2023
ANNUAL REPORT
2024 AI generated
Pushing the boundaries of financial inclusion
to enhance the growth and resilience of small
entrepreneurs and farmers, especially in the face of
climate change and particularly in Africa.
ADVANS, GROWING TOGETHER.
Our impact mission
Interview Itinéraire Entreprise, LeFigaro.fr - Production Agence Delta, February 2024
OUR IMPACT MISSION | Advans’ Annual Report 2023
The context was particularly challenging in 4 of our operating
countries: Myanmar due to a political and security situation
that remains very difÏcult; Nigeria, Ghana, and Pakistan, all of
which faced inflation rates of over 30%, resulting in significant
currency depreciations, particularly pronounced for Nigeria.
The financial sector in Cambodia also experienced a rapid
increase in non-performing loans. However, our subsidiary
Amret, thanks to sound risk management and reduced
disbursements, was able to maintain a PAR 30 well below the
sector average.
We ended the year with a contraction of our loan portfolio
by 10.38% to 1.75B. Our PAR 30 remained under control at
2.89%. Our number of clients and deposits remained almost
stable, at €1.32B and 1.12B, respectively. In this challenging
global environment, Africa, which is a strategic priority for the
group, continued to improve its financial performance, with
a consolidated net result across our 6 subsidiaries increasing
by 36.12% due to improved margins, productivity gains, and
controlled risk costs.
Message from the Chairman and CEO
Eelko Bronkhorst
Chairman of the Board
Steven Duchatelle
CEO
2023 was marked by a series of significant achievements
within the Group, demonstrating our ongoing commitment
to excellence and innovation, beginning with significant
progress in our digital transformation AIR+: redesign of
our partnership model, operational processes, and IT
infrastructure, positioning us for sustainable growth and
better adaptation to the changing needs of our clients. We
strengthened our IT development team and established
a team responsible for monitoring and operating internal
systems, leading to a successful transition to a new hosting
partner based in Tunisia.
Furthermore, we undertook significant restructuring of our
internal audit function, with the arrival of a new head and the
definition of a multi-year roadmap to strengthen our internal
practices and operational risk management by adopting
standardized tools and methodologies.
We continued to measure our impact, with Amret and
Advans Nigeria participating in the MFI Index study by 60
decibels. 88% of clients in these two countries reported
increased incomes through our services. Similarly, our
initiatives to reach more underserved populations, notably
through products tailored to women and the agricultural
sector, reinforced our commitment to social responsibility
and sustainability.
Finally, we maintained our commitment to providing
responsible and quality services while progressing in the
deployment of our Climate strategy. With the support of
our partners, we conducted in-depth studies on the impact
of climate change on our clients in Côte d’Ivoire and Tunisia
in 2023. This followed the methodology defined in Ghana in
2022. We also initiated employee awareness activities, with
60% of our employees in Ghana participating in the Climate
Fresk workshop. We also began client awareness actions
on climate risks. Our three pilot institutions also conducted
a first assessment of their carbon emissions to identify
reduction pathways.
In 2024, we aim for stronger growth in Africa and will
continue to improve our fundamentals: client acquisition,
productivity enhancement, and deposit growth. We will
be aided in this by the further deployment of Air+, with 2
additional subsidiaries: Côte d’Ivoire and Cameroon. Air+ has
already demonstrated its initial positive impacts in Tunisia
and Ghana, and we will amplify this momentum for 2024!
We will continue to strengthen our impact, aiming for
Client Protection Pathway certification in 3 subsidiaries
and finalizing our model of best practices in Transparency.
Regarding climate, our priority will be to work on better
integration of risks into our processes and products.
Finally, if 2023 ended on a positive trajectory, it is thanks to
the efforts and commitment of all group employees, as well
as the support of our partners and shareholders. Thank you!
Whatever the obstacles, we adapt, learn, and find a solution.
All of our African subsidiaries were profitable
in 2023, with particularly outstanding
performances in Tunisia and Côte d’Ivoire, and
Advans Congo returning to profitability after
completing its transformation from a bank to a
microfinance institution.
Eelko Bronkhorst
MESSAGE FROM THE CHAIRMAN AND CEO | Advans’ Annual Report 2023
In 2023, we continued to operate in a global
economic context marked by moderate growth
(3%) and inflation, which, although decreasing,
remained at a historically high level (6.9%). This
decrease is driven by AMRET, which focused on
containing PAR and slowing down disbursement
in response to challenging conditions in the
microfinance sector in Cambodia.
A selection of
2023 Advans awards
Advans Ghana
55th Inclusion
financial award
Advans Nigeria
Most innovative
Microfinance Bank
and Customer-centric
Microfinance Bank
Marketing Edge Awards
Microfinance Bank
Brand of the Year
Banks and other financial
institution Awards
Advans Ghana
Savings and Loans
company of the year
Advans Côte d’Ivoire
Best microfinance
on “Agri Loan” &
on “Loan to women”
Label des Consommateurs
Africains
Advans Ghana
Most promising HR
management award
Mission
Joint message from the chairman 3
and CEO
TABLE OF CONTENTS | Advans’ Annual Report 2023
Table
of contents
2023 Advans awards
Table of contents
3. AFFILIATE PERFORMANCE
INDICATORS
27
Loan Performance
28
Savings & Delivery Channels
29
4. FINANCIAL STATEMENTS
30
Balance sheet
31
Income statement
32
1. WHO WE ARE
06
Board of Directors
Shareholders
Executive Committee
Talent program
10
Advans World map
11
2. OUR IMPACT
12
Targeting vulnerable populations
13
Protecting clients and building 14
transparency
Adressing women’s needs
16
Encouraging savings &
18
facilitating education
Climate change increasing resilience
20
Supporting sustainable agriculture
24
Digital for broader financial inclusion
25
WHO WE ARE
2024 AI generated
Board of
Directors
BOARD OF DIRECTORS | Advans’ Annual Report 2023
Eelko Bronkhorst
Chairman of the Board
Eelko Bronkhorst has been
Director of Advans SA since 2015
and is holding the position of
Chairman since 2018. He is CEO
of the financial inclusion advisory
firm Financial Access Consulting
Services. He formerly held the
role of CEO of Orangefield Group,
as well as various positions in
the banking and finance industry
such as CEO of ABN AMRO Bank
(Switzerland), Head of Corporate
Banking & Structured Finance ABN
Amro Bank Indonesia and VP of
Rabobank USA.
Brenda Ndonda Tsvetu
Brenda Ndonda Tsvetu has
been Director of Advans
SA since October 2023. Her
expertise includes corporate
governance, strategy, and financial
management. She retired as CFO
of FirstRand Bank Ltd in November
2023. She is an associate
member of the Association of
Corporate Treasurers in the UK
and a Certified Director with the
Institute of Directors in South
Africa. She also serves as a Non-
Executive Director and Chair of
the Audit and Risk Committee
at SAICA2.
Hervé Schricke
Hervé Schricke has been Director
of Advans SA since 2017. He has
over 40 years of experience in
the finance industry, particularly
in Private Equity and Africa, and
has held numerous executive
and non-executive positions.
Former chairman of the French
PE Association (France Invest), he
sits on the Board of Advans Côte
d’Ivoire, he is Senior Advisor to
Arkéa Capital, executive chairman
of Sofia Fides, and Senior Advisor
to Investisseurs et Partenaires
(I&P) and acts as a Business Angel.
Kate Perkins
Kate Perkins has been Director of
Advans SA since January 2021. She
is currently part of the Financial
Services Equity team at the UK
Development Finance Institution,
British International Investment
plc (BII), which she joined in 2012.
She has a wide range of financial
experience, including impact
investing, corporate finance, and
social development. Before BII,
she worked for Citigroup and
Ernst & Young in London, where
she qualified as a Chartered
Accountant.
Claude Falgon
Claude Falgon has been Director
of Advans SA since its creation in
2005. Claude has dedicated his
career to microfinance and to our
group. He was indeed the Founder
and CEO of Horus Development
Finance until 2012, and the
Founder and CEO of Advans SA
until 2017. He currently sits as
Chairman of the Board of Amret,
of Advans Myanmar, and of Advans
Tunisie. He was also Chairman of
the Board of Advans Pakistan Ltd,
until its sale in March 2024.
Jan Schroeder-
Hohenwarth
Jan Schroeder – Hohenwarth
joined the Board of Advans SA in
June 2024. He is a highly qualified
banker with extensive experience
in Asia and Africa and is a board
member in various sectors and
regions. Jan has significant
expertise in risk management,
commercial banking and business
development. Before joining
Advans SA, he held senior
positions at DEG including Director
Equity Asia and Europe and Head
of Restructuring – and served as
a senior banker at the European
Bank for Reconstruction and
Development in London.
Bernard Pasquier
Bernard Pasquier has been Director
of Advans SA since 2020. He retired
from the World Bank Group (IFC)
in 2004 as the Director for Latin
America. Since then, he has been
a nominee Director for the IFC in
companies in Chile, Columbia, Haïti,
Panama, Slovenia and Turkey. He
currently serves on the Board of
Directors of Ronesans Holdings
(Turkey) and on the Board of
Trustees with the Institute for
American Universities (IAU) in
France.
Erik Bosman
Erik Bosman has been Director
of Advans SA since 2021. He has
30 years of experience in the
financial services industry, including
principal investing, banking, and
international development. His
current roles focus on Africa
and include Chairman of FIVE
(AfricInvest), Senior Advisor to
Ezdehar, and Board Director of
Arise. Prior to this, he was Director
Private Equity at FMO and a
Managing Partner at AlpInvest
Partners.
Advans’ Board of Directors is chiefly responsible for
the overall governance of Advans SA in accordance
with the company’s articles of association and
Luxembourg law. The Board is made up of qualified
senior professionals with extensive experience and
in-depth knowledge of financial services.
Advans SA has also created committees to support
the Board of Directors, the Audit Committee,
the Risk Committee and the HR & Governance
Committee. A Social Performance Champion has
also been nominated on the Board.
Advans SA Board Members are as follows1:
1Board of directors composition as of July 2024
2South African Institute of Chartered Accountants
Shareholders1
1 As of June 2024 • 2 https://www.fmo.nl/about-fmo • 3 https://www.eib.org/en/about/index.htm • 4 https://www.ifc.org/wps/wcm/connect/corp_ext_content/ifc_external_
corporate_site/about+ifc_new • 5 https://www.proparco.fr/en/actualites/choose-africa-launches-fisea-facility-new-eur-210m-investment-capacity-african-msmes • 6 https://www.
bii.co.uk/en/about/# • 7 https://www.kfw-entwicklungsbank.de/International-financing/KfW-Development-Bank/Tasks-and-goals/
SHAREHOLDERS | Advans’ Annual Report 2023
Advans SA’s shareholding structure combines the expertise of Advans International with the financial solidity
of 6 Development Finance Institutions. These organizations have been pivotal to the development of the
microfinance sector for many years.
12.80%
16.63%
The European Investment
Bank (EIB) 3 is the lending arm of
the European Union. It is one of
the biggest multilateral financial
institutions in the world and
one of the largest providers of
climate finance. The EIB works
closely with other EU institutions
to foster European integration,
promote the development of the
EU and support EU policies in over
160 countries. Beyond climate
& sustainability, EIB’s activities
focus on many other areas such
as cohesion, innovation, digital,
human capital, and SMEs.”
20.22%
FMO 2 is the Dutch
entrepreneurial development
bank. As a leading impact investor,
FMO supports sustainable private
sector growth in developing
countries and emerging markets
by investing in ambitious projects
and entrepreneurs. With a
committed portfolio of EUR 13.2
billion spanning over 85 countries,
FMO focuses on three sectors that
have high development impact:
financial institutions, energy, and
agribusiness, food & water.
KfW 7 Development Bank
is an experienced bank and
development institution which
has been helping the German
Federal Government to achieve
its goals in development policy
and international development
cooperation for more than 60
years. It provides financing for
programs and projects that
involve public sector players
from developing countries and
emerging economies. The bank
works to help partner countries
fight poverty, maintain peace,
protect the environment and the
climate.
16.10%
IFC 4 a member of the World Bank
Group — is the largest global
development institution focused
on the private sector in emerging
markets. IFC works in more than
100 countries. In fiscal year 2023,
IFC committed a record $43.7
billion to private companies and
financial institutions in developing
countries, leveraging the power
of the private sector to end
extreme poverty and boost
shared prosperity as economies
grapple with the impacts of global
compounding crises.
15.08%
The Investment and Business
Support Facility in Africa
(FISEA) 5 was established in
2009 by the French Development
Agency (AFD) group with the
mandate to promote the growth
and development of micro and
small to medium-sized enterprises
(SMEs) in Africa. All investments
made by FISEA align with this
objective. FISEA is financed by AFD
with the support of the French
government and implemented
by Proparco, the AFD Group’s
subsidiary dedicated to the private
sector
13.06%
is the UK’s development
finance institution and impact
investor. BII 6 is invests to create
productive, sustainable and
inclusive economies in Africa,
Asia and the Caribbean. Between
2022-2026, at least 30% of BII’s
total new commitments in value
will be in climate finance. BII is
also a founding member of the 2X
Challenge which has raised over
$16 billion to empower women.
The company has investments in
over 1,470 businesses across 65
countries.
7.18%
With Advans Invest,
Advans SA current and former
staff contribute to supporting the
development of the institution.
Total shareholder value in Euro : 84,287,000 €
Executive
Committee
Advans Group support services are based at Advans International in Paris. Strong group departments and
business lines have been created at Advans International to guide and back subsidiaries’ development.
Advans International supports, oversees, and sets standards for the group providing guidance, resources, and
expertise.
Advans International Executive Committee Members, as of June 2024, are as follows:
EXECUTIVE COMITTEE | Advans’ Annual Report 2023
Paulin Alazard
Finance
Gaël Briot
Organisation
Olivier Pastorelli
MIS
Brieuc Cardon
Business Development
Laurent Clauser
Risk and Audit
Amanda Hannan
Investment
Estelle Darie-
Rousseaux
Strategic Transformation
Steven Duchatelle
CEO
Grégoire Danel-Fedou
DCEO
10
Talent
program
The in-person training at the EDHEC campus was a
strong experience. I liked its practical and interactive
approach. The Program has been extremely beneficial
to me, both professionally and personally. It has
bolstered my confidence in my abilities and future
at Advans. Being recognized for my efforts and
commitment to Advans made me feel valued.
This program has been a revelation. It has allowed me
to better understand how to control my emotions, and
also how to take into account those of others in my
daily interactions. As for my future with Advans, I am
more than ever determined to strengthen my leadership
and become a key resource to the development of the
institution.
Jeanne Nokam
Secretary General, Advans Cameroun
TALENT PROGRAM| Advans’ Annual Report 2023
Advans’ ongoing commitment to innovation applies to
all its departments, including the development of its
employees and key talents, which has always been the
cornerstone of the Group’s HR policy.
Therefore, in the pursuit of shaping tomorrow’s
leaders, Advans International has successfully launched
a flagship “Talent Program” in 2023. It is an 18-month
program mixing remote training and sessions in Paris,
including 3 days on Leadership designed with Edhec
Business School. The program offers soft skill training,
language sessions, individual coaching, and an internal
mentoring. With 2 promotions and a total of 20
employees enrolled to date, the program is meant to
develop outstanding skills within the group’s internal
talent pool.
Michael Ali
Director of Risk and Compliance, Advans Côte d’Ivoire
Discover the video testimonial of Hermann Foko, Commercial & Marketing Director at Advans Congo.