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Cofina Gabon: 4 billion FCFA for SMEs

The subsidiary of the African Financial Company (Cofina) has just announced that it has obtained a loan of four billion from the Development Bank of Central African States (BEAC). These funds will be exclusively dedicated to the development of activities of Small and medium-sized enterprises (SMEs).

The African Financial Company (Cofina) has decided to tackle the problem of financing small and medium-sized enterprises (SMEs) in Gabon. Its subsidiary announced on June 18 that it had obtained medium-term financing from CFA francs four billion from the Development Bank of Central African States (BEAC).

Corporate banque d’image, Stock photo institutionnel de Cofina Senegal à Dakar – point-e

According to Cofina Gabon, this funding is exclusively dedicated to local SMEs. “Indeed, the objective is to support these SMEs in the development of [their] activities,” said the structure dedicated to dedicated to meso-finance. This is the missing link between traditional microfinance and traditional banking, which offers the possibility for SMEs to access credit more easily.

“I am pleased to have obtained the funding necessary to continue the growth of Cofina Gabon,” Cofina Gabon Chief executive revealed.. “It will allow us to continue to meet the needs of Gabonese SMEs at a very difficult time because of the pandemic of the new coronavirus,” Yvan N’na Mboma said.

The CEO of the Cofina group, for his part, considered that this financing is a sign of support and confidence of the BDEAC in the Cofina Group model which places SMEs at the heart of its target.

“In Africa, SMEs represent 90% of private companies and 33% of GDP. However, only 6.4% of African SMEs have access to bank financing, even though they are the main providers of wealth for our economies, creating more than half of the jobs. The meso-finance that we are developing is therefore an efficient response to the new paradigm of emerging African markets, ” Jean-Luc Konan revealed.

Founded in 2013, Cofina is the first African financial institution dedicated to meso-finance. The group is present in eight African countries, with a representative office in Paris dedicated to the African diaspora. It has already financed more than 84,000 business projects, 48% of which are led by women. Formerly Credit solidaire du Gabon (CSG), the Gabonese subsidiary, launched in 2016, has been approved as a second category microfinance institution.