Crédit Rural de Guinée Selected for the 6th European Microfinance Award

14 Oct 2015

Do you remember Crédit Rural de Guinée (CRG) whose representatives were invited by ADA to the 30th edition of the Midi de la microfinance conference in February 2015? At the event they shared their experience with the Luxembourgish audience, speaking of the challenges they faced following the crisis caused by the Ebola virus epidemic in 2014.

The representatives of this microfinance institution have been invited back to Luxembourg in November to compete against two other candidates for the European Microfinance Award. They were selected from a record 47 candidates from 28 countries.

When the Ebola epidemic broke out, unlike many other microfinance institutions, CRG continued to operate while implementing special measures to prevent infection and protect both their staff and clients. In particular, staff were encouraged to contact clients and process payments by phone, reschedule loans for affected entrepreneurs or cancel debt in the event of death, continue to disburse new loans and allow clients access to their savings.

During the 30th edition of the Midi last February, the bank’s managers shared their story with the Luxemburgish public.

Microfinance in Post-Disaster, Post-Conflict and Fragile States

This year the objective of the Award is to highlight microfinance institutions that operate in post-disaster or post-conflict areas. These institutions provide financial and non-financial services aimed at strengthening the resilience of vulnerable, affected populations. Servicing clients in such markets is particularly difficult: institutions need to manage their operations efficiently, including managing high-risk portfolios, maintaining their infrastructure, staff and access to funds - all the while staying focused on meeting the specific financial needs of clients affected by extreme events.

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