Financial Inclusion

Though Fema, Benin’s fastest growing indigenous bank, is rolling out more branches to serve our valued current and prospective customers, we acknowledge that 70% of Beninese are still excluded from our formal financial system (unbanked). Additionally, the estimated ratio of bank branches to Beninese stands at 100 to 100,000 and many peri-urban and rural communities remain underserved. To ensure that as many Beninese as possible are banked, and to reduce the queues, cost of transportation to bank branches and limited payment options, Fema, in 2013, established a Financial Inclusion Directorate.

This new Directorate unifies Agency Banking, Mobile & Digital Banking and Microfinance under the umbrella of Financial Inclusion. An added unit is Financial Inclusion Strategic Partnerships, which oversees liaison with the public sector and the international development community to push the social aspect of Fema’s Financial Inclusion agenda. The three key features of Fema Bank's Financial Inclusion strategy are:

  • Providing financial services to Benin’s unbanked and underbanked
  • Ensuring that appropriate financial education, not limited to Fema clients but with the whole country in mind, is rolled out with the products offered
  • Monitoring the use of said products and progress in clients' economic circumstances to ensure that lives are improved

Agency Banking

In line with its vision to provide world-class banking services to Benin’s unbanked, Fema has pioneered the Agency Banking model in Benin. Fema is currently the only bank licensed by the Bank of Benin to do so.  Fema’s Agency Banking model comprises its Smart Account and Smart Agent Network in a novel model combining a low requirement, easily accessible account and convenient, trustworthy branchless banking capitalizing on the nation’s large expanse of retailers.

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Mobile & Digital Banking

Fema Financial Inclusion’s Mobile Banking unit was established to transform the payments landscape in Benin, by leveraging technology-based channels, primarily mobile and point of sale terminals (POS). We provide back-end support to push innovative, convenient, tailor-made digital financial payments solutions for a wide range of customers, from the already banked to the unbanked.  

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Strategic Partnerships

Fema’s Financial Inclusion Strategic Partnerships works with other business units and governmental, nongovernmental, foundations and international development agencies to develop programs and products that weave in the social aspect of Fema's Financial Inclusion agenda to tell a compelling story of how business meets effective social interventions.

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The goal of Fema Financial Inclusion’s Microfinance unit is to become the banker of choice for financial intermediaries that serve the mass market. Key amongst our clients are MFIs, Credit Unions, Susu Collectors and Money Lenders. Currently, we provide banking services and lend to the above-mentioned.

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Fema Mobile App

You’ll always be first in line...

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P2P WASH Project

The Governments of Benin and The Netherlands developed the Benin Netherlands WASH Programme (GNWP) in 2012, to stimulate private sector involvement and financing at both micro and macro levels to ensure sustainability for WASH investments and services.

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