Fighting Poverty in Benin

Facts about Benin

Benin is one of Africa’s most stable democracies. However, it is also severely underdeveloped, and corruption is rife. While the country has experienced economic growth over the past few years and is one of Africa’s largest cotton producers, it ranks among the world’s poorest countries.

Benin, along with much of sub-Saharan Africa, is on the verge of a crisis. By 2035, the International Monetary Fund estimates the number of Africans joining the working age population will exceed the rest of the world combined. To fill this surge, 18 million new jobs will have to be created each year for the next 20 years across sub-Saharan Africa. In the meantime, Beninese rely on the informal sector for a chance to earn a living. In addition, access to basic services, like energy, water and sanitation, education, health care and agriculture, is often inadequate.

When poor people have access to financial services and life-enhancing products, they can earn more, build their assets, create jobs and cushion themselves against external shocks. FINCA is helping Beninese improve their lives by supporting access to basic services through FINCA Ventures.