The unit of France-based Baobab Group that operates in Burkina Faso has accepted a local-currency mortgage equal to EUR 3.1 million (USD 3.1 million) from the Luxembourg-based Grameen Crédit Agricole (GCA) Basis. Baobab Group presents microbanking, solar-powered gadgets and tablets in eight African nations in addition to China. Its excellent loans whole EUR 683 million (USD 700 million), and it holds consumer deposits of EUR 311 million (USD 319 million) as of 2021. Baobab Burkina Faso presents financial savings accounts and emergency private loans in addition to loans starting from CFA 100,000 (USD 155) to CFA 130 million (USD 200,000) for micro-, small and medium-sized enterprises. As of 2022, the microbank employs 240 folks serving 43,000 prospects – together with 13,000 debtors – by way of 10 branches.

Crédit Agricole, a French retail financial institution, in partnership with Muhammad Yunus, the founding father of Grameen Financial institution of Bangladesh, established GCA Basis in 2008. The group seeks to scale back poverty by offering funding and technical help to microfinance establishments and different social companies. As of 2022, it manages belongings valued at EUR 89 million (USD 91 million) excellent to 75 companions in 36 nations in Africa and Eurasia.

Crédit Agricole was established in 1885 to supply agricultural loans in France. As of December 2021, it serves 53 million folks in 47 nations. It values its belongings beneath administration at EUR 2.6 trillion (USD 2.6 trillion) as of March 2022.

By Ben Greissman, Analysis Affiliate

Sources and Further Assets

GCA Basis press launch
https://www.gca-foundation.org/en/media-room/#the-foundation-grants-a-first-loan-to-the-microfinance-institution-baobab-in-burkina

Baobab Group homepage
https://baobabgroup.com

Baobab Burkina Faso webpage
https://baobabgroup.com/bf/

Baobab Burkina Faso merchandise
https://baobabgroup.com/bf/credit-entrepreneur/

Baobab Group annual report
https://baobabgroup.com/wp-content/uploads/2022/07/Annual-Report-2021_BD.pdf

GCA basis homepage
https://www.gca-foundation.org

Earlier MicroCapital article on GCA Basis
https://www.microcapital.org/microcapital-brief-fusion-microfinance-borrows-4m-from-credit-agricole-cib-for-group-lending-to-rural-women-owned-businesses-in-india-guaranteed-by-gca-foundation/

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