Finance

Oragroup and Entreprenarium Foundation form alliances to support entrepreneurs in Gabon and Senegal

Friday, 24 November 2017 09:50

ORAGROUP SA, the holding company of ORABANK group, present in 12 African countries, and ENTREPRENARIUM, the continent's first philanthropic accelerator, present in 5 countries, signed a memorandum of understanding to support entrepreneurs in Gabon and Senegal in three priority sectors: agriculture, sustainable development and female entrepreneurship in all sectors.

The project initially aims to target 16 women entrepreneurs whose combined financing needs amount to a total of 479 million FCFA.

To support this mission, the banking group has chosen a partner expert in supporting start-ups, Entreprenarium Foundation. Since its inception, the Pan-African philanthropic accelerator has assisted nearly 2,000 entrepreneurs through technical assistance, incubation, capacity building, mentoring, management consulting and access to finance. Entreprenarium has about ten trainers in the two countries currently involved in this partnership.

The two parties pledge to assist Gabonese and Senegalese startups wishing to contribute significantly to the construction of the entrepreneurial ecosystem. As part of this partnership, the primary role of Entreprenarium Foundation will be to offer Orabank funding candidates meeting specific criteria. These criteria include in particular the projected profitability, the growth potential, the impact of the products/services on the society, the degree of innovation or the impact of the financing to be granted on the overall objectives. After studying the projects submitted, Orabank's internal authorities will decide whether or not to support the funding.

04591ECOFINAGETEXTE

Kristine Ngiriye, President of Entreprenarium Foundation.

The credits granted by the bank will also cover support and technical assistance that will be provided by Entreprenarium. These will consist of hands-on training on the fundamentals of entrepreneurship such as strategic planning, market research, marketing, financial management and business law.

"Oragroup has participated for several years in the development of African champions through specific funding. Our group's mission is to support and advise more talented entrepreneurs to accelerate the transformation of African economies ", said Binta Touré Ndoye, Chief Executive Officer of Oragroup.

According to Kristine Ngiriye, President of Entreprenarium Foundation, "Capacity building, support and technical assistance are at least as important as financing for a successful business". Indeed when an entrepreneur receives a financing without mastering the basics of business management, there is a high probability that he/she will spend it in an inadequate way and fail to achieve the expected results. Through the various mechanisms provided by this partnership, both organizations offer comprehensive support to ensure the profitability, the sustainable development and future success of beneficiary SMEs.

ABOUT

ORAGROUP is a bank present in 12 countries of West and Central Africa (Benin, Burkina, Ivory Coast, Gabon, Guinea Conakry, Guinea Bissau, Mali, Mauritania, Niger, Senegal, Chad, Togo) and in 4 monetary zones (UEMOA, CEMAC, Guinea Conakry, Mauritania). Through its 140 bank branches and more than 1,750 employees, Oragroup offers its national, international, large companies, SMEs and individual customers a wide range of banking products and services based on its founding principles of accessibility and responsiveness.

ENTREPRENARIUM is a pan-African foundation dedicated to the promotion of entrepreneurship with offices in Libreville, Kigali, Abidjan, Dakar and Brussels. The foundation is committed to providing support to women and young entrepreneurs on the African continent through uplifting programs. Through a shared management center, training workshops and consulting services, Entreprenarium Foundation offers a full range of tailor-made services to support the creation of sustainable and innovative SMEs on the continent.

04591LOGO1   04591LOGO2

On the same topic
• Inflation within the West African Economic and Monetary Union (UEMOA) fell to a two-year low of 0.6% in May, bolstered by a decline in food costs. •...
• Interbank volumes rose 18.7% in May, while rates declined across the market• The BCEAO cut its main policy rate to 3.25% following a sharp drop in...
• EY is preparing to leave Francophone Sub-Saharan Africa by 2026• The exit could unlock $500 million to $1 billion in annual market...
Sixty-five percent of banks in sub-Saharan Africa view cyber risks as a major hurdle to digitalization, according to the European Investment Bank. In...
Most Read
01

• Global coffee consumption projected to hit a record 169.4 million 60-kg bags in 2025/2026, up from...

Coffee: Global Consumption Expected to Reach Record Level in 2025/2026
02

• Algeria grants commercial 5G licenses to top three telecom operators: Mobilis, Djezzy, and Ooredoo...

Algeria Awards Commercial 5G Licenses
03

• Investors seem to keep focusing on yields, which are high for the moment• New Leadership might see...

Afreximbank Bonds Retain Market Confidence Despite Moody’s Downgrade
04

• Kenyan President William Ruto signs strategic partnership with UK Prime Minister Keir Starmer to b...

William Ruto in London: New Agreement Aims to Double Kenya-UK Trade by 2030
05

• IFC teams up with AfDB and Nigeria’s EbonyLife to assess a new fund for African cinema• Sector cou...

IFC Plans Investment Fund to Help Grow African Film Industry
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

Benjamin FLAUX
bf@agenceecofin.com 
Téls: +41 22 301 96 11 
Mob: +41 78 699 13 72
Média kit : Download

EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.