During the opening plenary session of African Microfinance Week, also known as Semaine Africaine de la Microfinance (SAM), the hot topic was partnerships, especially those that support value chains. André Okou of the African Development Bank, explained that his organization aims “to create new synergy by approaching the value chain in an integrated fashion – supporting all parts of the chain, including non-agricultural elements – to tackle constraints.” Raphaël de Guerre of the French government’s Agence Française de Developpement stated, “In Guinea we have added value for coffee producers. In Cameroon, we have increased honey prices by a factor of 3, showing private investors that this is viable.”
Edvardas Bumsteinas of the EU’s European Investment Bank explained some of the ways his organization builds groundwork for its investments: “Before lending to a bank, we talk to the ministry of agriculture to take its goals into account. And you also need partners on the ground that are strong in distribution.” Patrick Akinwuntan of Togo-based Ecobank Transnational described engaging susu collectors, traditional informal financial service providers, as Ecobank agents to offer savings options requiring as little as USD 1 per transaction with no fee.
Frédéric Ponsot of the UN’s International Fund for Agricultural Development described a program that is exceeding his expectations by raising money for projects in rural Somalia from the nation’s diaspora.
In summary, Mr Akinwuntan added, “To be true to ourselves, we have to make a difference in rural areas, which means making a difference in agriculture.”
This story is part of a sponsored series on the second SAM, which is being held from June 29 to July 3 in Dakar, Senegal, by Luxembourgish NGO ADA in partnership with the African Microfinance Network, the African Microfinance Transparency Forum, the African Rural and Agricultural Credit Association and the Microfinance African Institutions Network (MAIN). MicroCapital is reporting on SAM live from Dakar.
Additional Sources and Resources:
African Microfinance Week Website: http://www.microfinance-africa.org
MicroCapital Coverage of African Microfinance Week: https://www.microcapital.org/category/semaine-africaine-de-la-microfinance-sam/
Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/
Similar Posts:
- MICROFINANCE EVENT: SAM (Semaine Africaine de la Microfinance); October 16-20, 2023; Lomé, Togo
- MICROCAPITAL BRIEF: African Fintech Nala Expands Remittance Service to EU, Launches Business Platform
- MICROCAPITAL BRIEF: AfDB, IFAD Launch M1-200 to Support Agricultural SMEs in Africa
- SPECIAL REPORT: Leveraging Carbon Credits to Insure MSMEs in Climate-vulnerable Nations #SAM2023
- SPECIAL REPORT: Small Is Beautiful – Sustainable Agriculture Finance