COFINA Expands Support for MSMEs with $21.2M Financing

Swedfund has granted a $21.2 million loan, equivalent to over 13 billion FCFA, to the COFINA Group, a pioneering mesofinance institution in West and Central Africa that provides loans to micro, small, and medium enterprises (MSMEs). This funding aims to address significant financial access barriers faced by these businesses, particularly women entrepreneurs.

In countries like Côte d’Ivoire and Senegal, women face significant disparities in accessing formal financial services, often due to income instability and limited financial literacy. Swedfund’s investment will enable COFINA to continue its mission of promoting financial inclusion by prioritizing loans to MSMEs, including women-led businesses and agricultural enterprises in these regions.

"We are delighted to support COFINA, an institution offering financing solutions to MSMEs underserved by traditional banks. This investment will empower underrepresented groups, particularly women, and foster entrepreneurship in West Africa," said Björn Areskog, Senior Investment Manager at Swedfund.

Non-bank financial institutions, while representing a small portion of West Africa’s financial sector, play a critical role in advancing financial inclusion by targeting low-income households and MSMEs often excluded from traditional banking services.

"Expanding our investments across Africa, especially in high-impact businesses in West Africa, remains a strategic priority for Swedfund. Development finance institutions are key to strengthening local capital markets through long-term funding. This transaction reinforces our regional presence," added Kitanha Touré, Swedfund's Regional Director for West Africa.

The funding will support COFINA’s subsidiaries, including FIN’Elle, which focuses on women entrepreneurs, and COFINA branches in Côte d’Ivoire and Senegal, which primarily serve MSMEs.

"Gender equality is a critical driver of innovation, performance, and long-term resilience for African businesses. Supporting women entrepreneurs paves the way for sustainable growth. This partnership with Swedfund highlights our commitment to advancing female entrepreneurship," said Serge Massamba, Strategy Director of COFINA Group.

Source: Groupe COFINA