Sweden’s development finance institution, Swedfund, has invested €20 million into Compagnie Financière Africaine (COFINA) to boost financial access for Micro, Small, and Medium-sized Enterprises (MSMEs) in West and Central Africa. This financing, particularly focused on supporting women entrepreneurs, aims to help businesses in Côte d’Ivoire and Senegal overcome barriers to growth.
COFINA has become a critical player in the region, providing financial services to MSMEs typically underserved by traditional banks. “Our investment will support entrepreneurship in West Africa, empowering underserved groups, including women entrepreneurs,” said Björn Areskog, Swedfund’s Senior Investment Manager.
The new credit facility, with half of its funds guaranteed by the European Union’s EFSD+ initiative, is a significant move under the Global Gateway’s financial inclusion priority. It will be channeled through COFINA subsidiaries like FIN’Elle, dedicated to women-owned businesses, as well as COFINA Côte d’Ivoire and COFINA Senegal, which serve the broader MSME sector.
Swedfund’s Regional Director for West Africa, Kitanha Toure, emphasized the role of development finance institutions (DFIs) in fostering local capital markets by supplying long-term capital where it is limited. “We are committed to supporting impactful companies across West Africa, a key region for Swedfund as we increase investments on the African continent.”
Echoing this commitment, Groupe COFINA’s Director of Strategy, Serge Massamba, highlighted the economic impact of gender equality. “Gender equality is a strategic advantage for African businesses, boosting innovation, performance, and sustainability. By empowering women, companies unlock growth opportunities and drive long-term success,” he said.
This partnership aims to bridge the financial gap faced by MSMEs in the region, contributing to job creation, economic stability, and enhanced livelihoods across West Africa.
