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200 million FCFA disbursed for refinancing for 6 URMECS funds. (Minister)

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The Minister of Microfinance and Social and Solidarity Economy chaired this Thursday, May 12, 2022, the refinancing ceremony granted to the Rural Union of Senegalese savings and credit mutuals (URMECS). Indeed, this platform whose vocation is to carry out a sustainable and profitable activity in the service of the socio-economic development of the populations by allowing them to participate in income-generating activities and by offering them access to decentralized financial services, has succeeded over the years, according to the Minister of Microfinance “to maintain and maintain a place of choice at the level of the so-called emerging networks thanks to the perseverance and commitment of its leaders essentially oriented towards the positive transformation of the experience of the strata located especially in rural areas and formerly excluded from opportunities to access financial services”, said Minister Zahra Iyane Thiam Diop.

Thus, it is to respond to the problems linked in large part to the credit conditions often practiced on the financial market which always remain difficult for certain structures, that in its policy of financial and social inclusion with the support of the Italian government, PLASEPRI / PASPED is set up, whose intervention strategy is based on an SME line and a Microfinance line.

Subsequently, this ceremony, held in Yeumbeul Nord, is also an opportunity for the Minister of Microfinance to magnify the partnership, which he considers fruitful, between URMECS and PLASEPRI / PASPED. This partnership has also resulted today in a refinancing of 200 million FCFA already positioned in the accounts of URMECS. The sum is intended for 6 regional union funds which will be refinanced.

In addition, through this financing, the Minister of Microfinance and the Social and Solidarity Economy intends to “contribute significantly to the achievement of the financial inclusion objectives pursued by the State and set out in the national strategy of financial inclusion, namely increasing the financial inclusion rate to 65% for adults, to 90% for SMEs by 2025”, argued Zahra Iyane Thiam Diop, before urging beneficiaries to proper use of the resources made available to them by reimbursing them according to the agreed terms and conditions in order to give other SFTs the opportunity to benefit from the revolving refinancing mechanism.

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