MicroCred Senegal

Gross Loan Portfolio USD, 2010: 21.3 million

Number of active borrowers 2010: 15,896

Average loan balance per borrower USD, 2010: 1,339.3

Deposits USD, 2010: 11.2 million

Assets USD, 2010: 27.5 million

Number of depositors 2010: 36,637

Mission:

La mission de MicroCred Sénégal est de fournir des services financiers aux très petites, petites et moyennes entreprises sénégalaises (TPE et PME) exclues du système bancaire traditionnel.
MicroCred Madagascar has a mission of offering financial services to micro and small entrepreneurs ... Read more

Background and Main Challenges:

MicroCred Sénégal a démarré ses activités à Dakar en Septembre 2007. MicroCred Sénégal a pour objectif : 1. l'amélioration du niveau de vie de ses clients et de leurs ménages. 2. l'action en tant que pilote à grande échelle du développement économique au Sénégal. À long terme, MicroCred Sénégal ... Read more

Address:

Arafat N°177 Avenue Cardinal H. Thiandoum - Grand Yoff

Dakar

BP 13710

Senegal

Phone:

+221 33 869 84 20

Fax:

+221 33 867 56 07

Email:

contactsenegal [at] microcredgroup [dot] com

Website:

www.microcred.sn

Main Funding Sources:

Grants

Loans

Savings

Products and Services:

Loans

Voluntary Savings

Looking for (Investment Types):

Equity

Loans in Local Currency

Capacity-Building Grants

% Operations Comprised by MF:

91 - 100

Date established:

Jan 1 2007

FYE:

31-Dec

Current Legal Status:

NBFI

Regulated:

yes

Social Performance Profile


+ Mission specifics
+ Target markets (ranked by importance)
Clients living in urban areas	1
+ Development goals (ranked by importance)
Increased access to financial services	1
Growth of existing businesses	2
Poverty reduction	3
Employment generation	4
+ Poverty targets
No specific poverty target
+ Governance
+ Range of products and services
+ Financial products and services offered
+ Credit products offered
Microcredit loans for microenterprises
SME loans
+ Savings products offered
Checking accounts
Voluntary savings accounts
Fixed term deposits
+ Compulsory insurance products required
Assurance décès/invalidité pour les emprunteurs sur le montant initial du crédit. Le solde restant dû est remboursé à MCS et le montant déjà payé remboursé à la famille de l'emprunteur.
+ Voluntary insurance products offered
+ Other financial products and services offered
Remittances services
+ Non-financial services offered
+ Enterprise services offered
+ Education services offered
+ Health services offered
+ Women's empowerment services offered
+ Products and services targeting the poor
Products and services specifically designed to target the poor:
+ Social responsibility to clients
+ Client protection principles in use
The loan approval process requires evaluation of borrower repayment capacity and loan affordability. Loan approval does not rely solely on guarantees (whether peer guarantees, co-signers or collateral) as a substitute for good capacity analysis.
Internal audits check household debt exposure, lending practices that violate procedures including unauthorized re-financing, multiple borrowers or co-signers per household, and other practices that could increase indebtedness.
Productivity targets and incentive systems value portfolio quality at least as highly as other factors, such as disbursement or customer growth. Growth is rewarded only if portfolio quality is high.
Prices, terms and conditions of all financial products are fully disclosed to the customer prior to sale, including interest charges, insurance premiums, minimum balances, all fees, penalties, linked products, third party fees, and whether these can change over time.
Staff is trained to communicate effectively with all customers, ensuring that they understand the product, the terms of the contract, their rights and obligations. Communications techniques address literacy limitations (e.g. reading contracts out loud, materials in local languages).
Acceptable and unacceptable debt collection practices are clearly spelled out in a code of ethics, book of staff rules or debt collection manual.
The organization's corporate culture values and rewards high standards of ethical behavior and customer service.
+ Cost of services to clients
Declining balance interest method
+ Social responsibility to staff
+ Human resources
Transparency on salary (a clear salary scale based upon market salaries)
Benefits (medical insurance, pension contribution)
Protection at work (safety, anti-harassment)
Equality (anti-discrimination, equal pay for men and women with equivalent skill levels)
+ Basis of staff incentives related to social performance
Ability to attract new clients from target market
Quality of interaction with clients based on client feedback mechanisms
Quality of social data collected
Portfolio quality
+ Social responsibility to the environment
This institution raises clients' awareness about environmental impacts
This institution includes specific clauses in its loan contracts to mitigate specific environmental risks
This institution identifies enterprises with environmental risk
+ Poverty measurement tools in use
Per capita household expenditure
Per capita household income

Partnerships

Current
Name	Relationship
MicroCred	Funding
Oikocredit	Funding

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