FPM ASBL signed a partnership agreement with IFOD SA (Financial Institution for Development Works) on Friday 17 February, in the IFOD premises located in the Queen of Peace building, at the intersection of Avenue des Huileries and Tabu Ley Rochereau (formerly Tombalbaye).
FPM ASBL, whose mission is to promote financial inclusion in the DRC, has been providing technical and financial support since 2010 to financial institutions that target micro, small and medium-sized enterprises (MSMEs) and low-income working populations in particular.
IFOD SA is a microfinance company owned by the congregations of the Catholic Church. It was approved by the Central Bank of Congo in 2015 and launched its activities in June 2016. IFOD SA collects savings and grants loans to low-income people excluded from the traditional financial system. It plans to deploy in rural and urban areas, i.e. the 150 main towns, in order to cover the whole DR Congo geographically in the very near future.
In view of its strong growth potential, the partnership between IFOD SA and FPM ASBL will aim to strengthen IFOD SA’s organizational capacities and provide the institution with an institutional architecture conducive to its positioning in the Congolese sector. FPM ASBL’s intervention would include the following main activities:
• Institutional reorganization;
• Assistance in the development of activities (credit and savings);
• Strengthening the internal control system;
• Optimization of the management information system