Benin national Microfinance fund gets new partners

Dec 24, 2010

The Fond National pour la Microfinance (FNM), which promotes the development of microfinance in Benin, has revealed its new list of partners.

The Fond National pour la Microfinance (FNM), which promotes the development of microfinance in Benin, has revealed its new list of partners. Today, the FNM counts the Banque ouest africaine de développement, the Banque islamique de développement, the Badea, the Pnud, the Agence Française de développement and the Cedeao as associates. The FNM's director Komi Koutché told La Nouvelle Tribune that these bodies will help the institution to intervene in three different sectors - the refinancing and introduction of new credit lines, the strengthening of institutional support and the safeguarding and improvement of interest rates.

A total of two million people in the country are customers of microfinance institutions. The fund has put $12 million (€9.1 million) in 25 of these institutions.
M. Koutché added that the FNM is now helping agricultural initiatives, offering young entrepreneurs the opportunity to obtain their first line of credit and has just created a special counter to assist female entrepreneurs.