PROJECT

Projects

Summary of Investment Information

Project Number

48929

Company Name

SALAM FINANCIAL SERVICES LIMITED

Date SPI Disclosed

Jun 24, 2024

Country

Gambia, The

Region

Africa

Projected Board Date

Nov 21, 2025

Environmental Category

FI-2 - Limited

Status

Pending Signing

Last Updated Date

Mar 24, 2026

Department

Regional Industry - FIG Africa

Industry

Financial Markets

Previous Events

Approved : Nov 21, 2025

Sector

Microfinance and Small Business - Non Commercial Banking

Additional Project Attributes

Blended Finance

Project Description

The proposed project consists of a 3-year senior loan of up to US$2 million to be disbursed in Gambian Dalasi (GMD) comprising up to US$0.8 million for IFC's Own Account (O/A) and up to US$1.2 million to be mobilized from other parallel lenders, to Salam Financial Services Limited (Salam or the MFI) formerly known as Supersonicz Financial Limited, the second largest microfinance institution (MFI) in The Gambia for on-lending to Micro, Small and Medium Enterprises (MSMEs), informal enterprises, and low-income households, with 50% dedicated to women-owned/led MSMEs (WMSMEs) (the Project).The Project will be processed under IFC's MSME Finance Platform (the Platform).

The Project will be supported by a pooled first loss guarantee (PFLG) of up to US$40 million provided by International Development Association’s Private Sector Window Blended Finance Facility (IDA-PSW BFF) allocated to the BOP Envelope under the MSME Finance Platform, as well as IDA21-PSW Local Currency Facility (IDA21-PSW LCF) in the form of a cross-currency swap.

Associated Advisory Engagement

The Project will be complemented by an Advisory Services (AS) program, which began with a diagnostic assessment in April 2025. The AS program is expected to run over the tenor of IFC’s investment and will support Salam in developing and strengthening its corporate governance, risk management framework, credit, operational & financial risk management, as well as internal control systems.

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation