- Micro, small, and medium enterprises received over half of business loans in WAEMU in 2024
- Bank loans to SMEs rose by 13.5%, while lending to large firms increased by only 3.8%
- Service and industrial sectors led credit growth, while agriculture saw a sharp decline

In 2024, micro, small, and medium enterprises (MSMEs) received 52% of all bank loans granted to businesses in the West African Economic and Monetary Union (WAEMU), up from 49% in 2023.

The figures come from the Central Bank of West African States’ (BCEAO) annual report on banking conditions, published on July 14, 2025. They show that MSMEs are steadily gaining ground in access to financing across the region. In total, lending to MSMEs grew by 13.5% in one year, compared to a 3.8% rise in loans to large businesses.

Overall, credit extended to businesses, cooperatives, and institutions increased by 8.6% in 2024, outpacing the 6.9% rise in personal loans.

Growth in business lending was driven mainly by the industrial and service sectors. Bank loans to the secondary sector—covering manufacturing and processing—rose by 19.9%, while credit to the tertiary sector, which includes services, trade, and administration, increased by 5.5%. In contrast, lending to the primary sector—agriculture, livestock, and fishing—fell by 29.8%.

Services continue to dominate financing in the WAEMU zone, receiving 64% of all business loans. This reflects the structure of the region’s economy, where sectors like trade, telecommunications, and financial services play a leading role.

Trade remained the top recipient of bank loans within the services sector, attracting 30.6% of total tertiary-sector lending. It was followed by public administration (14.5%) and manufacturing (11.3%).

Agriculture, forestry, and fishing accounted for only 4.4% of total credit volume, up just 0.7 percentage points from 2023. Despite the region’s strong agricultural potential, this modest improvement highlights ongoing challenges in financing the primary sector.