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FMO invests in Fin'Elle

Staff writer
Jan. 18, 2022, 10:08 p.m.
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FMO has approved a €5m investment in Fin'Elle, a subsidiary of the COFINA Group dedicated to supporting women entrepreneurs in Côte d'Ivoire and offering adapted and accessible financial services.

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FMO has approved a €5m investment in Fin'Elle, a subsidiary of the COFINA Group dedicated to supporting women entrepreneurs in Côte d'Ivoire and offering adapted and accessible financial services.

Created in 2018, Fin 'ELLE now serves more than 10,000 clients and ranks 9th among microfinance institutions in Côte d'Ivoire.

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.  

The 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.

Marema Bao, President of the Board of Directors of Fin'Elle, said: ”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," she said.

For FMO, MASSIF Portfolio Manager Jeroen Harteveld, added: "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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