- Express Union Tchad (EUT), has obtained a loan of $1 million from Proparco
- Proparco’s support for EUT, contributes to financial inclusion of the most vulnerable populations, as well as the roll-out of credit solutions for small entrepreneurs
- The target project will help meet three Sustainable Development Goals,SDG No. 1 (No Poverty), SDG No. 8 (Decent Work and Economic Growth) and SDG No. 10 (Reduced Inequalities)
Chad’s Express Union Tchad, a key microfinance institution has signed a senior loan with Proparco worth $1million facilitated by IFC a member of the world bank.
Express Union Group (EUG) is a money transfer and microfinance group headquartered in Cameroon, with operations in Central and West Africa.
Supporting the entrepreneurial community in rural areas in the country’s inland region
In 2022, only 24% of adults had access to a bank account in Chad (Banque de France data), and Proparco’s support for EUT thus contributes to the financial inclusion of the most vulnerable populations, as well as the roll-out of credit solutions for small entrepreneurs.
The wide range of services offered by the institution and the size of its branch network guarantee a tight network throughout Chad. This is an essential asset in supporting the entrepreneurial community, particularly in rural areas in the country’s inland regions.
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“For Express Union Tchad, this loan will strengthen its financial capacity to meet the financing needs of micro, small and medium-sized enterprises (MSMEs) and low-income households, in order to boost job creation and accelerate financial inclusion. One of the priorities of Express Union Tchad’s 2024/2028 strategic development plan is definitely the development of financial services. Proparco is thus demonstrating its support for the private sector in developing countries, and in Chad in particular. EXPRESS UNION Tchad would like to see this collaboration extended to other areas to support its development vision,” emphasizes Ebenezer Dongmo, CEO of Express Union’s Chad subsidiary.
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Express Union Tchad (EUT), has obtained a loan of $1 million from Proparco, thanks to the “Fragile Countries” program, which aims to strengthen access to financing for entrepreneurs in isolated regions, particularly in Chad.
Mehdi Tanani, Regional Director for Central Africa at Proparco, was delighted with this operation,”We are proud to be able to finance Express Union Chad and enable this microfinance institution to multiply its impact on Chadian micro-entrepreneurs struggling in a difficult economic environment. Reducing social and territorial inequalities in fragile countries is a collective commitment that lies at the heart of Proparco’s 2023-2027 strategy.”
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The project will help meet three Sustainable Development Goals, SDG No. 1 (No Poverty), SDG No. 8 (Decent Work and Economic Growth) and SDG No. 10 (Reduced Inequalities).
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