BIMAO to focus on financing SMEs and MFIs

Dec 04, 2013

The Bank of West African Mutual Institutions (BIMAO) announced its intention to focus its 2014-2017 strategy on the financing of small and medium-sized enterprises (SMEs) as well as decentralized financial systems (SFD) in the West African Economic and Monetary Union (WAEMU).

The Bank of West African Mutual Institutions (BIMAO) announced its intention to focus its 2014-2017 strategy on the financing of small and medium-sized enterprises (SMEs) as well as decentralised financial systems (SFD) in the West African Economic and Monetary Union (WAEMU).

Chairman Mohamed Ndiaye said last week in Dakar that the bank will "fight to improve SMEs'
access to finance" and will help refinance microfinance institutions by allocating financing tailored to their needs, with a significant reduction in premium interest
rates, APS news agency reports .

In addition, bank executives will open capital to new investors, said BIMAO's CEO Aboubacry Datt.

He explained that the aim is "to diversify and expand its share of SFDs in the WAEMU region to institutional investors by raising its capital from CFAF 6.5 billion (€9.9 million) to 10 billion."


Mr
Datt listed several other objectives that the bank wants to achieve by 2017, including the opening of two branches in the sub-region, as well as bringing a maximum of
SFDs to be partners or customers of the BIMAO and achieving a growth rate of 25 to 35 percent.ADNFCR-2976-ID-801668395-ADNFCR