Fansoto
Approved to post Kiva loans from: Senegal
Kiva conducts regular, ongoing monitoring of all Lending Partners, but only posts status updates here in response to relevant, major changes at the partner.
Partner description:
Fansoto is a nonprofit microfinance institution based in Senegal. Founded in 2016, Fansoto focuses on serving populations that are excluded from the traditional financial system, including vulnerable and underserved population groups. Fansoto provides credit and savings services, along with a wide range of non-financial services, to clients working in small entreprises, agriculture and livestock. Close to 100% of Fansoto's clients are women.
To better target these communities, Fansoto partners with local associations who have expressed that their beneficiaries are in need of microfinance products, such as associations working with widows and disabled people. Given that people of these backgrounds are often completely excluded from other financial services, including from traditional microfinance institutions, Fansoto is serving an unmet need.
A unique lending approach:
Fansoto will use Kiva financing to offer loans to underbanked populations in Senegal working in small enterprises, agriculture and livestock. Fansoto loans allow borrowers to buy small equipment and provide working capital.
Fansoto loans are individual loans, however each individual must be part of a larger group with whom they participate in monthly or bi-monthly meetings/trainings. Group meetings are a space to train clients on a variety of themes, including financial education, economics, health, family, agriculture, and the environment.
Fansoto chose to begin operations in the Casamance region in Senegal, beneath the Gambia. This region has suffered from an ongoing low-level conflict for the past 30+ years that has displaced over 60,000 people, and is thus very underserved by the microfinance sector. While operating in extremely vulnerable areas means riskier work, Fansoto is placing significant emphasis on providing training for clients and have been finding repayment rates to be strong to date.
Partner description:
Fansoto is a nonprofit microfinance institution based in Senegal. Founded in 2016, Fansoto focuses on serving populations that are excluded from the traditional financial system, including vulnerable and underserved population groups. Fansoto provides credit and savings services, along with a wide range of non-financial services, to clients working in small entreprises, agriculture and livestock. Close to 100% of Fansoto's clients are women.
To better target these communities, Fansoto partners with local associations who have expressed that their beneficiaries are in need of microfinance products, such as associations working with widows and disabled people. Given that people of these backgrounds are often completely excluded from other financial services, including from traditional microfinance institutions, Fansoto is serving an unmet need.
A unique lending approach:
Fansoto will use Kiva financing to offer loans to underbanked populations in Senegal working in small enterprises, agriculture and livestock. Fansoto loans allow borrowers to buy small equipment and provide working capital.
Fansoto loans are individual loans, however each individual must be part of a larger group with whom they participate in monthly or bi-monthly meetings/trainings. Group meetings are a space to train clients on a variety of themes, including financial education, economics, health, family, agriculture, and the environment.
Fansoto chose to begin operations in the Casamance region in Senegal, beneath the Gambia. This region has suffered from an ongoing low-level conflict for the past 30+ years that has displaced over 60,000 people, and is thus very underserved by the microfinance sector. While operating in extremely vulnerable areas means riskier work, Fansoto is placing significant emphasis on providing training for clients and have been finding repayment rates to be strong to date.
Repayment Performance on Kiva
This Lending Partner | All Kiva Partners | ||
Start Date On Kiva | Nov 9, 2020 | Oct 12, 2005 | |
---|---|---|---|
Total Loans | $1,619,945 | $2,017,905,110 | |
Amount of raised Inactive loans | $0 | $357,275 | |
Number of raised Inactive loans | 0 | 176 | |
Amount of Paying Back Loans | $397,675 | $157,974,050 | |
Number of Paying Back Loans | 619 | 190,165 | |
Amount of Ended Loans | $1,222,270 | $1,822,317,985 | |
Number of Ended Loans | 2,040 | 2,448,909 | |
Delinquency Rate | 0.00% | 12.69% | |
Amount in Arrears | $0 | $12,319,588 | |
Outstanding Portfolio | $183,465 | $97,105,837 | |
Number of Loans Delinquent | 0 | 71,382 | |
Default Rate | 0.00% | 1.83% | |
Amount of Ended Loans Defaulted | $0 | $33,320,922 | |
Number of Ended Loans Defaulted | 0 | 87,367 | |
Currency Exchange Loss Rate | 0.24% | 0.48% | |
Amount of Currency Exchange Loss | $7,259 | $12,416,364 | |
Refund Rate | 2.39% | 0.54% | |
Amount of Refunded Loans | $38,675 | $10,929,050 | |
Number of Refunded Loans | 43 | 9,661 |
Loan Characteristics On Kiva
This Lending Partner | All Kiva Partners | ||
Loans to Women Borrowers | 100.00% | 78.39% | |
---|---|---|---|
Average Loan Size | $614 | $392 | |
Average Individual Loan Size | $614 | $586 | |
Average Group Loan Size | $0 | $1,906 | |
Average number of borrowers per group | 0 | 8.3 | |
Average GDP per capita (PPP) in local country | $2,300 | $5,594 | |
Average Loan Size / GDP per capita (PPP) | 26.69% | 7.01% | |
Average Time to Fund a Loan | 12.95 days | 9.06 days | |
Average Dollars Raised Per Day Per Loan | $47.39 | $43.31 | |
Average Loan Term | 7.75 months | 11.48 months |
Journaling Performance on Kiva
This Lending Partner | All Kiva Partners | ||
Total Journals | 1,360 | 1,204,657 | |
---|---|---|---|
Journaling Rate | 62.84% | 41.97% | |
Average Number of Comments Per Journal | 0.00 | 0.02 | |
Average Number of Recommendations Per Journal | 0.00 | 0.56 |
Borrowing Cost Comparison (based on 2009 data)
This Lending Partner | Median for MFI's in Country | All Kiva Partners | ||
Average Cost to Borrower | N/A | 23.00% PY | 26.44% PY | |
---|---|---|---|---|
Profitability (return on assets) | -1.11% | -0.1% | -1.28% | |
Average Loan Size (% of per capita income) | N/A | 46.00% | 0.00% |
Country Fast Facts
- Country:
- Senegal
- Capital:
- Dakar
- Official Language:
- French (official), Wolof, Pulaar, Jola, Mandinka
- Population:
- 13,635,927
- Avg Annual Income:
- $2,300
- Labor Force:
- agriculture: 77.5%, industry and services: 22.5%
- Population Below Poverty Line:
- 46.70%
- Literacy Rate:
- 57.70%
- Infant Mortality Rate (per 1000):
- 52.72 deaths
- Life Expectancy:
- 74.54 years
Lending Partner Staff
Alphousseyni CisséDiery Sene
Papa Thiam