COFINA Senegal
COFINA Senegal is a mesofinance institution serving SMEs, micro-enterprises, and unbanked individuals across Senegal through 35 branches, mobile platforms, and proprietary credit scoring, bridging microfinance and traditional banking.
- Company typePrivate
- Founded2014
- HeadquartersDakar, Senegal
- Headcount101–250
- GTM typeB2B and B2C
- OfferingServices
What COFINA Senegal does
COFINA Senegal (Compagnie Financière Africaine) is a Dakar-based mesofinance institution serving very small enterprises (TPE), small and medium enterprises (PME), and unbanked individuals across Senegal. Founded in April 2014 as the Senegalese subsidiary of Groupe COFINA, it operates 35 physical branches nationwide and reported a total balance sheet of 68 billion FCFA with 92,000+ clients as of December 31, 2020. The institution positions itself as the bridge between microfinance and traditional commercial banking for the so-called "missing middle" of African SMEs that lack certified financial statements or formal collateral, while also reaching the unbanked through mobile money partnerships.
Its core product architecture centers on a proprietary "Mesofinance" credit scoring methodology that combines proximity-based customer knowledge with financial analysis to evaluate SME creditworthiness, layered onto three tiered subscription account packages: Pack TPE (24,500 FCFA opening deposit, 2,500 FCFA monthly fee, credit up to 10M FCFA), Pack TPE+ (34,900 FCFA, 7,500 FCFA monthly, credit up to 50M FCFA), and Pack PME (44,900 FCFA, 10,000 FCFA monthly, credit above 50M FCFA). The product set extends to signature-based guarantee instruments (Engagement Par Signature – EPS) covering bid bonds, performance guarantees, and advances on invoices, plus digital channels (COFINA Mobile, COFINA Online, COFITONTINE digital tontine) and partner-distributed offerings such as LEBALMA nano-credit via Free Money's USSD #150# and COFIMBA equipment financing via NEEMBA. Loan sizes range from 50,000 FCFA to 50+ million FCFA.
The revenue model combines interest income on the SME loan portfolio as the primary stream, signature-based guarantee commissions, recurring account subscription fees, and transactional fees from digital and mobile money services. Distribution runs through a 35-branch field-sales network for relationship lending, supplemented by self-serve mobile/web platforms and channel partnerships with Free Money, Wave (Master Agent status), NEEMBA/Caterpillar, SONAC-SA, and equipment suppliers. Capital base is anchored by an ensemble of development finance partnerships (EIB €10M for Senegal, FMO €7.5M, PROPARCO €656M FCFA plus €5M for Senegal), Mediterrania Capital Partners minority equity, and BRVM-listed asset-backed securitizations, enabling continuous on-lending capacity expansion.
COFINA Senegal firmographics
Firmographics- Name
- COFINA Senegal
- Legal name
- Compagnie Financière Africaine (COFINA)
- Website
- https://cofinasenegal.com
- Company type
- Private
- Founded year
- 2014
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- COFINA Senegal is a mesofinance institution serving SMEs, micro-enterprises, and unbanked individuals across Senegal through 35 branches, mobile platforms, and proprietary credit scoring, bridging microfinance and traditional banking.
- Ownership category
- akta.pro rank
COFINA Senegal industry classification
Industry- Product category
- Mesofinance Services
- NAICS
- Depository Credit Intermediation (5221), Savings Institutions and Other Depository Credit Intermediation (52218), Nondepository Credit Intermediation (5222)
- SIC
- Short-Term Business Credit Institutions (6153), Miscellaneous Business Credit Institution (6159), Savings Institutions, Not Federally Chartered (6036)
- akta.pro primary industry
- SME, Microfinance & Financial Inclusion Facilities (BPADACAI)
Keywords
Where COFINA Senegal is headquartered
LocationHeadquarters
- HQ city
- Dakar
- HQ country
- Senegal
- HQ region
- Africa
Offices3 records
Markets served
COFINA Senegal business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure
Revenue model
- Mesofinance Lending: Interest-bearing loans to SMEs and entrepreneurs with financing needs between microfinance and traditional banking thresholds. Loan sizes range from 50,000 FCFA to over 50 million FCFA. Primary revenue stream through interest income on credit portfolio.
- Digital Transaction Fees: Fees generated through mobile money and digital banking services including LEBALMA nano-credit platform. Commission revenue from mobile money partnerships.
- Guarantee and Bond Services: Revenue from signature-based instruments: bid bonds, performance guarantees, advance payment guarantees, advance on certified invoices, and advance on purchase orders provided to clients.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Pack TPE - Basic account for micro-enterprises and sole proprietors |
| Subscription | Monthly | Pack TPE+ - Enhanced package for small businesses |
| Subscription | Monthly | Pack PME - Professional package for growing businesses |
| One time/ perpetual license | Pay-as-you-go | Credit Ramadan - Seasonal financing for individuals and SMEs |
| Usage-based | Pay-as-you-go | LEBALMA Nano-Credit - Mobile-based micro-credit |
| Unit Pricing | Multi-year contract | COFIMBA Equipment Financing - Industrial equipment purchase |
Go-to-market motion3 records
Distribution channels5 records
Marketing channels7 records
COFINA Senegal product offering
Product offeringCore offering
COFINA Senegal is a mesofinance institution providing credit, savings, and signature-based guarantee products to micro-enterprises (TPE), small and medium enterprises (PME), and unbanked individuals in Senegal. Its core products include mesofinance loans ranging from 50,000 FCFA to over 50 million FCFA, tiered business banking packages, the LEBALMA mobile nano-credit platform distributed through Free Money, and the COFIMBA equipment financing line with NEEMBA. The institution combines a 35-branch physical network with proprietary digital channels (COFINA Mobile, COFINA Online, COFITONTINE) to deliver financial inclusion across Senegal.
Differentiator
Problem solved
Functional benefit
Products and services
- Mesofinance Lending (SME/TPE Credit) Interest-bearing loans to SMEs and entrepreneurs with financing needs between microfinance and traditional banking thresholds. Loan sizes range from 50,000 FCFA to over 50 million FCFA, with credit availability sized to client profile (up to 10M FCFA for Pack TPE, up to 50M FCFA for Pack TPE+, above 50M FCFA for Pack PME).
- Engagement Par Signature (EPS) Guarantee Services Signature-based guarantee products including credit line attestations, advance on invoices, bid bonds, performance guarantees, and advance payment guarantees provided to enterprises needing to secure contracts and transactions.
- LEBALMA Nano-Credit Mobile-based micro-credit service distributed through the Free Money mobile money network, allowing customers to access credit up to 300,000 FCFA via USSD #150# without visiting a branch. Designed for small business investment or emergency expenses and targeted at unbanked populations.
- Crédit Ramadan (Seasonal Financing) Seasonal financing product for individuals and SMEs. For SMEs: up to 50,000,000 FCFA repayable in 60 days at a special rate. For individuals: up to 300,000 FCFA advance on salary repayable in 90 days.
- COFIMBA Equipment Financing Industrial equipment financing partnership with NEEMBA offering SMEs financing for heavy machinery. First product offers financing covering 80% of the Cat 320 GX hydraulic excavator price, repayable over 24 months at competitive interest rates, with delivery within 20 days subject to stock availability.
- Comptes Rémunérés (Interest-Bearing Savings Accounts) Interest-bearing savings accounts offered to COFINA Senegal clients across the Pack TPE, Pack TPE+, and Pack PME account packages, with balance and lock-up terms varying by tier.
- COFINA Mobile and COFINA Online Digital Banking Digital banking platforms enabling clients to perform financial transactions from mobile phones and computers, including COFINA Mobile and the COFINA Online web platform with SMS Banking, USSD, and Coficarte card support.
- COFITONTINE Digital Tontine Platform Digital tontine (informal savings group) platform enabling group-based savings among unbanked and underbanked clients through COFINA's digital infrastructure.
Quantifiable outcome
- 92,000+ clients served in Senegal
- +2 more outcomes
Companies that use COFINA Senegal
Customer profileNamed customers3 records
Segments5 records
Ideal customer profiles5 records
COFINA Senegal technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration4 records
Feature4 records
COFINA Senegal partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered flagship and core.
- NEEMBA GroupflagshipCOFIMBA partnership for industrial equipment financing. First joint product offers Cat 320 GX hydraulic excavator financing: 80% of price, 24-month repayment. Delivered within 20 days of stock availability.
- Free Money (Mobile Cash SA)coreLEBALMA nano-credit partnership enabling credit access via mobile money USSD #150#. Democratizes credit through digital channels reaching unbanked populations. First of its kind mobile credit offering in Senegal.
- SONAC-SAcoreFinancial and non-financial SME support partnership for public and private market access. Joint products include attestation of financial capacity, credit lines, advance on contracts, bid bonds, performance guarantees.
Scale indicators13 records
Recent moves9 records
Expansion highlights6 records
COFINA Senegal competitors and assessment
Company assessmentDirect peers
- Advans SA: Advans is a leading international microfinance and SME-finance group with subsidiaries across WAEMU and other African regions, including Senegal. It serves small businesses and entrepreneurs with loans between microfinance and traditional bank thresholds — the same 'missing middle' COFINA Senegal targets.
- Baobab Group: Baobab (formerly Microcred, merged with its parent network) operates digital microfinance and SME lending in West and Central Africa including Senegal. It focuses on financial inclusion for micro-entrepreneurs and small businesses using mobile channels, directly comparable to COFINA's omnichannel mesofinance model.
- ACEP Group / ACEP Sénégal: ACEP (Agence de Crédit pour l'Entreprise Privée) is a Senegalese-origin mesofinance institution serving SMEs and micro-businesses in WAEMU. Its loan size and client base closely match COFINA Senegal's target segment.
Regional players
- PAMECAS: PAMECAS is a Senegalese federation of mutual savings and credit institutions serving microfinance and small-business clients across Senegal. It competes with COFINA Senegal for the TPE/PME segment with a cooperative membership model.
- Express Union (Financière de l'Union): Express Union is a Senegalese financial-services and microfinance institution providing savings, credit, money transfer, and electronic payment services. It operates in the same territory and segments as COFINA Senegal, including the diaspora and unbanked markets.
Broad incumbents
- Banque Régionale de Solidarité (BRS): BRS is a cooperative bank operating across multiple WAEMU countries, providing SME and consumer banking services. It represents an established incumbent in the same geographic territory and segment as COFINA Senegal.
- Orabank Sénégal: Orabank is a WAEMU-wide commercial banking group with a Senegal subsidiary serving SMEs, corporates, and retail customers. It overlaps with COFINA Senegal's SME financing segment while offering broader banking products.
- Ecobank Sénégal: Ecobank is a pan-African commercial banking group with a major Senegalese franchise serving corporates, SMEs, and retail customers. As a broad incumbent, it competes with COFINA Senegal for upper-SME opportunities while offering full commercial banking services.
- NSIA Banque Sénégal: NSIA Banque Sénégal is a WAEMU commercial bank offering SME, corporate, and retail banking. Its SME lending franchise competes with COFINA Senegal's PME products while leveraging a broader service portfolio.
- Banque Atlantique Sénégal: Banque Atlantique is a WAEMU-focused commercial banking subsidiary of Atlantic Financial Group with operations in Senegal. It targets the same SME/PME segment as COFINA Senegal as part of a broader corporate and retail franchise.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat5 records
Key risks5 records
Key highlights6 records
Customer concentration
COFINA Senegal social profiles
Digital presenceCOFINA Senegal financial estimates
Financial estimateRevenue estimate
Valuation estimate
COFINA Senegal leadership team
Management profileNumber of profiles
Profiles1 record
COFINA Senegal subsidiaries and ownership
Company hierarchySubsidiaries8 records
COFINA Senegal funding detail
Funding detailFunding overview
Funding rounds2 records
Investors2 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
COFINA Senegal M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about COFINA Senegal
What does COFINA Senegal do?
COFINA Senegal is a mesofinance institution providing credit, savings, and signature-based guarantee products to micro-enterprises (TPE), small and medium enterprises (PME), and unbanked individuals in Senegal. Its core products include mesofinance loans ranging from 50,000 FCFA to over 50 million FCFA, tiered business banking packages, the LEBALMA mobile nano-credit platform distributed through Free Money, and the COFIMBA equipment financing line with NEEMBA. The institution combines a 35-branch physical network with proprietary digital channels (COFINA Mobile, COFINA Online, COFITONTINE) to deliver financial inclusion across Senegal.
Is COFINA Senegal a public or private company?
COFINA Senegal is a private company. It is classified as venture growth investor backed and is currently operating.
When was COFINA Senegal founded?
COFINA Senegal was founded in 2014. It employs 101 to 250 people.
Where is COFINA Senegal based?
COFINA Senegal is headquartered in Dakar, Senegal, in the Africa region.
How does COFINA Senegal make money?
Three revenue lines are on record. Mesofinance Lending is the primary driver. The others are digital Transaction Fees and guarantee and Bond Services.
Who are COFINA Senegal's main competitors?
Direct peers on record are Advans SA, Baobab Group and ACEP Group / ACEP Sénégal. Regional players are PAMECAS and Express Union (Financière de l'Union). Broad incumbents are Banque Régionale de Solidarité (BRS), Orabank Sénégal, Ecobank Sénégal, NSIA Banque Sénégal and Banque Atlantique Sénégal.
Does COFINA Senegal have an API?
No public API is recorded for COFINA Senegal.
What industry is COFINA Senegal in?
COFINA Senegal's product category is Mesofinance Services. Its primary akta.pro industry code is BPADACAI, SME, Microfinance & Financial Inclusion Facilities. Its NAICS code is 5221 and its SIC code is 6153.