Incofin IM supports rural entrepreneurs in Senegal via EUR 3 million senior loan to PAMECAS-UM.
On behalf of its agRIF fund, Incofin IM decided to inaugurate a new impactful partnership with UM-PAMECAS (Union des Mutuelles du Partenariat pour la Mobilisation de l’Epargne et du Crédit du Sénégal), a local financial institution that provides financial services to rural and peri-urban households across almost all Senegalese regions (13 out of 14). It is also the second largest microfinance institution in the country and serves more than 700,000 members.
Myrtho Vlastou, Incofin’s Investment Manager Africa:
“In its twenty years of existence, PAMECAS, a cooperative with deep rural roots, has grown to become a major financial inclusion promoter with nation-wide impact. In a rapidly changing environment, Incofin is supporting PAMECAS in bringing relevant and qualitative financial solutions even to the most remote Senegalese communities.”
Throughout the past decade, Senegal’s economy has been one of the strongest performing ones in the region, however, one third of the population still lives below the poverty line and. Many Senegalese households, particularly the most vulnerable ones, have taken a hit from the COVID-19 induced restrictions that were imposed on society. It is in that context that Incofin provided the loan coupled with a “technical assistance” project to strengthen their capacity to continue serving its community.
Malick Diop, CEO PAMECAS:
“The entry of Incofin into the pool of PAMECAS funders with this senior loan is a sign of trust in a challenging context. Incofin and PAMECAS sealed their common ambition to deliver impact to our community members by deploying more funding to women, farmers and microentrepreneurs.”
Noémie Renier, Incofin’s Head of Debt for Financial Institutions:
“Incofin consolidates its commitment towards fostering financial inclusion and supporting the agricultural sector in Africa which is deemed critical in these troubled times. This new partnership with PAMECAS, which encompasses funding alongside technical assistance, is expected to support rural entrepreneurs with micro-loans amid the COVID-19 crisis.”