Support to the Confederation des Institutions financières de l'Afrique de l'Ouest (CIF)

Results achieved as of the end of the project (May 2012): (1) One family out of four has benefited from the services offered by CIF member networks. The household coverage rate has increased from 15 percent to 25 percent. This rate measures improved access for the low-income population to financial services better suited to their needs. (2) The number of CIF members has increased by 22 percent from 2.43 million in 2009 to 2.96 million in 2011 which is indicative of the members’ confidence in their confederation. (3) The volume of savings has increased from 107 billion CFA francs in 2008 to 216 billion CFA francs in 2011 (102 percent). The volume of credit totalled 185 billion CFA francs in 2011. This shows that household income has increased. (4) The number of service points has increased by 57 percent from 356 in 2008 to 560 in 2011. Sixty (60) percent of transactions were automated allowing easier access for a larger number of CIF members which helped to improve the CIF’s efficiency. (5) A strategic plan has been developed and shared with donors. The main lesson learned in managing this project is the value added of a regional mechanism that complements the activities implemented by national savings and credit networks.