Swedfund, Sweden’s development finance institution, has committed €20 million to COFINA, a leading financial group supporting micro, small, and medium enterprises (MSMEs) in West Africa. The investment targets underserved MSMEs, women entrepreneurs, and agribusinesses in Côte d’Ivoire and Senegal, aiming to promote financial inclusion and job creation.
This initiative seeks to address barriers faced by women in accessing formal financial services, leveraging COFINA’s expertise in bridging the gap between microfinance and traditional banking. The investment is expected to stimulate job creation, business growth, and improved livelihoods in the region.
“Our investment will support entrepreneurship in West Africa and empower underserved groups, including women entrepreneurs,” said Björn Areskog, Senior Investment Manager at Swedfund.
The Investment will channel funds to COFINA’s subsidiaries in Côte d’Ivoire and Senegal, including FIN’Elle, which focuses on women entrepreneurs. Swedfund’s loan is supported up to 50% through a guarantee by the European Union under EFSD+ as a contribution to the Global Gateway investment priority of Financial Inclusion.
“We are committed to supporting impactful companies across West Africa, a key region for Swedfund as we increase investments on the African continent.” said Kitanha Toure, Regional Director for West Africa, Swedfund. “DFIs can play an instrumental role in the development of local capital markets by providing long-term capital which is otherwise scarce. We believe that this transaction will contribute to further establishing our presence in the region.”
Access to finance remains a major challenge for MSMEs across the region, compounded by limited financial literacy and income instability. Traditional banks tend to overlook these smaller businesses due to perceived risk and lack of collateral, leaving a significant segment of entrepreneurs underserved.
COFINA is a pan-African financial institution specializing in mesofinance, bridging the gap between microfinance and traditional banking to provide easier credit access for SMEs. Operating in eight African countries (Burkina Faso, Congo, Côte d’Ivoire, Gabon, Guinea, Mali, Senegal, Togo) and France (serving the diaspora), COFINA supports entrepreneurs and SMEs in West and Central Africa.
“Gender equality is a strategic advantage for African businesses, boosting innovation, performance, and sustainability.” said Serge Massamba, Director of Strategy at Groupe COFINA. “By empowering women, companies unlock growth opportunities and drive long-term success. Groupe COFINA has made this a priority. So, we are delighted to have reached this financing agreement with Swedfund.”
COFINA offers meso- and micro-credits, insurance, digital banking, and structured financing. With over 340,000 customers, 2,200 employees, and a balance sheet exceeding 440 billion CFA francs, COFINA has financed more than 170,000 projects and injected nearly 1,500 billion CFA francs into local economies. Its mission is to add value for partners and support sustainable development in Africa.
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