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Microfinance undergoing major changes in the Ivory Coast

Source : Le Griot

In the Ivory Coast, 75 Microfinance Institutions (MFI) had their permit to operate removed. The list was published on 3rd October by the Economy and Finance Ministry. According to the Griot daily newspaper, this decision follows the recommendation to “clean up” the sector, which was made by a working group partnering the African Development Bank, the IMF and the World Bank.

The African daily called this decision hasty: “Neither those in charge of the closed structures nor the borrowers were informed beforehand. Yet the Ivory Coast badly needs financial institutions that give the most needy access to their services."

In a report published in September 2010, the Microrate specialist agency considered that the sector “has been suffering from a lack of support from financial backers since the 2002 crisis.” Microrate also pointed to the low resources available to local regulation authorities. The agency added: “The sector’s growth potential is very high.”

This article is part of the special report: