The BOAD invests €1.5 million in the microfinance institution Asusu SA in Niger
The West African Development Bank (BOAD) has signed an Fcfa1 billion (€ 1.5 million) financing agreement with the Microfinance institution Asusu SA.The West African Development Bank (BOAD) has signed an Fcfa1 billion (€ 1.5 million) financing agreement with the Microfinance institution Asusu SA.
This amount will be made available to Asusu to enable the refinancing of loans granted to customers, particularly in the agro-industry field.
Through this agreement, the BOAD provides support to low-income populations with little or no access to credit and "confirms its determination to have a stronger presence in the microfinance sector, which continues to face difficulties in the sub-region and whose importance to the economy is well established", according to a BOAD statement.
Asusu SA will thus be able to develop financial products in areas with high agricultural potential, such as crop, inputs and equipment loans – but also finance activities in the agro-industry field and increase funding of income-generating activities, focusing on women and micro-entrepreneurs projects.
This funding follows the acquisition of a Fcfa360 million stake in Asusu's capital by the African Solidarity Fund last February.