EDFI ElectriFI, the European Union-funded electrification finance initiative, has invested EUR 1.5 million ($1.6m) in Fin’Elle, (aka La Finance pour ELLE). This microfinance institution specializing in financing is a subsidiary of COFINA dedicated to supporting female entrepreneurship in the Ivory Coast and offering suitable and accessible financial services.
This new EDFI ElectriFI funding is combined with technical assistance in the form of building the institution’s capacity and other non-financial support tools. This technical assistance is co-financed by Fin’ELLE.
“The solution provided by EDFI ElectriFI consists of financial support combined with technical assistance. Concretely, we will work with Fin’ELLE and an external consultant to develop a green strategy for the institution. This strategy will include the design of a specific financial product intended exclusively for Ivorian entrepreneurs active in the fields of renewable energies, access to energy and energy efficiency ” says, Lionel Dieu, senior investment manager at ElectriFI within EDFI Management Company.
This investment is part of a Côte d’Ivoire-focused strategy that is supported by particular funds from the national investment window. In this regard, EDFI ElectriFI is collaborating closely with the European delegation of Côte d’Ivoire and local governments to help the country get faster access to renewable energy.
While over 70% of African women face many barriers in terms of accessing financial services or simply do not have access to them, Fin’ELLE aims to increase the proportion of eligible women and increase the volume of loans allocated to women. To date, Fin’Elle has been able to support more than 5,000 clients, offering them products tailored to their pricing, insurance and training needs. Fin therefore meets the criteria of the 2X Challenge, a tool that quantifies the integration and empowerment of women in the world of work.
“We are delighted with this far-reaching partnership. This funding will allow Fin ‘ELLE to provide considerable support to women working in value chains that promote renewable energies. The opportunity is interesting because it allows it to meet its double objective which is on the one hand to participate in the financial inclusion of women and on the other hand to fully play its part as a major player in the promotion of green energies,” says Ms. Marema BAO, Chairman of the Board of Fin’ELLE.
A Look At What Fin’ELLE Does
Founded in 2018, Fin’ELLE is a microfinance institution dedicated to the empowerment of women entrepreneurs. With a range of savings products, credit and capacity building programs, Fin’ELLE is committed to promoting in Côte d’Ivoire a pan-African model of inclusive financing for women. Fin ’ELLE now serves more than 10,000 clients and ranks 9th among microfinance institutions in the Ivory Coast.
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Fin’ELLE is a subsidiary of the COFINA Group, the African leader in mesofinance.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer