Source MicroCred.
Original press release available here.
PARIS, November 12 – The investment company MicroCred S.A. is pleased to announce the debut of its third subsidiary, MicroCred Senegal, which began its credit activities on September 17th in Dakar. The official inauguration ceremony will be held in January 2008.
Bernard Tissot, Managing Director of MicroCred Senegal, comments: “With an innovative and personalized approach, MicroCred Senegal helps entrepreneurs with limited resources to develop their businesses and make their activities profitable. Currently in Senegal only 5% of the population has access to traditional financial services. Through its most recent investment, MicroCred hopes to play a valuable role in Senegal’s local economic and industrial development.”
During its first years of operation, MicroCred Sénégal will provide its clients with 3 main products: loans (ranging from CFA Francs 100 000 to 20 million), savings products and insurance products.
“The initial results are very promising. Six weeks after operations began, more than 778 savings accounts had been opened, amounting to CFA F 32,383,670 in total” comments Arnaud Ventura, president of the Board of Directors and Chief Executive Officer of MicroCred S.A.
In 2008, MicroCred Senegal plans to open three new agencies and plans to create a network of a dozen agencies throughout the country by 2012.
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