Source: Advans SA.
Original press release available here.
PARIS, June 2008 — Advans Cameroun is pleased to announce the completion of its capital increase from an initial share capital of 500 million CFA francs (EUR 0.762 million) to 1 billion CFA francs (EUR 1.52 million). This capital increase allowed Advans Cameroun to welcome the International Finance Corporation (IFC) as a shareholder. It will also help Advans Cameroun fulfil its ambitious development plan and loan portfolio growth. In May and June 2008, Advans Cameroun opened two additional branches, in Yaoundé and Douala.
Advans Cameroun is a microfinance institution licensed as an ¨”Etablissement de microfinance de seconde catégorie”, which was incorporated in August 2006 as a limited liability company. Advans Cameroun has developed an adapted range of loans and savings products for Cameroonian entrepreneurs and their families, and plans to introduce payment and transfer services in the short term. Advans Cameroun currently serves over 1,000 clients through its three branches in Douala and Yaoundé and has an average disbursed loan size of EUR 480. What makes Advans Cameroun unique in the Cameroonian microfinance sector is its focus on credit, compared to most other MFIs which focus on savings and transfers, and its governance structure, with the presence of a strong majority shareholder, Advans SA, which has both the know-how and financial resources to make this venture a success.
Advans SA, was created in August 2005, with a committed capital of EUR 14.1 million, and is headquartered in Luxembourg. Its mission is to build a network of microfinance institutions in developing and emerging countries to cater to the financial needs of micro, small, and medium enterprises, which have limited or no access to formal banking services. Advans SA was created by Horus Development Finance, with the backing of several development financial institutions: Agence Française de Développement, European Investment Bank, the Netherlands Development Finance Company (FMO), IFC, and KfW Development Bank.
IFC, a member of the World Bank Group, fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing private capital in local and international financial markets, and providing advisory and risk mitigation services to businesses and governments. In FY07, IFC committed USD 8.2 billion and mobilized an additional USD 3.9 billion through loan participations and structured finance for 299 investments in 69 developing countries.
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