Fides Microfinance Senegal
Fides Senegal Microfinance is a young microfinance institution that aims to provide financial services to urban and rural population located in northern Senegal: solidarity and individual loans, savings, insurance and mobile banking.
Headquartered in St. Louis, it opened offices in Luga and Touba, and will settle one new agency every year in the North of the country, where the offer is lower than in Dakar. It enjoys the support of FIDES consultants in the establishment of microfinance business (corporations) in the rural world.
PARTNERSHIP WITH I&P
I&P committed alongside with Fides Microfinance Sénégal:
• Being the first investor to confirm its commitment to FMS, to pilot the project building
• To participate in strategic discussions with the management team (Governance, etc.).
• Access to financial services in rural and peri-urban areas: more than 21,000 borrowers (including 85% women) and 37 500 savers
• 154 jobs maintained in 2015, including more than 60% women
• 35 local suppliers
• Demonstration of microfinance viability in the private sector in West Africa, where NGOs and cooperatives are privileged actors