The Caisse Populaire d’Epargne and Credit d’Djibouti (CPEC) was created in 2008 following the initiative of national solidarity for social development, launched by the President of the Republic, Ismaïl Omar Guelleh. This program aims to reduce poverty in Djibouti.
Since 2009, the CPEC has been at the forefront of the fight against poverty. Its registered office is located within the UNFD compound. It has points of service in the communes of Boulaos and Balbala of the capital. It is also present in the regions of the interior.
This lever of financing targets vulnerable sections of the national population, long excluded from the traditional banking system.
This clientele is made up of self-employed entrepreneurs, artisans, traders from the informal sector, unemployed people of different age groups and social categories.
The CPEC has the merit of offering to each of them financial products adapted to their needs as to the start of income-generating activities. This solidarity finance offers a range of financial services, with low interest rates, the most important of which are:
– Crédit solidaire, whose beneficiaries are mostly women, economically active members who do not have access to conventional bank loans;
– The Young Promoters Credit: supported by UNDP, this credit service, which was set up in 2015, helps young graduates or school drop-outs to create an income-generating activity. These young customers, driven by the entrepreneurial spirit, will be able to become independent in business.
– direct debit of salaries and pensions: intended for any employee or retiree wishing to domicile his salary or retirement pension at CEPEC. The progressive credit offer proposed by the Caisse consists in giving the borrower another, more substantial credit if he has made the repayment in the future. Often late payments and overdue payments are infrequent compared to conventional or revolving credits. In the context of poverty reduction, the CPEC is involved in flagship programs, led by the State Secretariat for Social Affairs (SEAS) and the Djibouti Social Development Agency (ADDS). It is pursuing actions in synergy with the Directorate of Fisheries and IFAD in the implementation of the project to support the reduction of vulnerability in coastal areas (PRAVEV).
The CPEC is also involved in the implementation of the « women’s entrepreneurship » program, in partnership with the ODPIC and the FDED to finance girls with income-generating projects.
In short, this solidarity finance allows small farmers, young men and women graduates or not, self-entrepreneurs to start their small businesses.