The Chargée de missions of the Ministry of Economy, Madiara Sagnon/Tou, proceeded to the official launch of the activities of Witti Finances in Burkina Faso, this March 21st, 2023. The ceremony took place at the headquarters of the said structure located at Avenue Kwamé Nkrumah.
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In only two months of commercial operation, Witti Finances has already injected more than 2 billion CFA francs of credit volume into the Burkinabe economy
To date, it has a customer portfolio of more than 1,000 accounts. In terms of prospects for 2023, Witti Finances plans to inject about 20 billion CFA francs into the Burkinabe economy.
Witti Finances is a group of decentralized financial systems with a pan-African vocation whose main objective is to offer financial products and services to people who do not have access to the offers provided by traditional financial institutions. After starting its activities in Côte d’Ivoire with the opening of its first subsidiary, which is among the most important in the Ivorian market, the institution aims to expand its network in the sub-region and in the rest of the world.
In this dynamic, in December 2022, it will establish itself in Burkina Faso, in a dynamic strongly oriented towards the financing of small and medium-sized enterprises (SMEs) which represent 90% of the country’s economic fabric, but in which the needs of individuals are also addressed. The Witti Finances Burkina Faso network currently includes a branch called “Agence Kwamé Nkrumah”.
Through the official launch of its activities on March 21st, 2023, Witti Finances is now part of the Burkinabe banking system
This will strengthen its positioning and its loan, which is sure to bring a new dynamic to the growth efforts of the private sector in Burkina Faso.
“Yes, at Witti Finances, we accompany our customers with finesse and agility to grow and position themselves with confidence and leadership in the economic chain,” said the General Manager (GM), Joel Ky, a young financier with leadership, after reiterating his thanks to the first customers who placed their trust in them from the very first hours. Aware of the specific needs of the target clientele, Witti Finances Burkina Faso distinguishes itself from the standards of traditional financing by offering personalized and customized support.
Concerning the personalized offer, Mr. Ky said that it includes, among others, credits at preferential rates and flexible duration; signature commitments in which they put the guarantees, the certificates of financial capacities and certificates of the line of credit; insurance products and diversified money transfer, prepaid cards, all wrapped up in a customer experience focused on listening and satisfaction In addition to the quality of service, the institution puts a point of honor on the quality of service and its expertise. It should be noted that it is distinguished by its knowledge of the problems of entrepreneurs. The management of this subsidiary has been entrusted to a young and dynamic team with proven professional experience in the field of finance.
This human capital is made up of 52% women. This notion of parity is also respected within the Management Committee, which includes five women and five men. “Dear clients and future clients, you are in good hands. At Witti Finances Burkina Faso, from the receptionist to the customer advisors, business managers, cashiers and back-office staff, customers will be listened to and accompanied according to their needs,” reassures Mr. Ky.
Witti Finances has big plans for Burkina Faso. The institution wants to expand its network with the upcoming opening of a second branch in Ouagadougou and a third in Bobo Dioulasso by the end of the first half of 2023. Already, the performance is satisfactory. The CEO said that in just two months of commercial operations, the institution has already injected more than 2 billion CFA francs of credit volume into the Burkinabe economy. He took the opportunity to share the prospects for the year 2023. The subsidiary aims to inject about 20 billion CFA francs into the Burkinabe economy.
Economic operators have enhanced their presence at the ceremony
Madiara Sagnon/Tou, in charge of missions at the Ministry of the Economy, estimates that SMEs contribute about 40% of Burkina Faso’s gross domestic product (GDP). This illustrates, according to her, the very important role that SMEs play in the economic and social system. However, SMEs face enormous difficulties, including access to financing, materials and adequate equipment, but especially insecurity. It is in this context that Witti Finances is entering the Burkinabe market, with the aim of promoting access to financing adapted to the specific needs of SMEs, but also of individuals.
“Witti Finances will undoubtedly bring, on its own scale, a new breath of fresh air to the economy of our country. As indicated by its slogan “finance that acts”, we dare to believe and hope that it will act for the realization of the ambitions of SMEs in Burkina Faso,” said Ms. Sagnon. Before addressing the congratulations and encouragement of the Minister of Economy, sponsor of this ceremony, to the Witti Finances Group, which despite the security challenges that our country is facing, has decided to make its contribution to the building of the Burkinabe economy.
In return, she underlined the determination of the government to work to further improve the economic climate in order to promote the development of all actors. To date, Witti Finances Burkina Faso has a customer portfolio of more than 1000 accounts. Among the clients is Azaratou Toé, the manager of a company specializing in the sale of powdered spices.
She shares her experience: “Witti Finances is a structure that understands the needs of its clients. I applied for financing and in 10 days I got my loan. They are fast and that’s what we want. Elsewhere, you have to wait three to six months to receive your loan money. So I invite traders to come and open a bank account at Witti Finances. The interest rates are reasonable and the service is good.
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First published in lefaso.net, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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