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Top 10 microfinance structures in UMOA

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(Ecofin Agency) – While in the West African Monetary Union (Umoa), their impact on financing activity is increasing, theEcofin Agency reviews the most important microfinance structures in the Union. A ranking based on their total balance sheet.

Important relay in the financing of economic actors, in particular small entrepreneurs and the rural world, microfinance institutions continue to advance their positioning in the West African Monetary Union (Umoa), totaling more than 2253 billion FCFA (3 $.74 billion) in assets at the end of 2020, an increase of 11%. A double-digit increase which seems to confirm the upward trend displayed since at least 2018. But in the Union, the markets, led by Senegal and Côte d’Ivoire, are progressing at their own pace. The same is true for the entities themselves. L’Ecofin Agency looked at the 10 most important microfinance structures in Umoa.

With a total balance sheet estimated at 255 billion FCFA, Crédit Mutuel du Sénégal (UCCMS) maintains its leading position in terms of assets in the microfinance sector in Umoa, according to BCEAO data compiled by theEcofin Agency. The structure created in 1988, whose network exceeds 200 branches in Senegal, saw its assets increase by nearly 6% at the end of 2020. It is followed by the Faîtière des caisses populaires du Burkina Faso (FCPB), formerly RCPB, which totals 253 billion FCFA.

Credited with the strongest growth (31.7%) in Umoa in 2020, the Union of Savings and Credit Cooperatives of Côte d’Ivoire (UNACOOPEC-CI) closes the top three. The assets of the company, which has more than 130 service points across the country, reached 141 billion FCFA. Thanks to this performance, UNACOOPEC took 3rd place in the ranking to the Togolese FUCEC which, for its part, recorded a slight increase in its balance sheet. Capped at the foot of the podium, FUCEC with its network of 35 coopecs, undisputed leader on the Togolese market, saw its assets improve by less than 5% to 137 billion FCFA.

In 5th and 6th place in this ranking of the most important microfinance structures in UMOA, we find the Senegalese and Ivorian subsidiaries of the Parisian group Baobab, operating in financial inclusion on the African and Chinese markets. In 2020, Baobab SN is the only microcredit institution in this top 10 to show a drop in its assets. This decline of 4% caused the total balance sheet to fall below the bar of 120 billion FCFA. His Ivorian colleague, Baobab CI, meanwhile, rebounded. Its assets were increased to 108 billion FCFA.

Leader in the Beninese market, the umbrella organization of agricultural and mutual savings and credit (FECECAM), is barely approaching the CFAF 100 billion mark in assets, after an 8.7% growth in its balance sheet. With its nearly 90 funds, the structure that federates the CLCAM (mutual agricultural credit fund) in Benin occupies 7th place in the top 10.

It is followed by Cofina Côte d’Ivoire, the first subsidiary of the West African group which calls itself mesofinance. It brought its assets to 83 billion FCFA at the end of 2020, an increase of 12%. This is the second most significant growth in the sector, after that recorded by UNACOOPEC, the first Ivorian entity in this ranking.

Senegal, the most important market

UM-PAMECAS and UM-ACEP, two Senegalese decentralized financial systems (DFS) complete this ranking, confirming the dominance of the Teranga country in the microfinance sector.

According to the Central Bank, in Senegal, the assets of microfinance institutions reached 643 billion FCFA in 2020 against 612 billion FCFA in 2019, an annual increase of 5%. The total balance sheet of Ivorian SFDs – the largest increase (+17%) – is 100 billion FCFA less than that of Senegal. Third in this ranking of assets by market (country), Burkina Faso. The country of honest men totals 382 billion FCFA followed by Togo (260 billion FCFA), despite the small size of its economy.

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Togo, first asset/GDP ratio

Compared to the size of the economy, Togo is the country where DFS assets are the largest, representing around 6% of the national wealth created in 2020. The country is the 4th market in terms of assets, despite the small size of its economy ranked penultimate GDP of the WAMU. Senegal and Burkina Faso follow.

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Carriage E. Kakpo

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