Q: What type of financial institution is Cofina Burkina?

Cofina Burkina is a mesofinance institution regulated by the Commission Bancaire de l'Union Monétaire Ouest Africaine (CB-UMOA). Mesofinance institutions serve as intermediaries between microfinance and traditional commercial banks, specifically targeting small and medium-sized enterprises with credit needs that exceed microfinance capacity but remain below traditional bank thresholds. This institutional type is particularly relevant in West African financial markets, where a significant financing gap exists for growing businesses. Cofina Burkina operates under UEMOA (West African Economic and Monetary Union) banking regulations.

Question 1

What is Cofina Burkina?

Accepted Answer

Cofina Burkina is a mesofinance institution operating in Burkina Faso as part of the Groupe Cofina network. It specializes in providing financial services to micro, small, and medium-sized enterprises (MSMEs) and entrepreneurs who are typically excluded from traditional banking systems. As a mesofinance provider, Cofina Burkina occupies the critical space between microfinance and conventional banking, serving clients who have outgrown microfinance but lack access to traditional commercial banks.

The institution is part of a pan-African financial group focused on inclusive finance and economic development.

Question 2

When was Cofina Burkina founded?

Accepted Answer

Cofina Burkina was launched in October 2019, making it one of the newer additions to the Groupe Cofina network. The parent organization, Groupe Cofina, was founded in 2014 by Jean-Luc Konan in Abidjan, Côte d'Ivoire.

Before the official launch, Groupe Cofina's leadership met with Burkina Faso President Roch Marc Christian Kaboré in 2019 to discuss the institution's entry into the country and its plans to support the national economy through MSME financing.

Question 3

Where is Cofina Burkina headquartered?

Accepted Answer

Cofina Burkina is headquartered in Ouagadougou, Burkina Faso. The institution's main office is located on Avenue de la Révolution.

The parent company, Groupe Cofina, maintains its headquarters in Abidjan, Côte d'Ivoire, with a representation office in Paris, France.

Question 4

Where does Cofina Burkina operate?

Accepted Answer

Cofina Burkina operates primarily in Ouagadougou and surrounding areas within Burkina Faso. As part of the broader Groupe Cofina network, the institution benefits from the group's presence across eight West and Central African countries, including Côte d'Ivoire, Senegal, Guinea Conakry, Gabon, Mali, Congo Brazzaville, Togo, and Burkina Faso.

The group operates through a network of more than 90 agencies across these countries.

Question 5

What services does Cofina Burkina offer?

Accepted Answer

Cofina Burkina provides a comprehensive range of mesofinance services tailored to MSMEs and individual entrepreneurs:

Credit and Financing: Medium- and long-term financing for business development, working capital, equipment acquisition, and productive projects.

Transactional Services: National and international cash transfers through the group's Cash Point Services (CPS) division.

Advisory Services: Money collection, settlement, and cash management support for businesses.

Digital Banking: Access to COFINA mobile and COFINA online platforms, which allow customers to perform financial transactions from mobile phones and computers.

Approximately 60% of Cofina's credit clients are first-time borrowers, demonstrating the institution's commitment to financial inclusion.

Question 6

What makes Cofina Burkina unique?

Accepted Answer

Cofina Burkina stands out for its specialized focus on mesofinance, serving the underserved segment between microfinance clients and traditional bank customers. The institution takes a country-specific approach, adapting its services to the unique economic structure and business environment of Burkina Faso rather than applying a one-size-fits-all model.

The institution is backed by international development finance institutions including the African Development Bank, Netherlands Development Finance Company, and Belgian Investment Company for Developing Countries.

Cofina's commitment to gender equality is notable, with approximately 48% of financed projects led by female entrepreneurs. The group also supports social initiatives through programs like "Fin'ELLE" (dedicated to female entrepreneurship), "Cofina Startup House" (a start-up incubator), and the "Young Professional Programme" for financial sector graduates.

Question 7

What type of financial institution is Cofina Burkina?

Accepted Answer

Cofina Burkina is a mesofinance institution operating in Burkina Faso as part of the Groupe Cofina network. It specializes in providing financial services to micro, small, and medium-sized enterprises (MSMEs) and entrepreneurs who are typically excluded from traditional banking systems. As a mesofinance provider, Cofina Burkina occupies the critical space between microfinance and conventional banking, serving clients who have outgrown microfinance but lack access to traditional commercial banks.

The institution is part of a pan-African financial group focused on inclusive finance and economic development.

This institutional type is particularly relevant in West African financial markets, where a significant financing gap exists for growing businesses. Cofina Burkina operates under UEMOA (West African Economic and Monetary Union) banking regulations.

Cofina Burkina

in Burkina Faso 🇧🇫

Crypto-Friendliness

All done!

About Cofina Burkina in Burkina Faso