COFINA Senegal partners with MaTontine to expand financial access for low-income women
More than 50,000 low-income Senegalese women will have access to basic financial services such as savings through a new COFINA Senegal technology project and WSBI as part of the Mastercard Foundation program to help the work of small savings ladder.
Described in a memorandum of understanding between the two organizations, the African finance company COFINA will join MaTontine, a fintech specializing in poverty reduction through the widespread adoption of digital financial services, targeting traditional savings groups in French-speaking Africa tontine.
“The project will enable disadvantaged segments of the population, especially women, to gain a stable culture of savings and to facilitate access to loans and other services", says Amadou Boudia Gueye, Director of COFINA Senegal. The project aims to move all financial transactions of tontines digitally via mobile phones through the MaTontine platform.
In addition, COFINA will facilitate access to small loans, in the form of income advances, and other financial services to individual members of traditional savings groups. By 2022, the project expects that women will represent 90% of the more than 57,000 registered active clients. More than 40,000 small loans will be granted during this period, and the savings will be $ 8 million. The project also aims to increase saving rates and pave the way for small loans and beyond, including microinsurance.
Source: Financial Afrik