FMO grants EUR5mn loan to Fin'ELLE to support MSMEs and women in Cote d'Ivoire

13 Jan 2022

The COFINA Group is pleased to announce the new partnership with FMO, which has approved a EUR5mn investment with Fin'Elle, La Finance pour ELLE. The subsidiary of the COFINA Group is dedicated to supporting women entrepreneurs in Côte d'Ivoire and offering adapted and accessible financial services.

This financing from FMO will strengthen Fin'ELLE's position in meso finance and thus continue to facilitate access to credit for many women entrepreneurs and SMEs active in agricultural value chains, with a strong social and environmental impact.

"It is with a definite commitment that we have established this partnership. We are pleased to work with FMO to provide financial support to women entrepreneurs in the agricultural sector. Supporting female entrepreneurship through inclusive finance is at the heart of Fin'ELLE's actions. This partnership allows us to strengthen the implementation of our common vision, to participate in the empowerment of women in Côte d'Ivoire", says Mrs. Marema BAO, President of the Board of Directors of Fin'ELLE.

For FMO, MASSIF portfolio manager Jeroen Harteveld confirms: "We are proud that FMO, through its MASSIF fund, supports Fin'Elle in its ambitions to increase access to finance for women entrepreneurs and women-led SMEs in Côte d'Ivoire, as this is strongly aligned with our own mandate. The realization of this latest partnership between the two entities demonstrates that FMO considers Groupe Cofina a preferred regional partner in its goals to increase its presence and impact in Francophone Africa."

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About Fin'ELLE

Created in 2018, Fin'ELLE is a microfinance institution dedicated to the empowerment of women entrepreneurs. With a range of savings products, credit and capacity building programs, Fin'ELLE is committed to promoting in Côte d'Ivoire a pan-African model of inclusive financing for women. Fin 'ELLE now serves more than 10,000 clients and ranks 9th among microfinance institutions in Côte d'Ivoire. Fin'ELLE is a subsidiary of the COFINA Group, the African leader in mesofinance.

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