African Guarantee Fund (AGF) (www.AfricanGuaranteeFund.com) and the BGFIBank Group have entered into a framework agreement with the objective of enhancing access to finance for Small and Medium-sized Enterprises (SMEs) in Africa.

On Monday 21 October 2024, the BGFIBank Senegal subsidiary signed a specific agreement with AGF, marking a new phase in this collaboration. The purpose of this agreement is to provide a portfolio guarantee to facilitate access to finance for SMEs, with a total cover of 3 billion CFA francs.

The primary objective is to encourage and facilitate the granting of credit to Senegalese SMEs in general, with particular focus on loans for women entrepreneurs and projects eligible for green financing.

This partnership between BGFIBank Senegal and AGF demonstrates a mutual commitment to fostering the growth of the Senegalese economy through the advancement of SMEs, which are a crucial driver of expansion and employment opportunities in Senegal.

BGFIBank Senegal Managing Director Khady Boye Hanne said:

"We are pleased to announce the strengthening of the BGFIBank Group's partnership with AGF, which shares our vision of developing SMEs in Senegal. This guarantee will facilitate entrepreneurship and assist our customers in executing their projects, while stimulating economic growth in our country."

AGF West Africa Managing Director Bendjin Kpeglo said:

"The facility is designed to drive transformation in the SME sector and provide support to women-led businesses that currently lack access to finance due to structural inequalities and discrimination. The AFAWA Guarantee for Growth programme will enable BGFI Bank Senegal to enhance its existing products for women entrepreneurs. The guarantee will also facilitate sustainable development by providing access to finance for businesses engaged in clean energy, cleaner production, green services, climate-smart agriculture and natural resource management."

A shared commitment to sustainable impact

This agreement reaffirms BGFIBank and AGF’s commitment to supporting entrepreneurial initiatives and contributing to the sustainable development of SMEs through tailored financial solutions.

The signing of this agreement marks a new stage in the financial support of Senegalese SMEs, ensuring a promising future for these businesses.