised of Oxus Holding, a France-based investment entity; Oxus Development Network, a consulting company that specializes in microfinance; and four microfinance institutions, one each in Afghanistan, Congo, Kyrgyzstan and Tajikistan. It provides loans between USD 50 and USD 6,500 to microenterprises and low-income households. As of September 2014, Oxus DR Congo had 12,000 active borrowers and a gross loan portfolio of USD 3.1 million. Oxus DR Congo is planning to provide deposit services beginning in 2015.

About Oxus Group

Oxus Group is a French microfinance organization created in 2005 by the Agency for Technical Cooperation and Development (ACTED), a French non-governmental organization (NGO). The Oxus Group consists of the Oxus Development Network, a consulting company that specializes in microfinance; Oxus Holding, the investment instrument the group created in 2007; and the following financial institutions: Oxus Afghanistan, Oxus Democratic Republic of Congo, Oxus Kyrgyzstan and Oxus Tajikistan. As of September 2014, the members of Oxus Group had a combined loan portfolio of USD 41 million outstanding to 44,000 borrowers. As of 2012, Oxus Afghanistan was the only one of the group’s MFI accepting deposits with USD 414,000 held for 9,000 depositors.

About Encot

Encot is a Ugandan microfinance institution (MFI) that was founded in 2006 and provides financial and enterprise development services, such as microloans to people with low incomes, including rural enterprises. The project started as an academic project on the impact of microfinance on agriculture in Masindi, Uganda. It then evolved to an independent organization centred on the provision of financial and entrepreneurship development services. As of 2012, Encot had total assets of USD 352,000 and a gross loan portfolio of USD 178,000. Encot does not accept deposits.

About Grameen Credit Agricole Microfinance Foundation (GCAMF)

The Grameen Credit Agricole Microfinance Foundation (GCAMF) provides financial services to microfinance institutions (MFIs) and other social businesses. GCAMF was founded in Luxembourg in 2008 by Crédit Agricole SA, a French retail bank, and Grameen Trust, a non-profit microfinance organization affiliated with the Grameen Bank of Bangladesh. In financing microfinance institutions (MFIs), GCAMF focuses on those that prioritize rural development, transparency, consumer protection and serving women. The foundation has been active in Azerbaijan, Bangladesh, Benin, Burkina Faso, Cambodia, Cameroon, Democratic Republic of Congo, France, Indonesia, Kenya, Kosovo, Madagascar, Mali, Palestine, Philippines, Senegal, Sri Lanka, Tajikistan, Timor Leste, Togo and Zambia. As of December 2012, GCAMF reported total assets of EUR 51.1 million (USD 70.3 million). Since its inception in 2008 through 2013, the foundation has invested in 21 countries through 31 microfinance institutions (MFIs), 10 social-business projects and one fund.

Sources and Additional Resources

[1] Information provided directly to MicroCapital by GCAMF

MicroCapital, October 12, 2014, Grameen Crédit Agricole Microfinance Foundation (GCAMF) to Loan $1.1m to FINCA Malawi, $580k to Réseau de Micro-institutions de Croissance de Revenus of Mali

MicroCapital, October 9, 2014, Grameen Credit Agricole Microfinance Foundation Loans $609k to Juhudi Kilimo of Kenya

MicroCapital, October 7, 2014, Grameen Crédit Agricole Microfinance Foundation Invests $1.68m in Palestine’s Faten, in Azerbaijan’s Viator, in Bangladesh’s Grameen Danone

MicroCapital Universe Profile: Oxus Democratic Republic of Congo

MicroCapital Universe Profile: Oxus Group

MicroCapital Universe Profile: Encot

MicroCapital Universe Profile: Grameen Credit Agricole Microfinance Foundation (GCAMF)

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