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MASTER'S THESIS
Submitted in partial fulfillment of the requirements
for the degree of Master Complémentaire Conjoint en Microfinance
(European Microfinance Programme)
Assessing the Viability of a Rural Microfinance Network:
The Case of FONGS FINRURAL
By Oniankitan Grégoire AGAÏ
Supervisor: Mr. Kurt MOORS
Assessor: Professor Marijke D'HAESE
Internship organization: Fédération des
Organisations Non Gouvernementales du Sénégal
Academic year 2011-12
MASTER'S THESIS
Submitted in partial fulfillment of the requirements
for the degree of Master Complémentaire Conjoint en Microfinance
(European Microfinance Programme)
Assessing the Viability of a Rural Microfinance Network:
The Case of FONGS FINRURAL
By Oniankitan Grégoire AGAÏ
Supervisor: Mr. Kurt MOORS
Assessor: Professor Marijke D'HAESE
Internship organization: Fédération des
Organisations Non Gouvernementales du Sénégal
Academic year 2011-12
Dedication
This thesis is dedicated to:
my daughter Eyitayo Hillary Stella Achène
her grand brother Yamontè Donald
their mum, my spouse Yaba Fousséna
Sandrine-Ruth
my mother Rose
my father Dominique
Foreword
The present study was effectuated in conditions of MFIs
professionalization in West African countries. This region is peculiarly renown
as holding a relatively impressive number of savings and credit cooperatives
and unions. The current regulation in UMOA zone avoids the use of the term MFI.
Throughout this paper, the terms DFS, savings and credit cooperatives, savings
and credit mutuals, savings and savings associations will be used
interchangeably.
The findings, interpretations and conclusions uttered in this
thesis do not necessarily reflect the orientation of the Université
Libre de Bruxelles or the Fédération des Organisations Non
Gouvernementales du Sénégal.
Acknowledgments
Foremost, I thank God, the Divine Maker and the Almighty for
his mercy and for his love toward me. May his Name Thrice Holy be blessed and
glorified everywhere and forever.
I am grateful to the Commission Universitaire pour le
Développement (CUD) which provided me full scholarship to pursue this
programme. It was for me a great and special opportunity to meet and share with
various and diversified nationalities and intelligences.
In the same vein, I am grateful to Mr. Kurt Moors, my thesis
supervisor, who provided me all the advices and comments in order to perform
this work. I am grateful to him for providing me the Echos(c) tool of Incofin
for the social performance analysis.
I am also grateful to Mr. Axel de Ville with whom I had my
first temptations for identifying the topic and writing the first proposal and
bibliography. I thank him for orienting me in a good manner possible in order
to obtain good results.
I am fully indebted toward all my EMP teachers for providing
me insights on the microfinance field and for opening my mind on critical
issues in the industry and challenges for future.
I am sincerely grateful to all my managers for allowing me to
follow and complete this course. May each of them sees through this thesis the
product of their work.
I am grateful to SOS Faim for providing me the internship
within the FONGS. Particularly I thank François Cajot for his
solicitude.
I am grateful to the FONGS, my host institution for accepting
me and providing me useful information regarding the goals of this thesis.
Particularly, I am grateful to Habidine Sow, Aïcha Faye, and Masse Gnigue
with whom I spent marvellous moments in Thiès.
I cannot forget the camaraderie of all the EMP students with
whom I followed the programme. Particularly I wish to mention Li, Firog,
Muluneh, Luhana, Peter, Roopa, Charleine, Sonia (mi capo), Victoire (my twin in
Senegal), Marie, Davide (my class neighbour), Natalia, Tomas, Alicia,
Hervé, Pierre, Maxime, Selassie, Le, Marco, Patrick (the American),
Fatimata, Stephane, John, Gabrielle etc.....
I thank all my parents, relatives and friends who supported me
during my stay in Brussels.
How can I forget you Fousséna, Stella and Donald for
your sacrifice? I am fully aware that it was not easy; but if I have reached
the goal, it is mainly due to your love and your perpetual support. Thank you
for you love, your support and the sacrifice.
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