ACTIVITIES
Filling the Missing Middle in Burkina Faso Interview with the CEO of one of Burkina’s Fastest Growing Banks the mining sector. We are looking for partners and potential clients in this sector as well as other business and partnership opportunities. CCAfrica: So far, has your experience at the conference been successful?
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assa Idrissa, CEO of Coris Bank International, has developed a successful business model dedicated to financing small- and medium-sized enterprises. CCAfrica had an opportunity to chat with Mr. Idrissa at the recent Africa Finance Conference in Montreal. CCAfrica: Tell me about your company, Coris Bank International. Nassa Idrissa: Coris Bank International is a private bank that specializes in financing small- and medium-size enterprises (SME). The principals of the bank are in Burkina Faso. We opened our doors in 2008. Now we are the second largest bank in the country and the first in corporate finance in Burkina Faso. CCAfrica: Why did you decide to participate in the Africa Finance Conference? Nassa Idrissa: I’m here at the conference to look for partners in the Canadian financial sector as well as other companies interested in doing business in Burkina Faso. Over the last few years, many Canadian companies have moved into Burkina Faso, especially in
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Yes. We have found many Canadian companies who are already working in Burkina Faso and interested in partnerships or exploring business opportunities. We have also met with several Canadian financial institutions. We’re looking for a partner to be our correspondent bank in Canada. A meeting I had with the National Bank of Canada was particularly promising. CCAfrica: Many analyses of African economies speak of the “missing middle”, that is the relative lack of SMEs in many African countries. SMEs in places like Canada are responsible for the majority of employment. Finding ways of financing SMEs in Africa is integral to reducing unemployment and fostering growth. How has your bank succeeded in financing SMEs while many others are still struggling? Nassa Idrissa: Our company motto is to do banking differently. So we do things differently. For example, many small businesses don’t have time to leave their companies during regular business hours. Consequently, we are open very long hours, seven days a week, to facilitate access to our offices. We also look beyond traditional criteria when deciding to finance a company. For example, many banks refuse to even look at the informal sector. At Coris, we look at these companies differently. We see them as developing companies with bright futures. In practice, it means we are open to financing businesses even if they don’t have prop-
The Rising Africa - Spring 2012
By Nathaniel Lowbeer-Lewis
er documentation—with certain conditions, of course. We also work with them to get through the necessary steps to formalization. We will give many companies financing for a year while they are in the process of formalizing. CCAfrica: Have you been successful as a business financing SMEs and informal companies? Nassa Idrissa: We continue to have great success with these types of companies. Indeed, we are currently the most profitable bank in Burkina Faso. Since we started in 2008, we have enjoyed double digit growth. CCAfrica: For Canadian companies, what are the opportunities in Burkina Faso? There is nothing but opportunity in Burkina Faso. Burkina Faso is a country under construction. We have huge mineral resources and the exploitation of these resources is just beginning. Canadian mining expertise is welcome here. Beyond mines, smaller companies can invest alongside mining companies to supply downstream services. CCAfrica: China has been a major player in Africa lately. How can Canadian companies compete with Chinese companies, who often arrive with support from the Chinese government? Nassa Idrissa: Canadian companies win by being themselves. Canadian companies are known for doing things well and clean. Canadian companies have a reputation of playing by the rules. Canada is also a leader is corporate social responsibility and community relations, which, especially in the mining sector, is very important. Chinese companies have their method; I think that the Canadians will win by being themselves.