The evolution of Locafrique at a glance
True to its original vocation, Locafrique’s ambition remains the same as it was at the beginning: “To make a significant contribution to the transformation of the Senegalese economy”. Over the past few years, we have worked for the growth of SMEs, making their challenges our own. Today, we are more than ever committed to this path, and continue, alongside our clients, to contribute to their success. Let’s take a look at some of the company’s key dates:
1977 – Creation of the Compagnie Ouest Africaine de Crédit-bail
The Compagnie Ouest Africaine de Crédit-bail was created and obtained the approval of the BCEAO (Central Bank of West African States) as a banking financial institution. At the time, it was the first financial institution in West Africa specialized in leasing.
2010 – Capital increase
In 2010, shareholders became 100% Senegalese, followed in 2011 by the first capital increase from 900.000 $ (578 640 000 FCFA) to 39.000.000 $ (2 500 000 000 FCFA).
2012 – Decisive turning point & strategic choices
The year 2012 marked a turning point in the strategic choices made by our institution. We expanded our support to the agricultural sector with the financing of property developers established in the central and southern areas of Senegal.
2014 – Promoting Agricultural Mechanization in Senegal
In 2014, to enhance our support of the agricultural sector, we began, with USAID a large program to promote agricultural mechanization in the Senegal River Valley, by developing financing schemes focused on leasing – our core business.
2015 – Launch of the Saint-Louis branch
In the same vein, in 2015 we opened our first branch in Saint-Louis to be closer to our clients. The same year, we expanded our range of financial solutions with the introduction of traditional credit in our offer to guarantee a complete service to our customers.
2016 – Farmers and agribusinesses: opening of a dedicated unit
In 2016, we created a business unit entirely dedicated to agriculture and agribusiness. This contributed to developing new skills that now make Locafrique a key player in financing the sector. The same year also marked the second capital increase, taking it to 18.000.000 $ (11.500.000.000 FCFA).
2018 to present – Accelerating towards strategic transformation
2018 marked the starting point for our “Path to Change”, which stems from the strategic transformation plan for 2023. We are redesigning our priorities with the ambition of strengthening our resilience and reaffirming our position as the benchmark financial partner for SMEs.
Concrete actions for the economy of SMEs and the Senegalese people
Summarizing all of Locafrique’s concrete actions over the past few years is not an easy task. Nevertheless, our brilliant teams have succeeded in meeting this challenge.
Locafrique represents 45 years of presence, experience and expertise servicing Senegalese SMEs. This is 45 years of concrete actions to reveal the potential of our companies with
- More than 274.000.000 $ (175 billion CFA francs) invested in the national economy over the last 5 years
- + 45% of financial assistance dedicated to the agriculture and agribusiness sector
- 32.000.000 $ (20 billion CFA francs) in funding mobilized for the rice value chain.
Locafrique is also a constant quest for performance in line with our values. We have maintained a confirmed leadership by our status as the:
- 1st leasing company in Senegal
- 1st private investor in the Senegal River Valley
- 1st financial institution in Senegal in terms of balance sheet size
- 1st financial institution with a banking character in Senegal and in the UMOA zone in terms of volume of credit to customers
Locafrique is also a company that is both established and open:
- with 100% Senegalese capital
- supported by a committed and professional team of which more than 40% are women, 60% of whom are present on the management committee
- showing a dynamic growth strategy with a 30% increase in the workforce by 2022
Moreover, as a financial partner reference of SMEs, for the forty-fifth year of our company, we have deployed all necessary means for better proximity to our customers.
In 2022, we proudly expanded our distribution network by opening three new branches. We are now present in Dakar, Saint Louis, Thies, Kaolack and Ziguinchor.
Finally, we plan to recruit new staff to consolidate our position as the leading financial partner for Senegalese SMEs.
Locafrique Group’s ambitions for the next three years
In September 2020, Senegal put in place an Adjusted and Accelerated Priority Action Plan (PAP2A) for the next three years. In line with the dynamics of Phase II of the Emerging Senegal Plan, the main objective of the PAP2A is to stimulate private investment, diversify growth engines and strengthen economic resilience.
The government has focused on the real priorities that represent opportunities for the country’s private sector. These include agriculture, health, education, industrial transformation and digital sectors. At Locafrique, we are aligned with the government’s ambitions. Indeed, our vision for 2025 is to make the group one of the leading investors in Senegal and on the entire continent.
Our ambition is to occupy strong positions in strategic areas such as finance, oil and gas, energy, health, hotels, agriculture, real estate, automobiles, logistics, business aviation and medical air transport.
New important projects await us! I will have the opportunity to come back to these subjects in the near future.
The keys to Locafrique’s success
In the last two years, the world has undoubtedly changed. With our teams, we have doubled our efforts to respond to the economic realities of Senegalese companies. We have made ourselves more available to accompany SMEs in the growth of their projects. Without our teams, nothing would be possible, and without our clients, we would not exist. We owe Locafrique’s success to our customers!
To all our partners, our employees, and especially our customers, I would like to thank you for your trust!
Those who speak best of Locafrique are those who make it happen on a daily basis. Thus, I leave the final words to our employees.
Read the following testimonies of Mrs. Fatima Zohra FALL, Financial Analyst, Mr. DIAW Seydina Oumar, Information System Manager, Mr. Ibrahima DIAKHOUMPA, our Deputy General Manager, and Mr. Abdoulaye NDAO, Deputy Commercial Director, in charge of Agriculture and Network. These four brilliant collaborators express passion their jobs and for their commitment to our ambitions.
Mrs. Fatima Zohra FALL, Financial Analyst
Mr. DIAW Seydina Oumar, Information System Manager
Mr. Ibrahima DIAKHOUMPA, our Deputy General Manager
Mr. Abdoulaye NDAO, Deputy Commercial Director, in charge of Agriculture and Network
Looking forward to reading you,
Khadim Bâ