Question 1

What is L'Union des Sanduk d'Anjouan?

Accepted Answer

L'Union des Sanduk d'Anjouan, commonly known as URSA (Union Régionale des Sanduk d'Anjouan), is a decentralized microfinance institution operating on the island of Anjouan in the Union of the Comoros. It is the largest and most structured microfinance network in the Comoros, serving populations excluded from traditional banking services.

URSA operates as a regional union of village-based mutual savings and credit institutions called "Sanduks," providing financial services primarily to low-income rural and urban populations, with a particular focus on women, youth, and small-scale entrepreneurs.

Question 2

When was L'Union des Sanduk d'Anjouan founded?

Accepted Answer

The Sanduk project was launched in 1991 as a joint initiative between the Comorian Government and the French Development Agency (Agence Française du Développement - AFD). The project was developed in collaboration with the Institut de Recherche et d'Applications des Méthodes de développement (IRAM), the Groupe de Recherche et d'Echanges Technologiques (GRET), and Comorian professionals.

The Union Régionale des Sanduk d'Anjouan was formally established in 1994 as the regional coordinating body for Anjouan's Sanduk network. The institution achieved financial and operational autonomy in early 2004, marking its transition from donor-dependent project to self-sustaining financial institution.

Question 3

Where is L'Union des Sanduk d'Anjouan headquartered?

Accepted Answer

URSA is headquartered on the island of Anjouan, one of the three main islands of the Union of the Comoros. The institution maintains its central operations on Anjouan, with its network spanning across the island's territory.

Question 4

Where does L'Union des Sanduk d'Anjouan operate?

Accepted Answer

URSA operates exclusively on the island of Anjouan in the Comoros. The institution has established an extensive network covering approximately 67% of the island's territory, serving more than 60 villages out of 90 total villages on Anjouan.

The network consists of 36 to 39 individual Sanduk branches distributed across both rural and urban communities throughout Anjouan. This widespread coverage makes URSA the most geographically extensive financial services provider on the island, reaching areas where traditional banks have no presence.

Question 5

What services does L'Union des Sanduk d'Anjouan offer?

Accepted Answer

URSA provides a comprehensive range of microfinance services tailored to the needs of the Comorian population:

Savings Products: Mandatory and voluntary savings accounts that promote financial inclusion and social solidarity among members.

Credit Products:
• Crédit Ordinaire: Standard loans for entrepreneurs, merchants, and artisans to develop their business activities
• Crédit Agricole: Agricultural financing for farmers, livestock breeders, and fishermen to enhance production
• Crédit sur Salaire: Salary-based loans for public and private sector employees to finance housing, health, education, and other needs
• Crédit Facile: Quick loans for urgent social needs
• Crédit à la Carte: Flexible financing for members who have contributed for at least three months
• Crédit-Bail: Innovative leasing solutions enabling SMEs to acquire productive equipment without upfront guarantees

Additional Services:
• International money transfer services through partnerships with MoneyGram and Global Transfer
• Mobile banking through the HOLO service, developed by the Development Bank of the Comoros
• Account-to-account transfers within the Sanduk network
• Partnership with ALLFAM TRADE for solar energy financing through the UNIHA service

As of recent reports, URSA serves more than 26,000 clients, including over 16,000 savers and approximately 3,800 active borrowers.

Question 6

What makes L'Union des Sanduk d'Anjouan unique?

Accepted Answer

URSA distinguishes itself through several exceptional characteristics:

Village Banking Model: Based on the village banking concept, URSA creates community-owned mutual credit and savings institutions that empower local populations to manage their own financial services.

Crisis Resilience: During Anjouan's secessionist crisis (1997-2008) and economic embargo, URSA continued operating when traditional banks struggled, providing critical support to the island's economy and cementing its role as an essential economic institution.

Participatory Democracy: The institution operates on principles of democratic participation, with elected local representatives and village managers involved in governance, fostering strong community ownership and appropriation of the project.

Exceptional Coverage: With penetration reaching over 70% of households in served villages, URSA achieves market coverage levels rarely seen in microfinance globally.

Financial Autonomy: Unlike many microfinance institutions that remain donor-dependent, URSA achieved full financial and operational autonomy, demonstrating institutional sustainability and viability.

Future Digitalization: URSA is pursuing ambitious digital transformation plans to modernize services, accelerate procedures, and improve client experience, with a goal of reaching 1 billion KMF in financing by 2026.

Question 7

What type of financial institution is L'Union des Sanduk d'Anjouan?

Accepted Answer

L'Union des Sanduk d'Anjouan is classified as a Decentralized Financial Institution (Institution Financière Décentralisée - IFD) under Comorian financial regulations. Specifically, it operates as a microfinance institution organized as a network of mutual savings and credit cooperatives.

Following regulatory reforms in 2004, when the Comoros issued a decree governing decentralized financial institutions, URSA obtained official accreditation from the Central Bank of the Comoros (Banque Centrale des Comores - BCC). This classification places URSA in the category of regulated non-bank financial institutions that provide savings, credit, and payment services to populations underserved by commercial banks.

The institution functions as a second-tier union (regional union) that coordinates and supports first-tier village-level Sanduk cooperatives, making it a cooperative financial network rather than a traditional bank or credit union in the Western sense.

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