Union des Caisses de Credit Mutuel du Sénégal (CMS), a microfinance institution (MFI) in Senegal, recently borrowed EUR 5 million (USD 5.6 million) from Oikocredit, a cooperative based in the Netherlands. With this funding, CMS aims to broaden its “financial inclusion portfolio… in the rural and peri-urban areas of Senegal” including via “women and youth outreach.”
Oikocredit’s Investment Manager for West Africa, Yves Komaclo, praised the “high outreach” of CMS and the deal’s potential for “creating a higher social impact in all regions of Senegal.”
Established in 1988, CMS has 1.3 million members and approximately 250 branches in both rural and urban locations. It offers a blend of in-person and digital services, including personal and business banking as well as investment opportunities. As of November 2021, CMS holds savings of approximately XOF 200 billion (USD 345 million) and a loan portfolio of XOF 105 billion (USD 181 million).
Founded in 1975, Oikocredit invests debt and equity in financial inclusion, agriculture and renewable energy in Africa, Asia and Latin America with the goal “to invest responsibly… to improve the quality of life of low-income people or communities in a sustainable way.” As of June 2021, Oikocredit had investments valued at EUR 835 million (USD 969 million) deployed via 529 partners worldwide.
By Adhya Singh, Research Associate
Sources and Additional Resources
Oikocredit press release
https://www.oikocredit.coop/k/en/n2613/news/view/346069/9049/oikocredit-strengthens-its-financial-inclusion-portfolio-with-an-investment-in-union-des-caisses-de-credit-mutuel-du-senegal.html
CMS homepage
https://www.cms.sn/
Oikocredit annual reports
https://www.oikocredit.coop/en/publications/annual-reports
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