MICROCAPITAL BRIEF: ACEP Cameroon borrows $2.2 million in local currency from the Grameen Crédit Agricole Foundation to support micro and small enterprises
The microfinance institution Agence de Crédit pour l’Entreprise Privée (ACEP) Cameroon has borrowed in local currency the equivalent of approximately USD 2.2 million from the Grameen Crédit Agricole Foundation (GCA) based in Luxembourg. Established in 1999, ACEP Cameroon focuses on the development of micro and small enterprises (MSEs) through deposit, loan, transfer, insurance and mobile banking services. Its loan offerings include products for agriculture, business and other purposes. The institution’s microinsurance services range from health and life coverage to car insurance. ACEP Cameroon has a gross loan portfolio of €33 million ($36 million), 24 branches and 15,000 clients – including 5,100 women and 4,200 who live in rural areas.
The ACEP Group holds stakes in ACEP Burkina, ACEP Cameroon, ACEP Madagascar and ACEP Niger. As of 2021, these institutions employ 1,200 people, hold a total gross loan portfolio of €107 million ($116 million), and serve 148,000 clients, 40% of whom are women. ACEP Group was created by ACEP International, a private company whose ownership includes its co-founder Thierry Perreau; Investisseurs & Partenaires (I&P), a France-based investor in small and medium-sized enterprises in sub-Saharan Africa; and BIO (Belgian Investment Company for Developing Countries).
Crédit Agricole, a French retail bank, in partnership with Muhammad Yunus, the founder of Grameen Bank, created the GCA Foundation in 2008. The organization seeks to reduce poverty by providing financing and technical assistance to institutions of microfinance and other social enterprises. As of December 2021, the GCA Foundation has a portfolio of 78 million euros ($88 million) in circulation with 81 partners in 37 countries in Africa and Eurasia. About 81% of its issuing companies’ clients live in rural areas and 90% are women.
By Vighnesh Avadhanam, Research Associate
Sources and additional resources
GCA Foundation press release
Profile of the GCA Foundation on ACEP Cameroon
Home page of ACEP Cameroon
ACEP Group Homepage
I&P home page
ORGANIC home page
MICROCAPITAL BRIEF: The Grameen Crédit Agricole Foundation lends $2.2 million in local currency to ACEP Burkina for on-lending to micro, small and medium-sized enterprises (MSMEs)
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