The Grameen Crédit Agricole Foundation, a Luxembourg-based investor in “financial inclusion and entrepreneurship with social impact,” has loaned the local-currency equivalent of USD 2.2 million to Sumac Microfinance Bank, a Kenyan microfinance institution (MFI).
Founded in 2004, Sumac Microfinance Bank offers savings, insurance, and group and individual loans via six branches. Of its 3,000 clients, about two thirds live in rural areas. Financial data on the firm are not available.
Credit Agricole, a French retail bank, in partnership with Muhammad Yunus, the founder of Grameen Bank, established GCA Foundation in 2008. The organization seeks to reduce poverty by providing funding and technical assistance to microfinance institutions and other social businesses. As of December 2021, GCA Foundation has a portfolio of EUR 78 million (USD 88 million) outstanding to 80 partners in 37 countries in Africa and Eurasia. Approximately 85 percent of its investees’ clients live in rural areas, and 73 percent are women.
By Adhya Singh, Research Associate
Sources and Additional Resources
Direct contact with GCA Foundation
Sumac Microfinance Bank
https://sumacmicrofinancebank.co.ke/
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