Lebanon: SANAD TAF and IFC Support Al Majmoua in Expanding Access to Finance
The Technical Assistance Facility of the SANAD Fund for MSME (SANAD TAF) has partnered with International Finance Corporation (IFC), a member of the World Bank Group, to assist Lebanese microfinance provider Al Majmoua in transforming from a non-profit NGO into a commercial financial institution, regulated by the Central Bank of Lebanon. This transformation will allow Al Majmoua to continue providing financial services for microentrepreneurs, a key segment of the Lebanese economy supplying employment and growth.
The largest microfinance institution in the country, Al Majmoua provides sustainable financial services to microentrepreneurs in urban and rural areas, serving more than 86,000 microfinance clients through a network of 29 branches. The transformation comes in response to new local regulations set out by the Central Bank.