Applicants from the Economic and Monetary Union of Central Africa region are encouraged to apply for grants for projects that aim to increase transparency in the microfinance sector. Transparency is a major impediment to microfinance institutions’ capability to raise capital and gain confidence. The fund will support:
External audit enhancements such as training for auditors and external audit services for microfinance institutions.
Upgrading financial reporting in observance of local regulation and best practices, and ensuring standards in accounting activities.
Capacity building for supervisory personnel in the sector.
Meanwhile, applicants from the West African Economic Monetary Union and, in some cases, the Economic Community of West African States may apply for funding for projects in rural financial development including:
Agricultural value chain financing.
Branchless and electronic banking and mobile payment systems.
Crop or weather insurance.
Expansion of the credit product range to include leasing, warehouse receipts systems and others.
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