by Tiyasha Sarkar - Africa, Deals, SMEs -

MICROCAPITAL BRIEF: Oikocredit Lends $3.3m to Witti Finances to Support SMEs in Côte d’Ivoire

The Netherlands-based cooperative Oikocredit recently agreed to lend EUR 3 million (USD 3.3 million) to Witti Finances, which is active in Burkina Faso and Côte d’Ivoire, to help Witti “enhance its product offerings and improve its technological infrastructure” in Côte d’Ivoire. Witti CEO Rodrigue Kouadio stated the transaction “will reinforce our impact and enable us to significantly increase our commitment to local SMEs” (small and medium-sized enterprises).

Witti was founded in 2021 and has since grown to deliver loans, savings and financial education to 9,500 clients via 12 branches. The firm expanded to Burkina Faso in 2023.

Oikocredit was established in 1975 and is active in Africa, Asia, Latin America and the Caribbean. As of March 2023, the coop reports capital of EUR 1.0 billion (USD 1.1 billion) outstanding to about 500 partner organisations active in financial inclusion, agriculture and renewable energy.

By Tiyasha Sarkar, Research Associate

Sources and Additional Resources

Oikocredit press release
https://www.oikocredit.coop/k/en/n2613/news/view/366040/9049/oikocredit-invests-in-witti-finances-to-support-financial-inclusion-in-cote-d-ivoire.html

Witti Finances Côte d’Ivoire homepage
https://wittifinances.com/

Witti Finances Burkina Faso homepage
https://wittifinances.bf/

Oikocredit homepage
https://www.oikocredit.coop/

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