Togo: Grameen Credit Agricole Foundation Lends $340 Thousand to Microfinance Institution COOPEC SIFA
The Luxembourg-based Grameen Credit Agricole (GCA) Foundation recently informed MicroCapital that it has disbursed a loan to Cooperative d’Epargne et de Credit (COOPEC) Soutien aux Initiatives de Femmes pour l’Autopromotion (SIFA) in local currency equivalent to $340,000. COOPEC SIFA is a microfinance institution (MFI) based in Dapaong, Togo, that offers savings and loan services to poor women in rural areas of northern Togo in an effort to enable them to generate more income.
The organization was started by Mouvement des Jeunes et Adultes Ruraux et Catholiques, a faith-based NGO in Togo. As of December 2018, COOPEC SIFA serves approximately 38,000 clients, 86 percent of whom are women, with total assets of $6 million, a gross loan portfolio of $4.8 million and deposits of $600,000.