Pan-African Saving and Loans S.A. (PASL). It is the new identity of the microfinance institution EB-Accion, unveiled on March 21 in Douala in the presence of some majority shareholders of the structure that are Pan-African banking group Ecobank and Accion, world pioneer of microfinance.
“After seven years of existence, we had to make this important shift in order to confirm our membership in the Ecobank Group, which remains the majority shareholder and which, along with other shareholders such as Accion, have always proved their dynamism and their support for microfinance “Said Samba Dia, the managing director of the institution.
Nicholas Achiri Asangwe, chairman of the EMF board of directors, said:
“The idea of a change of name is also to show the commitment of its shareholders to work more for financial inclusion in Africa; And also to unveil the Ecobank strategy that supports small and medium-sized businesses and small businesses for the development of Africa “.
Pan-African Saving and Loans S.A, EMF, second category, launched its activities in 2010. With a capital of 781 million CFA francs, microfinance hopes that this change of name will further reassure its customers on its solidity. PASL has as its majority shareholder the Ecobank group, which owns 59.9% of the shares, then the International Finance Corporation (IFC), which holds 32.8% of the shares and finally Accion investment: 7.6% of the shares.