A partnership has been established between the African Guarantee Fund (AGF) and Vista Group Holding with the aim of expediting the financing process for small and medium-sized enterprises (SMEs), notably those managed by women, in four West African countries: Burkina Faso, Gambia, Guinea, and Sierra Leone.
Through this partnership, AGF will support Vista Group Holding’s lending efforts to SMEs throughout its network in the four target countries by offering a $50 million loan portfolio guarantee.
The cooperation intends to boost SME finance and promote regional economic development in order to open up growth prospects for SMEs in West Africa.
The cooperation will increase access to financing for entrepreneurs, especially women-owned SMEs, green firms, and youth entrepreneurs, by concentrating on underserved markets. This will contribute to financial inclusion.
By reducing any risks connected to SME lending, the AGF’s risk-sharing guarantee will support Vista Group’s and its subsidiaries’ financial stability.
“We are excited to partner with Vista Group, one of the largest leading players in the West African banking landscape,” stated Jules Ngankam, Group Chief Executive Officer of AGF.
Through greater access to funding, “this collaboration will leverage our combined expertise and resources to unlock the immense potential of SMEs in the region and drive inclusive economic growth,” the speaker stated.
“Partnering with AGF is a significant step in our mission to empower SMEs and contribute to financial inclusion across West Africa,” stated Yao Kouassi, managing director of Vista Group Holding.
“With the help of this facility, we will be able to reach a wider audience and give vital financial support to companies that are propelling these nations’ economies forward. This is in line with our objective to penetrate the Central African Economic and Monetary Community (CAEMAC) and ECOWAS in addition to the Guinean Market.
Wilfrid Abiola, the country manager of the African Development Bank’s Togo office, said, “This partnership reflects the African Development Bank’s commitment, especially through the AFAWA initiative.”
in order to support economic growth in the West African region and empower women entrepreneurs.
“Vista Group Holding is taking the commitment to de-risk women-led businesses in their portfolio and making great strides in transforming access to finance for women-led small and medium enterprises in low-income countries and fragile states,” Abiola continued. “With 20 percent of this transaction allocated to women-led small and medium-sized enterprises, along with tailored technical assistance support provided by AFAWA,” she said.
In terms of AGF and Vista Bank Group’s dedication to assisting SMEs and promoting equitable economic growth in West Africa, this relationship represents a critical turning point. Together, the two organizations will support small business owners, generate employment, and help the area have a more successful future.
The African Guarantee Fund (AGF) is a specialized guarantee provider whose goal is to support Africa’s economic growth and fight poverty.
The goal of financial services holding company Vista Group Holding SA is to create a top-tier pan-African financial institution group and support financial and economic inclusion across the continent.
