CDC and FMO grant Advans strong support to accelerate the recovery of small entrepreneurs
Advansis pleased to announce the recent signature of two technical assistance agreements for 6 month programmes with CDC Group (CDC), UK’s development finance institution, and FMO, the Dutch entrepreneurial development bank, which will enable the group to support clients throughout the current Covid-19 crisis with both financial and non-financial services.
Thanks to CDC’s assistance, Advans will be able to further adapt its financial products to clients’ specific needs during the crisis. The project will concentrate on improving the efficiencyof teams on the ground through the digitalisation of loan monitoring and clients’ follow up. Backed by CDC’s support Advans will work on adapting its service offer, methodologies and processes in all subsidiaries for a maximised impact on clients’ recovery. Leaning on digital technology, Advans will also train teams via e-learning so as to enhance their approach of serving clients responsibly.
Furthermore, FMO’s support will enable Advansto design and deliver key non-financial services to improve clients’ resilience. An in-depth study is being carried out in seven of the group’s countries of operation to better understand and monitor how Advans’ clients’ businesses and livelihoods have been affected by the Covid-19 crisis and the support they need. The study results will help Advans design dedicated tools that will support MSMEs’ capabilities to navigate the crisis. On this basis, the group will pilot in Tunisia a personalised digital coaching programme aimed at improving customers’ resilience.
Grégoire Danel-Fédou, Advans Group’s Deputy CEO, commented: "CDC and FMO support is instrumental to help us double up our support to all affected clients with adapted solutions. We are thrilled to collaborate again with two long term partners.”
Andrew Shaw, Manager Capacity Development at FMO added: “As the spread of the Covid-19 Pandemic gathered pace, FMO was quick to set up an Emergency Grant Facility to support its clients and investees to provide protection to staff and communities and also to support efforts of ‘Building Back Better’, such as with the study, tools and awareness campaigns that Advans has developed.
The effects of the COVID-19 Pandemic have been devastating, not least in emerging markets. The economic distress disproportionally impacts vulnerable entrepreneurs and communities. There is a role for DFIs and their partners and investees to play in supporting the people affected most“.
Sarah Marchand at CDC also commented: “In April 2020, CDC created the COVID-19 Business Response Facility to proactively support a faster and safer response of the private sector across Africa and South Asia. CDC is committed to helping businesses better meet the basic needs of underserved populations across our markets. As such, we are pleased to support this project with Advans which aims to better understand the needs of its clients and adapt its offering accordingly.”
Advans is convinced that these two complementary programs, focusing on financial solutions and non-financial support, will be key in creating added value in the way Advans accompanies its clients throughout their customer journey.
Download the press release here.