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.). 

KEY IMPACTS

• 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

DUOPHARM was created in 2003 under the initiative of a merger of nearly 150 Senegalese pharmacists. Since then, the company achieved a breakthrough in the Senegalese pharmaceutical landscape thanks to its proximity marketing strategy. Local pharmaceutics market is characterized by high competitive intensity and a strong presence of European multinational companies. However this market is experiencing very strong growth in Senegal, where health spending per capita increased sharply since the early 2000s. Thus since 1999, the number of drugstore has doubled since 1999 and the pharmaceutical market shows an annual increase of about 6%.

THE ENTREPRENEUR

Jules Charles Kebe, Director of Duopharm, was medical sales representative for Pfizer and led the COPHASE, second wholesaler-distributor of Senegal from 1999 to 2002. 

PARTNERSHIP WITH I&P

I&P committed alongside with DUOPHARM: 

• To deepen with developers, and with the support of a pharmacist who had a similar experience in Mali, the initial financial projections and action plan

• To provide funding to the company at its inception and contributing to capital increases

• To elaborate the financial strategy

EXIT

In 2016, I&P sold its shares to the pharmacists who founded the company.

KEY IMPACTS

• Emergence of a local player in the pharmaceutical distribution (both leaders are subsidiaries of French companies)

• 89 jobs in 2015, which is a 20% increase compared to 2014

• 25% of the employees are women 

• 4 400 references of pharmaceutical products distributed to over 500 customers 

• 17 local suppliers 

Equip Plus is a Senegalese company within the industry of electromechanical equipment. It has developed an expertise in key sectors such as water adduction and electric networks led by a team of technicians specialized in installing and providing maintenance of this equipment.

PARTNERSHIP WITH I&P

I&P committed alongside with Equip Plus:

• To ensure the business structuring: information systems, management indicators

• To strengthen guidance towards private sector demand and high value-added activities (including maintenance) 

KEY IMPACTS

• Strengthening local services capacity

• Access to water and electricity in rural areas (public service delegation)