MICROCAPITAL BRIEF: Grameen Credit Agricole Microfinance Foundation Lends $1.2m in Local Currency to Alidé, COMUBA of Benin

The Grameen Credit 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 initial tranches of the following loans: (1) The equivalent of approximately USD 882,000 in local currency to be disbursed over three years to Alidé, a microfinance institution (MFI); and (2) the equivalent of approximately USD 336,000 in local currency to be disbursed over two years to the credit union La Coopérative Des Membres Unis Bethel Actions (COMUBA). Both organizations are located in Benin.

As of March 2015, Alidé has 26,274 active borrowers and operates in peri-urban and rural regions of Benin. According to the Microfinance Information Exchange (MIX) Market, Alidé has total assets of USD 7.1 million, a gross loan portfolio of USD 5.4 million and deposits of USD 2.7 million as of 2013. According to Kiva Microfunds, Alidé receives funding from Kiva, and has been considered behind on loan repayments to this funder since June 2015 [2]. As of September 2014, COMUBA provides financial services to 42,513 female borrowers in rural Benin. Financial details on the organization, which is affiliated with Benin’s National Fund for Microfinance, are not available.

As of December 2013, GCAMF reported total assets of EUR 50.6 million (USD 63.3 million). Since its inception in 2008 through 2013, the foundation has invested in 35 microfinance institutions (MFIs), 11 social-business projects and one fund in 22 countries.

By Meredith Steih, Research Associate

About Alidé:

Alidé is a Benin-based microfinance organization (MFI) that provides financial services such as savings and financial training for the rural and peri-rural population of Benin. As of March 2015, Alidé has 26,274 active borrowers. According to the Microfinance Information Exchange (MIX) Market, Alidé has total assets of USD 7.1 million, a gross loan portfolio of USD 5.4 million and deposits of USD 2.7 million as of 2013. According to Kiva Microfunds, Alidé receives funding from Kiva, and has been considered behind on loan repayments to this funder since June 2015 [2].

About COMUBA:

La Coopérative Des Membres Unis Bethel Actions (COMUBA) is a Benin-based credit union that seeks to improve the livelihoods of the women of Benin through both financial and non-financial services. As of September 2014, COMUBA provides financial services to 42,513 active borrowers in rural Benin. Financial details on the organization, which is affiliated with Benin’s National Fund for Microfinance, are not available.

About Grameen Credit Agricole Microfinance Foundation:

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 18 countries in Africa, Asia, and Europe. As of December 2013, GCAMF reported total assets of EUR 50.6 million (USD 63.3 million). Since its inception in 2008 through 2013, the foundation has invested in 35 microfinance institutions (MFIs), 11 social-business projects and one fund in 22 countries.

Sources and Additional Resources:

[1] Information provided directly to MicroCapital by GCAMF

[2] Kiva Microfunds Website, “Alide”

MicroCapital Universe Profile: Grameen Credit Agricole Microfinance Foundation

MicroCapital Universe Profile: Alidé

MicroCapital Universe Profile: La Coopérative Des Membres Unis Bethel Actions (COMUBA)

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