MICROCAPITAL BRIEF: Oikocredit Providing $2.7m Loan, Technical Assistance to Fin’Elle to Support Women-owned SMEs in Côte d’Ivoire

The Netherlands-based cooperative Oikocredit recently lent EUR 2.3 million (USD 2.7 million) to Fin’Elle, a microfinance institution (MFI) that aims to empower female entrepreneurs in Côte d’Ivoire. Fin’Elle is a subsidiary of Côte d’Ivoire-based Groupe Cofina, a group of financial institutions specializing in loans between EUR 1,000 (USD 1,190) and EUR 100,000 (USD 118,000) for small and medium-sized enterprises (SMEs) in France and eight countries in Africa. In addition to the financial support, Oikocredit will provide technical assistance to Fin’Elle targeted at boosting women’s financial literacy.

Fin’Elle CEO Kady Traore said, “We have no doubt that this is the beginning of a beautiful journey together with Oikocredit, which constantly demonstrates its interest in gender equality and social inclusion.”

Founded in 2018, Fin’Elle offers a range of services including savings, credit and financial training. As of 2021, Fin’Elle serves approximately 9,000 clients. Financial data on the firm remain undisclosed. Groupe Cofina is a network of “mesofinance” providers in Burkina Faso, Côte d’Ivoire, Democratic Republic of Congo, France, Gabon, Guinea, Mali, Senegal and Togo. As of 2020, Groupe Cofina reported total assets of EUR 400 million (USD 475 million) and approximately 216,000 customers served.

Founded in 1975, Oikocredit invests in microfinance, fair trade, agriculture and renewable energy. As of September 2020, it reports total capital of EUR 856 million (USD 1.05 billion) invested in approximately 700 organizations.

By Sophie Fiala, Research Associate

Sources and Additional Resources

Oikocredit press release
https://www.oikocredit.coop/k/en/n2613/news/view/343301/9049/oikocredit-invests-2-3-million-in-fin-elle-to-support-women-entrepreneurs-in-cote-d-ivoire.html

Fin’Elle homepage
http://www.fin-elle.com/

Groupe Cofina homepage
https://www.groupecofina.com/

Mediterrania Capital profile on Groupe Cofina
https://www.mcapitalp.com/wp-content/uploads/MC-III_COFINA-Profile.pdf

European Investment Bank paper on meso-finance loans
https://www.eib.org/attachments/country/femip_study_the_potential_of_mesofinance_en.pdf

Previous MicroCapital brief on Oikocredit
https://www.microcapital.org/microcapital-brief-oikocredit-lends-10m-to-fcmb-to-boost-lending-to-smes-agricultural-enterprises-in-nigeria/

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