The Microcred Group, a for-profit microfinance company operating under the umbrella of French NGO Positive Planet, recently started the operations of its new subsidiary in Ouagadougou. During the first 20 days, customers opened 1,260 accounts, mobilizing CFA 40 million (USD 68,000) in deposits. It also received applications for around 600 loans.
In the future the organization plans to expand its range of products to include electronic banking, insurance products and cash-transfer services. The group received approvals from the Ministry of Economy and Finance Development to launch the subsidiary in April 2016.