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Yaoundé - 26 February 2024 -
Finance

Advans Cameroun secures €2mln guarantee for rural agricultural financing

Advans Cameroun secures €2mln guarantee for rural agricultural financing
  • Comments   -   Wednesday, 31 January 2024 17:11

(Business in Cameroon) - Advans Cameroun, a microfinance institution that specializes in providing financial support to very small businesses (VSB), received a portfolio guarantee of €2 million (about CFA1.3 billion) from Proparco, the private arm of the French Development Agency (AFD).

This facility, approved on January 26, is "specifically aimed at supporting Advans Cameroun in expanding its credit activities in rural areas, particularly in the agricultural sector, by supporting small-scale farmers."

"Advans Cameroun is delighted with the renewal of this strategic partnership with Proparco, which, through the portfolio guarantee mechanism, has been supporting our subsidiary for over 10 years in its efforts to promote financial inclusion in Cameroon. More than 70% of our clients report a positive change in their lives and daily routines thanks to Advans Cameroun's financing. The impact is real and measurable. We are more determined than ever to play a key role in local economic development by increasing financial support focused on small businesses and agricultural enterprises in the region, positioning ourselves as their preferred partner," said Mamie Kalonda, General Manager of Advans Cameroun.

Operating as a microfinance institution since 2007, Advans Cameroun aims to provide tailored financial services to artisans, traders, entrepreneurs, and their families, as well as small and medium-sized enterprises in the country. The guarantee provided by Proparco will enable this financial institution to increase its loans to VSBs in the agricultural sector, which officials state are among the underserved segments of banking financing in Cameroon.

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