Advans CI won 2 awards for their digital products
1. Advans Côte d’Ivoire (CI) won awards from SME Finance ForumThe Global SME Finance Awards recognize outstanding achievements of financial institutions and fintech companies in delivering exceptional products and services to their SME clients. Providing an opportunity for institutions to showcase and share their good practices, the Global SME Finance Awards are endorsed by the GPFI.
Institutions that successfully launched an innovative product or service for SME clients, achieved remarkable results in providing finance to SMEs, or is an innovator in digital financial services, were encouraged to submit nominations in these categories (each institution could be considered for up to two categories).
Advans CI won an award of their digital products from the abvoe institution as an innovator in digital financial services.
2. Advans Côte d’Ivoire (CI) won awards from European Microfinance AwardAdvans Côte d’Ivoire (CI) is a non-bank financial institution which offers credit, voluntary saving, insurance and payment services to SMEs and cocoa producers (15% of total clients). In addition, training on mobile banking and loan management is provided.
In Ivory Coast, less than 10% of the small cocoa farmers have an account at a financial institution, due to the risk and cost of serving them. Cooperatives are therefore often obliged to pay their farmers in cash, creating traceability and safety issues.
Forty percent cocoa producers have to send their children to school 2 months late in the school year because funds are not available at the beginning of the year.
In this context, Advans CI offers digital savings and payment solution, with wallet-to-bank and bank-to-wallet transfer services, enabling producers’ cooperatives to make digital payments to farmers for their crop revenue. Farmers in rural areas can withdraw or deposit funds on their Advans accounts through local MTN mobile money agents, or make other digital payments and transfers.
Advans CI also provides small digital school loans, based on an algorithm reflecting farmers’ cashflows.
Advans Côte d'Ivoire was awarded the prize of €100,000 on November, 15th 2018 in recognition for its innovative digital payment and savings solution for cocoa farmers and cooperatives in Ivory Coast.