Signature of the partnership contract between FPM ASBL and CAMEC MBANZA NGUNGU
FPM has signed a technical assistance partnership November 11, 2019 with CAMEC Mbanza-Ngungu in order to bring the savings and credit cooperative support in enhancing the service offering designed for Micro, Small and medium-sized enterprises (MSMEs) and low-income households.
After a period of restructuring, CAMEC Mbanza-Ngungu wants to upgrade its range of financial products and services, adapting the institutional architecture to best practices. To do this, the support of FPM ASBL aims to consolidate the work already accomplished by the management team and to help perpetuate the achievements.
FPM ASBL offers technical support in three sequential phases with suspensive conditions in order to increase the involvement and the degree of ownership. These include: (i) institutional audit to make an in-depth inventory credit, accounting and MIS, (ii) strengthening the institutional architecture to strengthen the essential pillars in the institution’s management and finally (iii) risk management and internal control to strengthen the audit system and internal control.
Founded in 1988, CAMEC Mbanza-Ngungu is a savings and credit cooperative operating in the province of Kongo Central in the territory of Mbanza Ngungu. As of July 31, 2019, it had nearly 17,811 members, 34% of whom were women, compared to a sector average of 20%. However, this number remains low compared to the potential of the Mbanza-Ngungu territory, which has an active population of around 260,436 inhabitants.
To recap, FPM, Financial Inclusion Fund in DR Congo is a Fund that contributes to poverty reduction in the DRC by promoting the development of a sustainable supply of financial services accessible to Micro, Small and Medium Enterprises (MSME) and to low-income populations.
To achieve this, the FPM relies on financial institutions, to which it provides technical assistance services and financing. The technical assistance services include the following axes:
- Direct technical assistance (for the benefit of partner financial institutions);
- Forums and training for Congolese financial market professionals;
- Market research aimed at improving financial inclusion.