Atlantic Business International (ABI), a subsidiary of the Moroccan group Banque Centrale Populaire at the head of the Banque Atlantique network, has signed a partnership with the IFC (International Finance Corporation, World Bank Group) as part of a project to implement a platform dedicated to strengthening the value chain financing opportunities of one of the continent’s key economic sectors.
Through this agreement, ABI favors innovation in its credit portfolio diversification strategy based on IFC expertise, in order to better meet the needs of stakeholders in the agricultural sector in West Africa, mainly in Burkina Faso, Côte d’Ivoire and Mali through its Atlantic Bank network.
In concrete terms, the two partners will develop tools to improve knowledge of the agricultural world, as well as the management of specific costs and risk profiles, with a view to stimulating access to finance for small farmers. They are also committed to creating innovative solutions and approaches that better meet the needs of farmers. This involves deploying, via the holding company’s banking subsidiaries, mobile payment solutions and digital tools as well as capacity building modules for farmers.
The evolution of the agricultural sector with its high investment and production requirements has the effect of excluding many small farmers from financing channels. A palpable case in Côte d’Ivoire where the sector receives only about 5% of bank financing although it accounts for nearly 25% of GDP, ABI notes in its statement.
“Adequate investments in agricultural value chains can reduce costs and facilitate small farmers’ access to finance, while enabling them to expand into larger markets,” the firm says.
“As agriculture is one of the pillars of our economies, financial institutions should be more supportive of the agricultural sector. (…) This project (…) will enable the BCP group to increase the financing granted to entrepreneurs in the agricultural sector through innovative solutions both in Côte d’Ivoire and in other countries of the sub-region, “said Habib Koné. , Managing Director of ABI.
