FINADEV Guinea was established in February 2005 for the purpose of financing loans to small traders. It was formed as a limited company with a starting capital of GNF 400,000,000.

 

Mrs Kanké YANSANE, who sells groundnut paste at Niger Market, is on her third loan from FINADEV. The first one was for 1,000,000 GNF and the current one is for 2,750,000 GNF. “This loan has helped me a lot. Thanks to FINADEV, I manage to plan my business activities better.”

In order to be closer to our target customer group, FINADEV Guinea’s offices are located in Conakry city centre, near Niger Market, one of the largest markets in the city. 

The organisation has three employees (November 2006): two loan managers and one administrative manager.

 

The products currently offered are:

• Solidarity group loans to traders;
• individual credit to traders.
  

 

The customer base consists mainly of women, 62% of whom work in the main markets of Conakry: Niger Market, Madina Market and others. (Women account for 69% of solidarity group loans and 52% of individual loans).

The activities being financed are mainly the sale of clothes and accessories, as well as the sale of general food products.

Activity in 2006. FINADEV GUINEA is in its infancy and is acquiring important knowledge of the clientele and Guinea’s microfinance sector. There are significant prospects for development as the country has only eight approved microfinance institutions.

Loans in 2006. At 31 December, 2006, FINADEV GUINEA registered 127 customers (70% of whom were women). Outstanding debt stands at 13.8 million CFA francs. These figures are constantly on the rise on a very open market (penetration rate: 20%). 

Turnover and profitability in 2006. Financial products are on the increase, but do not yet cover outgoings. The overall income for the 2006 period is negative, at -0.4 million CFA francs.

Prospects. New branches are due to open soon, near Conakry’s main market, so as to be as close as possible to the target clientele.

 

Key figures	in CFA francs (millions
	2006
Activity
Customer loans	12
Number of loans currently under way	82
Number of beneficiaries	127
Income
Turnover before tax	7
Net Income	-0,4
Structure
Total Reported	41
Shareholder Equity	41
Average Staff	4

 

 

 

 

 

A group of three women: Mrs Fatoumata BERETE (leader of the solidarity group), Mrs Yarie FOFANA and Mrs Mafering CISSE, who sell clothing at Niger market. They have benefited from two loans from Finadev, the first for a total of 4,500,000 GNF (Guinea francs) and the second, which is currently being repaid, for 6,000,000 GNF. “Financing by FINADEV has helped us a lot; it has enabled us to finance the purchase of bales of clothing and to protect ourselves from inflation.”