IFC supports Advans Cameroon to expand services

The International Finance Corporation (IFC/IFC), subsidiary of the World Bank dedicated to the private sector announced on 2nd February, the signing of a grant agreement with Advans Cameroon, to accelerate financial inclusion in Cameroon by extending the range and accessibility of the financial services offered to urban populations and rural disadvantaged.

Under this agreement, IFC will provide boards with a value of $1.18 million to Advans Cameroon over the next four years so that the microfinance institution can design, pilot and deploy a banking model without agencies, with mini-agences, collectors and mobile agents.

This project is part of the partnership to develop the mobile financial services in order to increase the inclusion and the financial inclusion, a joint initiative of $37.4 million from IFC and MasterCard Foundation, which aims to increase the commercial microfinance in sub-Saharan Africa.

"The agreement between IFC and Advans Cameroon highlights the need to develop innovative products and channels of distribution to rural populations. The tools developed could potentially reach 60,000 new customers and will have a significant impact on their ability to access and secure affordable financial services," said Greta Bull, responsible for advisory services to financial institutions by IFC for sub-Saharan Africa.

"After having developed successfully, a major presence in urban centres, Advans Cameroon aims to enhance its accessibility in rural areas. "This project we will provide easy access and convenient financial services and solutions to small entrepreneurs, small farmers and, more generally, populations at low income", stressed Steven Duchatelle, Chief of operations of Advans Group.