More than 22 billion FCFA disbursed for Alafia microcredit: success of the operation, an alert system put in place to decelerate illegal structures

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The Government of Benin, through its Ministries of Social Affairs and Microfinance, and of Economy and Finance, organized a press statement to draw people’s attention to the cases of scams relating to the Alafia microcredit. Indeed, illegal people and structures pretend to be intermediaries of the National Microfinance Fund to scam people by promising them microfinance services, including Alafia microcredit. The competent authorities have caught some of the perpetrators of these malicious acts, and they will continue to track down and punish the scammers in accordance with the laws in force in Benin.

Thus, the Government invites people to be vigilant and to denounce the perpetrators of these malicious acts via the free number 7320. It is important to remember that Alafia microcredit is granted by the National Microfinance Fund through its decentralized counters throughout the national territory. The microcredit granting process is going very well, as the figures show: as of March 17, 2023, more than 22 billion FCFA have been disbursed to more than 423,770 Alafia microcredit beneficiaries.

However, the CEO/FNM, Mr. Louis BIAO, recalled the conditions for granting the Alafia microcredit. To benefit from Alafia microcredit, you must be a natural person residing in Benin, have an income-generating activity, be affiliated with a solidarity group and be a member of a microfinance institution that is a partner of the National Microfinance Fund.

The DG ANSSFD, Mr. Abdou Rafiou BELLO, for his part stressed that beyond the Alafia microcredit, it is an illegal initiative to collect savings from fellow citizens. He called on people to show responsibility by verifying the legality of structures before accepting their services. He also recalled that the microfinance institutions recognized by the State are those which have an approval number required by law and which must be displayed on their sign. The Ministry of Economy and Finance regularly publishes the list of authorized microfinance institutions.

In short, the Government of Benin continues to work to guarantee access to Alafia microcredit under legal and secure conditions. The populations are invited to be vigilant and to denounce the perpetrators of malicious acts in connection with the Alafia microcredit via the free number 7320.