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A new project that aims to reach 50,000 Senegalese women with financial services, powered by grantee MaTontine, was just launched. The project aims to conduct all the tontines’ financial transactions digitally via mobile phones through the MaTontine platform. In addition, COFINA will facilitate access to small loans – packaged as advances on earnings – and other financial services to the individual members of the traditional savings groups. By 2022, the project foresees women making up 90 per cent of the more than 48,000 active customers signed up. More than 24,000 small loans will be granted during that period and savings collected reaching US$429,000. The project also aims to build up people’s mindset towards savings and provide a pathway to access small loans and beyond, including microinsurance.

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