• Witti Finances Holding acquired a majority stake in Kajas Microfinance, entering the Senegalese market.

• The firm rebranded the entity as Witti Finances Sénégal, while Sunu Group retained a minority stake.

• Senegal’s microfinance sector shows declining credit (-14.1%) and rising deposits (+1.9%), alongside deteriorating asset quality.

Witti Finances Holding has expanded its footprint in West Africa by acquiring a majority stake in Kajas Microfinance, a lender operating in Senegal since 2008.

The group announced the transaction on April 8, marking its entry into the Senegalese market through the microfinance segment. However, the parties did not disclose the financial details of the deal.

Following the acquisition, the company rebranded the entity as Witti Finances Sénégal. Meanwhile, Sunu Group retained a minority shareholding in the business.

Expansion strategy in West Africa

According to Waly Bakhoum, Chief Executive Officer of Witti Finances Sénégal, the acquisition aims to support the group’s growth in the Senegalese market. He said the move aligns with the company’s broader regional expansion strategy.

Founders Didier Logon and Hervé Serge Ndakpri, both former executives of Cofina Group, established Witti Finances Holding in 2021. Since then, the group has pursued a phased expansion across West Africa.

The company launched operations in Côte d’Ivoire before expanding into Burkina Faso in December 2022. It focuses on providing financial services to underserved customer segments, with a particular emphasis on financing small and medium-sized enterprises.

Microfinance sector adjusts to new conditions

Witti Finances Holding entered the Senegalese market at a time when the microfinance sector shows mixed trends. According to a first-quarter 2025 economic report published in June 2025 by the Directorate of Forecasting and Economic Studies, outstanding loans from decentralized financial systems reached CFA664.9 billion ($1.2 billion) at the end of March 2025.

This figure marked a decline from CFA774.1 billion recorded at the end of the previous quarter, representing a 14.1% decrease. However, customer deposits increased by 1.9% to CFA590.4 billion, up from CFA579.6 billion three months earlier.

At the same time, asset quality deteriorated, as the non-performing loan ratio rose to 8.4%, up by 1.2 percentage points. These developments indicate an adjustment phase in the sector, where new entrants are seeking to establish their position.

This article was initially published in French by Chamberline Moko

Adapted in English by Ange J.A de Berry Quenum