Date: 31/10/2014

Investisseurs & Partenaires and Planète d'Entrepreneurs have carried two extensive impact studies on two SMES established in Madagascar: Nutri'Zaza and ACEP Madagascar. 

Read the Repot on Nutri'Zaza (in French)

Read the Report on ACEP Madagascar (in French)


Nutri'Zaza, August-September 2014

Nutri'Zaza is a social business fighting against child malnutrition. The company sells at low price ''Koba Aina", a baby flour complementary with breast-feeding. It is produced and packed with local raw material based on a nutritional formula elaborated by Taf, a Malagasy agribusiness partner. Initiated as an associative project in 1998 by the GRET, Nutri'Zaza became a social business in 2013, witht the objective of turning into a profitable business and therefore enhance its social impact. 

The impact assessment was undertaken from August to September 2014. 170 clients, 33 team leaders and 21 employees were interviewed for the study. Among the main findings identified: 

  • The home delivery network and the low price of the production make it possible for low income and vulnerable households to provide their children with the necessary nutrients to proper growth
  • The establishment of weighting points enables the monitoring of children's weight curves. It is therefore possible to detect more rapidly any nutritional deficiency
  •  Hygien and nutritional conditions are improved thanks to the advice provided int he weighting points  


That being said, the company faces many challenges and struggles to reach the appropriate equilibrium between profitability and social impact. The report suggest some ways forward by outlining avenues for further reflection: strenghten the distribution networks, implement awareness actions,enhance the image of social enteprise...   

Read the Full Report (in French) 

Rapport NutriZaza


ACEP MAdasgacar, September - October 2014

ACEP Madagascar is a financial institution for micro companies financing SMEs. ACEP Madagascar was created in 2009 and positions as a major actor in microfinance industry in Madagascar. Its aim is to bring financial services (credit, saving, insurance) to populations traditionally excluded from the financial circuit because of their non solvability.

The information gathered in the report has been collected from the employees and 253 clients of ACEP Madagascar. Among the main observations and conclusions of the report: 

  • ACEP finances a short-term and globally loosely structured entrepreneurship. These entrepreneurs often follow several activities and face serious operational challenges 
  • In a context of political and economic crisis, the clients are facing a strong decline in activity. They were nevertheless able to maintain their profitability, notably thanks to the credits and advice granted by ACEP
  • By maintaining a close relationship with the clients and proposing adequate borrowing conditions, ACEP ensures the loyalty of the entrepreneurs  

Read the Full Report (in French)

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