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Financial Institutions in Burkina Faso Embrace Inclusive Practices
In a bid to bridge the gap between financial institutions and small-scale entrepreneurs, particularly women and people with disabilities, Rikolto and its partners have launched a comprehensive initiative in the Centre-East region of Burkina Faso. The project aims to create a more inclusive financial ecosystem that caters to the needs of underserved populations.
Breaking Down Barriers
Traditionally, financial institutions in West Africa view young entrepreneurs, women, and individuals with disabilities as high-risk clients, making it challenging for them to secure financing. However, this perception is changing, thanks to Rikolto’s efforts to facilitate multi-stakeholder dialogues between financial institutions, DFS providers, technical partners, and representatives of vulnerable groups.
Key Challenges:
- High-risk client perception by financial institutions
- Limited access to loans for young entrepreneurs, women, and individuals with disabilities
Empowering Entrepreneurs
Through its business incubation programs, the initiative has empowered 80 young entrepreneurs, women, and people with disabilities in Centre-East Burkina Faso. Participants have gained access to loans at favorable rates, enabling them to develop their businesses.
Success Stories:
- Mohamed Youma’s poultry feed production unit benefited from Rikolto’s support
- Thérèse Bere believes the initiative will make her region a role model for others
A Shared Vision for 2027
The collective efforts of stakeholders have resulted in a strategic plan outlining the vision for 2027: providing tailored financial solutions to young people, women, and individuals with disabilities in Centre-East Burkina Faso. This collaborative approach aims to break down barriers and create an enabling environment for entrepreneurs.
Key Objectives:
- Provide tailored financial solutions to young people, women, and individuals with disabilities
- Break down barriers and create an enabling environment for entrepreneurs
Advocacy and Policy Influence
To achieve this vision, stakeholders have committed to implementing an action plan that includes engaging authorities and international institutions through advocacy efforts. By fostering better business relationships and influencing policy, they aim to create a more inclusive financial ecosystem.
Action Plan:
- Engage authorities and international institutions through advocacy efforts
- Foster better business relationships and influence policy
By implementing these initiatives, entrepreneurs like Thérèse Bere believe that their region will become a role model for others, demonstrating the potential of inclusive practices in achieving greater autonomy and economic success.