FINAFRICA

What FINAFRICA does

Finafrica is a pan-African financial inclusion group founded in 2018 by Groupe Duval, a French family-owned conglomerate. The group operates through two complementary business lines — microfinance and insurance — delivered via 9 wholly-owned subsidiaries across 5 African countries (Senegal, Guinea, Cameroon, Côte d'Ivoire, and Rwanda). As of 2025, Finafrica reports €80M in revenue, 1,200 employees, 208 physical agency branches, 1.3M clients, and a €82.7M loan portfolio. Its microfinance subsidiaries (Finafrica Microfinance Senegal/Guinea/Côte d'Ivoire, FOCEP Cameroon, UFC Rwanda) provide credit, savings, and microinsurance to micro-entrepreneurs, TPEs, SMEs, and informal sector workers; its insurance subsidiaries (Finafrica Assurances Senegal, GMC Assurances Cameroon, Prime Insurance and Prime Life Insurance Rwanda) offer property/casualty and life products, including micro-insurance bundled with credit.

The group's core commercial proposition is the integration of credit and insurance within a single distribution network, enabling cross-selling synergies — most notably demonstrated by the FOCEP-GMC Assurances partnership (launched July 2023), which has delivered micro-insurance access to over 30,000 FOCEP clients through bundled products such as hospitalization insurance embedded in credit repayment schedules and credit prefunding of automobile insurance premiums. Distribution relies on a 208-agency physical network supplemented by phone/email service and the Globus insurance network (present in 40 African countries) for enterprise clients. The technology layer is described as an integrated digital platform with mobile banking and digital financial services targeting rural and informal populations; no proprietary AI/ML capabilities are disclosed.

Finafrica's revenue model combines subscription/recurring streams (microfinance interest, insurance premiums) with usage-based digital financial services, sold to a granular base of retail and micro-business customers with low-ticket, repeat-credit relationships (e.g., clients progressing from 2.5M GNF to 50M-100M GNF credit over multiple cycles). Pricing is transaction-based and not publicly disclosed. In March 2024, Proparco (AFD Group) acquired a 10% equity stake via the FISEA/Choose Africa facility, validating the model and funding further roll-up acquisitions. The group is currently executing a 2025-2030 business plan with a group-wide digital transformation initiative under a dedicated Director of Digital Transformation.

Name

FINAFRICA

Legal name

Finafrica

Website

https://groupefinafrica.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Short description

Finafrica is a pan-African financial inclusion group founded in 2018 by Groupe Duval, operating 9 microfinance and insurance subsidiaries across Senegal, Guinea, Cameroon, Côte d'Ivoire, and Rwanda. It serves 1.3 million micro-entrepreneurs, SMEs, and informal workers via 208 agencies with bundled credit and insurance products.

Ownership category

akta.pro rank

Product category

Microfinance and Insurance Services

NAICS

Credit Intermediation and Related Activities (522), Other Nondepository Credit Intermediation (52229)

SIC

Short-Term Business Credit Institutions (6153), Personal Credit Institutions (6141)

akta.pro primary industry

Microloans & Working Capital Loans (FSAKAGAA)

akta.pro secondary industries

SME, Microfinance & Financial Inclusion Facilities (BPADACAI), Financial Inclusion & Consumer Empowerment (Banking Access, Credit Building) (BPAGALAJ), Agricultural & Rural Microfinance (FSAKAGAG)

Keywords

• Microfinance services
• Inclusive insurance products
• Financial inclusion
• Microcredit lending
• Pan-african banking

Headquarters

HQ city

Boulogne-Billancourt

HQ country

France

HQ region

Europe

Offices10 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Microfinance Services: Finafrica operates 5 microfinance institutions providing credit, savings, and financial services to micro-entrepreneurs, SMEs, and individuals across Senegal, Guinea, Cameroon, Côte d'Ivoire, and Rwanda. The group manages 82.7M€ in loan portfolio.
2. Insurance Services: Finafrica operates 4 insurance companies offering property, casualty, and life insurance products. Insurance services are bundled with microfinance offerings, providing credit with insurance protection. The group insures 1.3M clients total across all insurance subsidiaries.
3. Digital Financial Services: Digital solutions including mobile banking and fintech services targeting rural populations and informal workers, part of the group's digital transformation strategy

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels5 records

Core offering

Finafrica operates a pan-African financial inclusion group offering microfinance services (credit, savings, and microinsurance) through five microfinance institutions and insurance products (property/casualty and life) through four insurance companies, serving micro-entrepreneurs, SMEs, and underserved populations across Senegal, Guinea, Cameroon, Côte d'Ivoire, and Rwanda via 208 agency branches. The group bundles credit with insurance products and targets financial inclusion for informal sector workers, women, youth, and rural communities.

Product overview

FINAFRICA is a pan-African financial inclusion group founded in 2018 that operates through two complementary business lines: microfinance and insurance. The company integrates microfinance services (offering credit, savings, and microinsurance to micro-entrepreneurs, TPEs, SMEs, and individuals) with insurance products (property & casualty and life insurance) through a network of 9 subsidiaries across 5 African countries. The group provides integrated, digitally-enhanced services designed for urban and rural entrepreneurs and informal sector actors, combining financial access with protection against life's uncertainties.

Differentiator

Problem solved

Functional benefit

Products and services

• Finafrica Microfinance Senegal Microfinance institution offering savings, credit, and microinsurance services to micro-entrepreneurs, TPEs, and SMEs in Senegal. Joined the Finafrica network in 2023, formerly known as Crédit Solidaire d'Afrique (CSA).
• Finafrica Microfinance Guinea Leading microfinance institution in Guinea with 124,000 clients and 24 agencies (15 in province). Originally founded as Finadev Guinea in 2005, joined Finafrica network in 2019, promoting financial inclusion and supporting micro-entrepreneurs, TPEs, SMEs, women's empowerment, and youth employment.
• Focep (Fonds Camerounais d'Épargne pour le Progrès) Microfinance institution in Cameroon with over 52,100 clients, 15 agencies, and 2 rural service points. Founded in 2010, joined Finafrica network in 2019, serving micro-entrepreneurs, TPEs, and SMEs excluded from traditional banking.
• Finafrica Microfinance Côte d'Ivoire Microfinance institution originally created in 2008 by Aga Khan Agency for Microfinance (AKAM), joined Finafrica network in 2023 with predominantly rural footprint. Contributes to poverty reduction and financial inclusion for populations traditionally excluded from banking.
• UFC (Umutanguha Finance Company) Microfinance institution in Rwanda with 37,850 clients and 23 agencies. Originally founded in 2003 as a savings and credit cooperative by a group of widows; 'Umutanguha' means 'faithful friend'. Joined Finafrica network in 2019.
• Finafrica Assurances Senegal Property and casualty (IARD) insurance company with 64,000 clients, 36 agencies, 2 offices, and 59 employees. Founded September 1, 1988 as Salama Assurances; joined Finafrica Group in 2019; rebranded to Finafrica Assurances in January 2024.
• GMC Assurances Insurance company in Cameroon ranked 7th in the market with 73,000 clients, 26 agencies, and 10 offices. Founded as a mutual in 1990 for the middle class, became a joint-stock company in 2003; market leader in automobile segment with 15.5% market share; joined Finafrica in 2022.
• Prime Insurance Non-life insurance company in Rwanda with 40,200 clients, 65 agencies, and 93 employees. Originally created in 1995 as Cogear; ranked 3rd in the Rwandan insurance market; joined Finafrica network in 2023.
• Prime Life Insurance Life insurance company in Rwanda with 377,450 clients, 65 agencies, and 46 employees. Created from Cogear strategic split; ranked 3rd in the Rwandan insurance market with focus on inclusive and innovative health insurance solutions; joined Finafrica network in 2023.

Quantifiable outcome

• 1.3 million clients served across all subsidiaries
• +3 more outcomes

Named customers5 records

Segments7 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered core.

• IFC (International Finance Corporation) / World Bank GroupcoreStrategic or Co-development Partner · 15 April 2025Strategic collaboration between Finafrica Holding and IFC explores opportunities to improve financial services access, strengthen economic skills, and support social impact sectors. Discussions cover financial inclusion extension, financial education development, and financing for agriculture, renewable energy, health, and education sectors aligned with UN SDGs.
• PNUD (UNDP) and MINEPAT (Cameroon)coreStrategic or Co-development Partner · 1 October 2024FOCEP became financial partner of OSSP program (Support to Cameroon Private Sector Operations) implemented by Cameroon Government and UNDP, following a loan agreement with BADEA (Arab Bank for Economic Development in Africa). Partnership provides preferential financing to very small enterprises (TPE) in agriculture, livestock, fisheries, agro-food, wood, and digital sectors.
• GMC Assurances (internal subsidiary)coreStrategic or Co-development Partner · 1 July 2023Commercial partnership between FOCEP (microfinance) and GMC Assurances to jointly develop and commercialize microfinance and micro-insurance products. Since July 2023, over 30,000 FOCEP clients have accessed flexible micro-insurance including hospitalization coverage included in credit repayments, and auto insurance prefunding through FOCEP credit.

Scale indicators8 records

Recent moves10 records

Expansion highlights6 records

Broad incumbents

• ProCredit Holding: Frankfurt-listed group of development-oriented commercial banks serving SMEs and private clients across Eastern Europe, the Balkans, and selected African/Latin American markets, with a comparable focus on financial inclusion and SME lending.
• SanlamAllianz (Allianz Africa JV): Pan-African insurance and investment group with operations across multiple African markets, competing with Finafrica's insurance subsidiaries in life and non-life insurance distribution.
• NSIA Group: Leading West/Central African financial services group offering banking and insurance across Côte d'Ivoire and 12+ African countries, competing with Finafrica in insurance and broader financial services distribution.

Direct peers

• Advans Group: Paris-based pan-African and Asian microfinance network operating regulated microfinance institutions across multiple African countries, with similar focus on serving micro-entrepreneurs and SMEs excluded from traditional banking.
• Baobab (formerly Baobab Senegal / Baobab Côte d'Ivoire): Pan-African digital microfinance network with strong presence in West Africa including Senegal and Côte d'Ivoire, serving micro-entrepreneurs and small businesses through both branches and digital channels.
• Cofina (Compagnie Financière Africaine): West African financial group operating a network of microfinance institutions serving SMEs and individuals, with presence in Côte d'Ivoire, Senegal, and other Francophone African countries overlapping Finafrica's footprint.
• SUNU Group: Paris-headquartered pan-African insurance group with life and non-life subsidiaries across West and Central Africa, directly comparable to Finafrica's insurance arm in geography and customer segment.

Regional players

• Orabank: West African banking group serving individuals, SMEs, and corporates across 12 countries including Côte d'Ivoire, Senegal, and Guinea - directly overlapping Finafrica's geographic footprint for SME and retail banking.

Emerging players

• ACEP International / African Confederation of Cooperative Savings: Network of African cooperative savings and credit institutions promoting financial inclusion and microfinance across multiple African countries, with comparable mission and target segments to Finafrica.
• PlaNet Finance: Paris-based international microfinance organization supporting financial inclusion in developing countries, comparable to Finafrica's microfinance arm in mission and SME/micro-entrepreneur targeting.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/finafrica

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about FINAFRICA