IEPlus: Luxembourg aid project and tech firm back Africa microfinance
Wealth technology firm Solife has teamed up with ADA (Appui au Développement Autonome), a Luxembourg-based organisation, to support microfinance projects across Africa.
ADA is working with the Confédération des Institutions Financières (CIF) to help low-income families. The link with Solife will allow the association’s members to develop a range of savings and insurance products.
Solife was selected for the partnership on the basis of its extensive functionality and its simplicity, which enables the launch of products quickly and at reasonable cost.
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A Burkina Faso cooperative will be the first to implement Solife, probably before the end of 2012. The CIF plans to use the software at four more savings cooperatives in Mali, Benin, Togo and Senegal. It will then also offer insurance products to its entire client base of more than 1.6 million in West Africa.
The CIF encompasses six regional financial cooperatives offering savings products in West Africa: RCPB in Burkina Faso, FÉCÉCAM in Benin, FUCEC in Togo, KAFO JIGINEW and NYÈSIGISO in Mali, and PAMECAS in Senegal. It has its headquarters in Ouagadougou in Burkina Faso.
ADA is a Luxembourg organisation established in 1994, which specialises in micro-finance projects. It has an annual budget of more than €3m and works with 25 micro-finance institutions in Africa, Asia and South America.
BSB provides IT services for insurers, private bankers, portfolio managers, wealth managers, holding companies, independent financial advisors and investment funds in 23 countries. Its core products are Solife for life insurance administration and Soliam for institutional asset management and private client wealth management.