The Government of Canada has recently awarded DID a six-year mandate (2017-2023) to continue strengthening the microfinance sector in Benin. This mandate, to be carried out with 14 partner institutions including 10 financial institutions (FECECAM among them), has three components:
- improving the provision of financial services by building capacity among the ten largest microfinance institutions in the country, which together represent 90 percent of the microfinance sector, as well as by supporting the APSFD professional association, the CNM national microfinance committee and the DIFAE directorate for financial inclusion and economic empowerment,
- Improving understanding of the demand for financial services among vulnerable populations and strengthening the skills of financial product and service applicants by helping them improve their financial literacy, and
- supporting the ANSSFD national agency for decentralized financial systems in revitalizing, supervising and controlling the microfinance sector as well as in data processing.
Upon completion, the ADAPAMI support project for developing, professionalizing and revitalizing microfinance in Benin plans to make it possible for 500,000 additional beneficiaries, 60 percent of them women, to gain access to secure, high quality financial services.
This new project complements the PASMIF support program for the microfinance sector in Benin, also financed by the Government of Canada. Through this program, successfully completed between 2010 and 2017 in partnership with several government agencies and private participants, DID played an active role in strengthening FECECAM and in revitalizing the microfinance sector in Benin. The assistance delivered to FECECAM under the program included establishment of a financial centre for entrepreneurs that was officially inaugurated in February 2014 and which has been operating in a fully autonomous mode since July 2016.