Oragroup raises 21 billion CFA francs on financial markets
The bank wants to develop its services to SMEs.Banking group Oragroup has raised 21.1 billion CFA francs (€32.1 million) on the regional financial market of the West African Economic and Monetary Union (WAEMU), which is above the 20 billion CFA francs originally sought.
This is the first phase of a bond totalling 35 billion CFA francs, with a second phase of 15 billion CFA francs planned for the beginning of 2017, according to Fraternité Matin newspaper.
The funds will mainly be allocated to improving access to finance for small and medium-sized enterprises (SMEs), as well as setting up new agencies.
This follows a loan of 20 billion CFA francs obtained last July from the West African Development Bank (BOAD).
"This renewed confidence from stakeholders and investors in the sub-region confirms the strength of our model and the group's growth potential. These new leeways will allow us to invest in the expansion of our network and services to our customers, mainly individuals and SMEs," said Oragroup in a statement.