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Supporting financial inclusion in Madagascar with Accès Banque

Project

Signature date
Location
Madagascar
Financing tool
Loan, Technical assistance
Financing amount (Euro)
5000000
Financing details
EUR 5m loan
Customer
ACCES BANQUE MADAGASCAR
Type of customer
Microfinance
Country of headquarters
Madagascar
Project number
PMG1067/PZZ1526
Environmental and social ranking
IF-C
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This project is carried out with the support of the European Union.

Legal notice EU (project)

The content of this project information sheet falls under the sole responsibility of the Proparco and does not necessarily reflect the opinions of the European Union. This information is given at the time of signature, without prejudice to any developments in the operation/project.

With support from the European Union, Proparco has allocated a loan to Accès Banque Madagascar to improve financial inclusion for local people.

Client presentation

AccèsBanque Madagascar (ABM) was set up in 2006 and is the Malagasy subsidiary of Access Holding. ABM is a commercial bank specialized in microfinance: with a strong entrepreneurial focus, ABM’s products specifically target SMEs and microenterprises. ABM serves the entire country where there is a low level of financial inclusion. It serves some 40,000 clients, with 50% women, via a network of 30 branches and over 600 employees.

Project description

The project involves the allocation of a senior credit line in ariary (MGA) equivalent to EUR 5m to the Malagasy microfinance bank AccèsBanque Madagascar (ABM) to support the development of its loan portfolio. This credit line benefits from support from the European

Commission via the EFSD Covid Response guarantee, as well as from the European Commission grant to TCX, which is reducing the hedging cost on the Malagasy ariary.

The project thereby benefits from support from the European Union, which has been strengthening its commitment to the private sector for several years. With the financial support of the EU, ABM is receiving technical assistance to deepen its digital transformation.

Project impact

The main expected economic and social impacts are as follows: 

  • Access to microcredit for 3,450 beneficiaries,                                                                      
  • Support for 1,900 jobs, 
  • Support for the financing of 85 SMEs,
  • Mobilization of EUR 2m of private finance. 

The project will thereby contribute to SDG 1 (No poverty), SDG 8 (Decent work and economic growth) and SDG 10 (Reduced inequalities).