The International Finance Corporation has signed an agreement with a bank in Morocco to boost financial inclusion in Africa with emphasis on microfinance programs.
A majority of adults in Sub-Saharan Africa still lack access to regulated and sustainable financial services, despite a remarkable increase in financial inclusion in the region from 23% in 2011 to 43% in 2017, according to the 2018 Findex data.
The new agreement between IFC and the Atlantic Microfinance For Africa (AMIFA), a subsidiary of the Moroccan Banque Centrale Populaire (BCP) Group, hopes to strengthen the development capacity of its microfinance programs in Sub-Saharan Africa.
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It would be dedicated to entrepreneurs to enhance their financial inclusion and economic integration.
“The partnership will enable us to benefit from IFC’s expertise and support in optimising our model and delivering a microfinance programme that contributes more efficiently to the financial inclusion of a significant part of the low-income population,” said Kamal Mokdad, Co-CEO, head of the international global banking at BCP Group.