Inclusive and innovative finance

In execution

Preview

Donor(s)

Luxembourg

Implementation period

17.01.2024 - 16.02.2027

Total duration

37 months

The “Inclusive and innovative finance” programme’s objective is to improve access to financial and non-financial products for the populations of the 12 departments of Benin. With a focus on inclusion, sustainability and safety, this programme aims to reach particularly vulnerable rural populations, young adults and women.

Benin, a true pioneer of financial inclusion within the West African Economic and Monetary Union (WAEMU), unveiled its national financial inclusion strategy on March 29, 2023. This strategy aims to transform the financial landscape by enabling 85% of its adult population to access and effectively use suitable financial products and services by 2026.

With a funding of 10 MEUR over a period of 37 months starting in December 2023, the programme's objective is clear: build a more equitable and dynamic financial future for all populations, especially the most vulnerable.

The impact targeted by this programme is remarkable. By enabling more Beninese people to access suitable financial services, it will help reduce poverty, promote economic empowerment and boost socio-economic development across the country. It will act in particular through an ambitious programme of financial education and adapted financial products, will strengthen the National Agency for monitoring decentralised financial systems and will support the deployment of agricultural insurance. Additionally, a financially inclusive society will promote economic stability and strengthen the resilience of communities to shocks and crises.

The programme opens new perspectives for the financial future of Benin. By tackling the barriers that limit access to financial services, it paves the way for more inclusive and sustainable economic growth. With a bold vision and a firm commitment, supported by the Luxembourg Cooperation, Benin is on the path to becoming an inspiring example of success in financial inclusion in West Africa.

Sustainable Development Goals

01. End poverty

02. Zero hunger

04. Quality education

05. Gender equality

08. Decent work and economic growth

10. Reduced inequalities

Budget

Total budget

EUR 10,000,000

Contribution breakdown

EUR 10,000,000

Ministry of Foreign and European Affairs, Defence, Development Cooperation and Foreign Trade

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