Rabat, Morocco, October 24, 2018—IFC,
a member of the World Bank Group, signed an agreement today to support
Atlantic Microfinance For Africa (AMIFA), a subsidiary of the Moroccan
Banque Centrale Populaire (BCP) Group, in developing new products and services
to boost financial inclusion in Sub-Saharan Africa.
This agreement will enable AMIFA to strengthen
the development capacity of its microfinance program in Sub-Saharan Africa
dedicated to very small eA12345wnterprises and entrepreneurs, in particular,
to enhance their financial inclusion and economic integration.
Despite a remarkable increase in financial
inclusion in the region, from 23 percent in 2011 to 43 percent in 2017
(Findex, 2018), a majority of adults in Sub-Saharan Africa still lack access
to regulated and sustainable financial services.
Kamal Mokdad, Co-CEO, Head of the International
Global Banking at BCP Group, said, "The partnership will enable us
to benefit from IFC's expertise and support in optimizing our model and
delivering a microfinance program that contributes more efficiently to
the financial inclusion of a significant part of the low-income population."
AMIFA was created by BCP in 2014 to extend
the reach of its microfinance services, when BCP also opened its first
microfinance institution in Côte d'Ivoire. The bank has since been developing
a network of microfinance institutions in the West African Economic and
Monetary Union (WAEMU) region.
"Small-scale entrepreneurs need access
to formal financial services to be able to grow their businesses to full
potential,” said Riadh Naouar, Manager, IFC Financial Institutions Group
Advisory, Middle East and Africa. “With its region-wide reach, this initiative
by BCP Group can have a significant impact on the expansion of microfinance
in West Africa.”
IFC and the BCP Group began a partnership
in 2012. Through various investment and advisory actions, IFC has supported
BCP in its mission to expand access to finance for businesses to drive
growth and job creation. The new partnership also confirms IFC’s commitment
to supporting Moroccan companies in expanding into Sub-Saharan Africa.
IFC—a sister organization of the World Bank
and member of the World Bank Group—is the largest global development institution
focused on the private sector in emerging markets. We work with more than
2,000 businesses worldwide, using our capital, expertise, and influence
to create markets and opportunities in the toughest areas of the world.
In fiscal year 2018,
we delivered more than $23 billion in long-term financing for developing
countries, leveraging the power of the private sector to end extreme poverty
and boost shared prosperity. For more
information, visit www.ifc.org