Advans Côte d'Ivoire

What is Advans Côte d'Ivoire mission?

Advans Côte d'Ivoire's mission is to "Meet the financial service needs of Micro, Small and Medium Enterprises (MSMEs) and other economic agents who have inadequate, limited or no access to traditional financial services, by offering them suitable financial services in a sustainable and responsible manner."

Advans Côte d'Ivoire's visions is to "be a leading financial institution that contributes to the growth of local businesses, the creation and maintenance of jobs and the improvement of clients' standard of living in order to promote, through the strengthening of the private sector, economic and social development in Côte d'Ivoire."

What types of financial services does Advans Côte d'Ivoire provide?

Advans Côte d'Ivoire offers a broad set of loans tailored to business owners, MSMEs, smallholders, cooperatives, and village savings groups. The portfolio is primarily focused on productive finance, while loans for personal consumption, education, or emergency expenses account for only a small share of their Gross Loan Portfolio (GLP). In addition to its credit offering, Advans provides other financial services, including microinsurance products that cover life, agricultural activities, school fees, hospitalization, and health risks. The institution also offers voluntary deposit services, such as current accounts, savings accounts, and term deposits.

What is the cost of borrowing from Advans Côte d'Ivoire?

Microfinance institutions (MFIs) charge higher rates of interest for several reasons. Firstly, the administrative costs of making many small and high-risk loans are much higher than making fewer larger and collateralised loans; secondly, they take more time assessing the feasibility of applications and thereby reducing risk because borrowers cannot offer traditional forms of collateral nor do they have salaried incomes; thirdly, MFIs often operate in geographically remote areas with low population densities and this means that they incur greater operational costs; and fourthly they often accompany loans with a range of training and technical advice. The most representative loan product of Advans Côte d'Ivoire funded by Lendwithcare attracts an Annual Percentage Rate (APR)* of 22.8%.

*The Annual Percentage Rate (APR) is a standard way of expressing the cost of a loan that allows for comparison between loans. It includes annual interest, insurance, and fees that the borrower must pay, and is expressed as a percentage of the amount borrowed.

Does Advans Côte d'Ivoire any training?

Yes, all Advans Côte d'Ivoire customers receive training client training, basic business development support, and training on loan management. However, most of their more in-depth training services are delivered through local partners such as NGOs like CARE International. CARE International in Côte d'Ivoire has been working with Advans for over a decade to support business development and access to finance opportunities to low-income entrepreneurs living in cocoa-communities.

Where can I find out more information about Advans Côte d'Ivoire?

Further information about Advans Côte d'Ivoire is available at the organisation's website here.

*PAR30 is a commonly used metric that provides an insight into the quality of an MFI's loan portfolio, which is generally its major asset and therefore its greatest source of risk. It is computed by dividing the amount of delinquent loans greater than 30 days over the total amount of the loan portfolio.

Sources: *World Bank 2021-2024 **United Nations Development Programme 2024 ***Global Findex 2021