Advans SA, a Luxembourg-based “international venture capital company specialised in microfinance” has announced the creation of a new subsidiary in Côte d’Ivoire called “Advans Côte d’Ivoire” [1,2]. This will be Advans SA’s fifth subsidiary after Advans Banque Congo, Advans Ghana, Advans Cameroun, and Amret, an microfinance institution (MFI) in Cambodia [1,2]. Advans Côte d’Ivoire will be tasked with providing access to formal financial services for micro, small, and medium enterprises (MSMEs) in Côte d’Ivoire in an effort to “foster growth” [1]. It will provide loans as well as savings [1]. Its operations will begin in Abidjan, the largest city in the country [1]. Eventually, Advans Côte d’Ivoire will extend its services to other major cities and rural areas [1]. Advans SA, as of March 31 2008, has assets worth EUR 7.4 million [2].
By Christopher Maggio, Research Assistant
About
Advans Côte d’Ivoire
Description
Advans Côte d’Ivoire is a subsidiary of Advans SA, a Luxembourg-based venture capital company that specializes in microfinance. It was founded in 2009, and offers loans and savings micro, small, and medium enterprises (MSMEs) in Côte d’Ivoire.
Advans Côte d’Ivoire does not report to the MIX Market, the microfinance information clearinghouse, but its parent company, Advans SA, does: http://www.mixmarket.org/funders/advans-sa
Organization’s Website
Advans SA: http://www.advansgroup.com/
Just the Facts
-Country of Incorporation: Côte d’Ivoire
-Year Founded: 2009
-Assets: N/A (as of 23/Nov/09)
-Gross Loan Portfolio: N/A (as of 23/Nov/09)
-Number of Microfinance Institution Investments: N/A (as of 23/Nov/09)
-Area of Operation: Côte d’Ivoire
-Participant(s)/Backer(s)/Investor(s): Advans SA
-Products: Loans, Savings
-Currency: XOF
Contact Information
Enquiries
Amanda Hannan
Claude Falgon
Horus Development Finance
T: +33 1 53 32 75 75
E: ahannan@advansgroup.com or
cfalgon@advansgroup.com
Additional Information
Advans SA SICAR announces the creation of Advans Côte d’Ivoire: http://www.advansgroup.com/fileadmin/Advans/Presse_release/0911_EN_CP_Cote_d_Ivoire.pdf
Bibliography:
[1] Advans SA press release entitled ‘Advans SA SICAR announces the creation of Advans Côte d’Ivoire’: http://www.advansgroup.com/fileadmin/Advans/Presse_release/0911_EN_CP_Cote_d_Ivoire.pdf
[2] Advans SA: http://www.advansgroup.com/index.php?id=38
Source Press Release: http://www.advansgroup.com/fileadmin/Advans/Presse_release/0911_EN_CP_Cote_d_Ivoire.pdf
Advans SA SICAR announces the creation of Advans Côte d’Ivoire
Advans SA, the international venture capital company specialised in microfinance, announces the
creation of its fifth subsidiary, Advans Côte d’Ivoire. An application has been filed with the Ministry of
Finance for authorisation to carry out microfinance activities in Côte d’Ivoire.
Historically Côte d’Ivoire had one of the most sophisticated financial systems in sub-Saharan Africa,
but this changed following the political and civil unrest in the country. The signature of the
Ouagadougou peace accord in March 2007 has brought stability to the country, but poverty remains
high. Côte d’Ivoire ranks 163 out of 182 countries on the Human Development Index.
The financial sector remains weak with approximately one bank branch per 110,000 people (against
one for 50,000 in Ghana and one for 60,000 in Kenya). Therefore access to formal financial services is
limited, especially among micro, small and medium sized enterprises (MSMEs).
Advans Côte d’Ivoire’s objective will be to provide MSME’s with access to formal financial services and
therefore foster their growth. It will offer credit and savings products and will start operations in
Abidjan before progressively moving out to other major cities and, over the medium term, to rural
areas.
About Advans SA: Advans is headquartered in Luxembourg and was created in August 2005, with a
committed capital of EUR 17.1 million. Advans’s mission is to build a network of microfinance banks in
developing and emerging countries to cater to the financial needs of MSMEs, which have limited or no
access to formal banking services. Advans is managed by Horus Development Finance, its sponsor and
shareholder alongside several development financial institutions: European Investment Bank (EIB),
KfW, the Netherlands Development Finance Company (FMO), CDC Group, Agence Française de
Développement (AFD), and International Finance Company (IFC). Advans SA has active investments in
Cameroon, Cambodia, Ghana and the Democratic Republic of Congo. For more information, please
visit: www.advansgroup.com.
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