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(Agence Ecofin) – As part of its "Grow with Africa" program, Societe Generale banking group aims to give a real boost to the development of African SMEs, which constitute 90% of private companies on the continent and host more than 70% of jobs.
Revealing the details of the program to boost the growth of this banking group in Africa, during a press conference on November 29, 2018 in Dakar, the Senegalese capital, Societe Generale General Manager Frederic Oudea announced that over the next five years, the group aims to increase by 60% its outstanding loans to African SMEs, to bring the overall envelope to 4 billion euros.
To this end, said Alexandre Maymat, head of Africa, the Mediterranean and overseas group, Societe Generale plans to further develop modes of financing such as factoring and leasing. "The evolution of leasing in Africa is spectacular and factoring shows double-digit growth every year"He said.
This trend is confirmed by the managers of the African subsidiaries of this banking group, which mainly focused on the cases of Societe Generale Cameroon and Ivory Coast, in which, we have learned, leasing accounts for 13% and 77% of business loans.
In addition to the development of factoring and leasing, the group plans to intensify its partnership with microfinance institutions and launchSME houses", Which, according to Alexandre Maymat, will be structures in which Societe Generale will support the promoters of African SMEs in the development of certain skills, in order to facilitate their access to credit.
In addition to increasing funding for SMEs, the Societe Generale Group's growth enhancement program in Africa provides for a 20% increase over 3 years in commitments related to infrastructure financing on the continent. This component of the strategic plan, according to the leaders of the group, is a response to the infrastructure financing needs facing the continent, which needs are officially estimated at $ 1900 billion by 2030, we learn.
The agricultural sector is not left behind in this new Société Générale Group strategy on the African continent. According to Alexandre Maymat, in addition to intensifying funding for local agricultural processing projects, the group aims to connect one million African farmers to banking services in five years, thanks to Yup, its mobile banking platform. "Yup offers the ability to check revenue streams and their recurrence. On this basis, farmers can easily be offered targeted credit offers"Says Alexandre Maymat.
Brice R. Mbodiam, in Dakar
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