The financial company FPM SA represented by its Deputy Managing Director, Mr. Patrick NKONGO MAMBU signed a financing agreement on Friday, May 13, 2022, with the Agricultural savings and credit cooperative of peasant women (CECAFEP) represented by the President of the Board of Directors, Mrs VASIMIRE TSIKO Stella as well as the Manager, Mrs BARAKA KYAVEREKI BLESSING. The official ceremony took place at CECAFEP headquarters in Butembo in the province of North Kivu.
Mindful of its mission to support the construction and development of an inclusive, solid and responsible financial system through the refinancing of financial institutions that target MSMEs and low-income people, FPM SA has granted financial support to COOPEC CECACEP to strengthen the financing of agricultural and peasant women in its areas of intervention, in the territories of Lubero and Beni.
Indeed, peasant women actively contribute to economic development thanks to the maintenance of agricultural activity, in an area where the climate and the fertility of the soil offer opportunities for several agricultural crops. And this notwithstanding the multiple difficulties with which the economic operators of this province of the DRC are confronted.
The resilience displayed by the CECAFEP microfinance institution, which is deployed in areas facing various security challenges, contributes to improving firstly the level of financial inclusion of women farmers in these regions, COOPEC’s main targets and then other members who want to join COOPEC.
The financing granted by the FPM SA in the medium term has the primary objective of contributing to the empowerment of peasant women through access to credit as well as to the training offered by CECAFEP thanks to its network of peasant organizations members of LOFEPACO. . And then, it serves to increase the portfolio of COOPEC loans of longer maturity necessary to improve the repayment capacity of women farmers whose loan repayment remains linked to the crop cycle.
FPM SA financial partner of microfinance institutions and Coopec
It should be recalled that FPM SA is a financial company approved by the Central Bank of Congo in February 2015. It has a share capital of 23.4 million USD and its shareholders are: KfW (German Development Bank) , BIO (Belgian investment company for developing countries), Cordaid and Incofin cvso. To date, FPM SA supports 15 financial institutions in the banking and microfinance sectors (IMF and Coopec) throughout the Democratic Republic of Congo.
For the record, the Savings and Agricultural Credit Cooperative of Peasant Women (CECAFEP) created in 2006, is a women’s initiative bringing together 9 organizations under the name of “Leagues of Organizations of Agricultural Women Producers of Congo (LOFEPACO)”.
To meet the emergency financial needs of its members, LOFEPACO had received a credit fund from AGRITERRA between 2002 and 2006. This fund was then granted to the applicants according to the principles of solidarity and rotating credit, the reimbursement of which was monitored by member organization staff.
In addition, taking into account the high level of loan requests among members, the leaders of these organizations had resolved to create a savings and credit union. This is how the CECAFEP window was opened at the LOFEPACO office in the second half of 2006. Initially, it functioned as an internal service specializing in the granting of credit based on the basic structures of LOFEPACO. Then, thanks to the support of “VETERINAIRES SANS FRONTIERE Spain”, CECAFEP obtained its approval in 2015 from the BCC, which thus conferred on it a legal personality, dissociating it from the initiating organisations.
COOPEC’s mission is to promote the savings of peasant women and the effective use of these savings through credit. Thus, strengthening the economic power and increasing the production and income of peasant families in the region.