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SAMA Money Group, a fintech company specializing in digital financial services, has acquired the First Microfinance Agency (PAMF) Mali, formerly managed by AKAM, a microfinance organization.
With this acquisition, PAMF will align with SAMA Money Group’s mission of enhancing financial inclusion for the unbanked population by providing accessible digital microfinance services to all.
This announcement follows closely on the heels of SAMA Money receiving approval from the Central Bank of West African States (BCEAO) to operate as an Electronic Money Establishment (EME) just two weeks ago. This certification grants SAMA Money the legal authority to create and distribute its electronic currency, enabling essential services such as cash withdrawals, topping up electronic currency with fiat money, as well as electronic money ecosystem payments and transfers.
As of April 2023, BCEAO data shows that SAMA Money joins the ranks of the country’s five electronic money institutions, alongside Orange Money, Moov Money, Wizall, and Zelia.
Daouda Coulibaly, the CEO of SAMA, expressed his enthusiasm for the acquisition, emphasizing that it will enable both companies to merge PAMF’s credit provision expertise with SAMA Money’s mobile payment proficiency. This synergy will offer customers a fully digital solution for savings and credit, ultimately optimizing the customer journey and experience.
With operations already established in Burundi and Côte d’Ivoire, this strategic move opens up new opportunities for the SAMA Money Group. It expands the company’s footprint in the microfinance sector, which recorded total deposits of nearly 2,077 billion CFA francs in the UMOA region in 2022.
Furthermore, this endeavor underscores the innovative and successful business acumen of Daouda Coulibaly.
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