The lights are green in this sector whose results for the past year have been made public. The post-Covid recovery has indeed become a reality.
The microfinance institutions of the West African Monetary Union (WAMU) showed some growth momentum in 2021. They generated profits of 38.3 billion FCFA in 2021, or 58.47 million US dollars, according to the Banking Commission. An increase due to the mitigation of the impact of the health crisis on the sector during the period.
Banking Commission data shows that decentralized financial systems have quadrupled their 2021 profit to the announced amount.
Microfinance has enabled countries affected by the pandemic to finance SMEs and SMIs allowing the population outside the banking system to have facilities. Financial establishments in the community area are therefore experiencing a 12.3% increase in 2021. Better still, the assets of all large microfinance companies have increased in all WAMU countries.
Finally, the microfinance institutions counted in the area served more than 17 million people with financial products and services, through 4,370 service points distributed in the Member States of the Union at the end of March 2022.