Source: Joel Nwankwo/Tech Economy
The First Microfinance Agency (PAMF) Mali, a microfinance organization formerly under the management of AKAM, has been acquired by SAMA Money Group, a fintech company that specializes in digital financial services.
Following this acquisition, PAMF will operate with SAMA Money Group’s objective of improving the group’s contribution to financial inclusion for the unbanked population by providing accessible digital microfinance services to everyone.
The announcement comes just two weeks after SAMA Money was given the go-ahead by the Central Bank of West African States (BCEAO) to operate as an Electronic Money Establishment (EME). The certification gave Sama Money the ability to create and distribute its electronic currency legally, enabling necessary services including cash withdrawals, topping up electronic currency with fiat money, as well as payments and money transfers within the electronic money ecosystem.
According to data from BCEAO as of April 2023, Sama Money has notably joined the ranks of Orange Money, Moov Money, Wizall, and Zelia as the country’s fifth electronic money institution.
Daouda Coulibaly, the CEO of SAMA, expressed his excitement about the acquisition, noting that it will allow both businesses to combine PAMF’s expertise in credit provision with SAMA Money’s mastery of mobile payments to offer our customers a 100% digital solution for savings and credit, thereby optimizing the customer journey and experience.
The SAMA Money Group, which already has operations in Burundi and Côte d’Ivoire, now has access to fresh prospects as a result of this tactical choice. It widens the company’s market penetration inside the microfinance industry, which in 2022 saw deposits in the UMOA region totaling almost 2,077 billion CFA francs.
Additionally, this endeavor demonstrates Daouda Coulibaly’s innovative and successful businessperson abilities.
Source: Joel Nwankwo/Tech Economy
