Supporting SMEs to expand their projects in Côte d’Ivoire
33,000 clients and 3 million euros from Oikocredit for SME loans
Felix Kanga Yao is a 49-year-old Ivorian pharmacist who has recovered financially after his pharmacy had to close due to the political crisis that hit Côte d’Ivoire in 2011. «I was feeling utterly depressed before Baobab came and rescued me. Within two weeks I had been given a loan and was able to relaunch my pharmacy.»
He received XOF 5 million (€7600) to buy new products, pay his staff and steadily build up his business again. He started from scratch once more and has taken out several loans to diversify his business and upgrade his new pharmacy. Felix now owns several businesses, including the pharmacy, a restaurant and a car wash, employing 48 people.
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Baobab and Oikocredit
BaoBaobab (formerly Microcred) is a social enterprise that provides microloans, photovoltaic installations and digitisation tools to small entrepreneurs in Côte d’Ivoire and has been a partner of Oikocredit since 2020.
Oikocredit, in turn, is a global cooperative that promotes sustainable development by providing loans, investments and capacity building for millions of people in impoverished countries in order to improve their livelihoods. Felix is one successful example, as he would not have obtained financing through more traditional channels such as a bank loan. He is now a true entrepreneur and employs 48 people.