The Canadian NGO Desjardins International Development (DID) recently informed MicroCapital that its subsidiary FONIDI Management has lent EUR 1.5 million (USD 1.7 million) from the Aequitas Impact Fund to Madagascar-based Sipem Banque. Sipem Banque provides 46,000 customers with deposit, lending and payment services via 28 locations in the country. These services include payment cards, salary advances, microcredit, and loans specifically designed for small and medium-sized enterprises (SMEs). During 2021, the institution’s 410 employees generated net profit of MGA 2 billion (USD 440,000) on a balance sheet of MGA 131 billion (USD 29 million).
Established in 2021, Aequitas has a volume of CAD 50 million (USD 38 million) that it is deploying as debt and equity to support smaller microfinance institutions in Africa, Asia, and Latin America as they work to increase financial inclusion and gender equality as well as manage climate change.
DID is a unit of the cooperative Desjardins Group that was established in 1970 to promote economic development in low- and moderate-income countries. As of 2023, DID works in 30 countries in Africa, Asia, and Latin America. Desjardins Group serves 7.5 million customers with a range of financial services.
By Anaya Jhaveri, Research Associate
Sources and Additional Resources
Direct contact with DID
Sipem Banque homepage
https://www.sipembanque.mg
Aequitas description
https://www.desjardins.com/qc/en/about-us/community/international-development/impact-investment.html
Desjardins Group homepage
https://www.desjardins.com
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