2024
FINANCIAL REPORT
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We respond to the needs of
African small businesses and other populations
who have ill-adapted, limited or no access
to formal �nancial services,
by providing tailored solutions
in a sustainable and responsible manner.
We aim to go beyond �nancial inclusion
to drive resilience and sustainable growth
for small businesses, farmers and women,
by harnessing digital innovation and building
climate-smart solutions.
Our
mission
Our
ambition
Dear partners, dear colleagues, dear readers,
2024 was a strong year for our African operations, despite a
persistently challenging macroeconomic environment. Advans
Tunisia maintained its momentum, delivering excellent growth
and �nancial performance. Our �agship subsidiary in Côte
d’Ivoire faced several challenges—most notably loan defaults
in the cashew sector—but showed resilience and ended the
year in a solid position. Advans Cameroon had a di�cult year,
but recent trends are encouraging, and we are con�dent in its
ability to rebound in 2025. In the DRC, the recovery that began
in 2023 continued in 2024, with the institution returning to a
path of growth and pro�tability. Advans Ghana proved that
with the right action plan and e�ective execution, success is
achievable even in a high-in�ation environment. In Nigeria,
despite signi�cant external headwinds, our operations stayed
�rmly on track with the ambitious 2024 roadmap.
Thanks to the dedication of our teams across the network,
we made progress on all fronts, guided by a single objective:
to support the development of small businesses, thereby
contributing to more equitable and sustainable local economies.
A few key �gures highlight the group’s performance: by the
end of 2024, our loan portfolio in Africa reached EUR 360
million, re�ecting 14% year-on-year growth—almost double
the size of our portfolio at the end of 2020, when we launched
our current strategic cycle. This growth was achieved despite
signi�cant global economic disruptions since 2022, with the
negative impact felt across Africa. Nevertheless, we closed the
year with a PAR30 of 2.7% in Africa, a signi�cant improvement
from 4% at the end of 2023. On the deposit side, we reached
nearly EUR 215 million, a 7% increase, which is in line with our
targets.
On the digital front, we launched new impact-driven pilot
projects and continued the deployment of Air+, our group
digital transformation program, with two additional roll-outs in
Côte d’Ivoire and Cameroon. These demonstrated the positive
impact of digitalization on our operations.
2024 also marked a strategic turning point for our group, as
we exited Asia to focus our e�orts single-mindedly on Africa,
where we see signi�cant opportunities for impactful growth
and where we have built solid expertise over the years. The
divestment of our ownership stake in Advans Pakistan early last
year, followed by the sale of Amret (our Cambodian subsidiary)
in January 2025 and of Advans Myanmar in March, will allow us
to accelerate our expansion and broaden our footprint across
the African continent in the years to come.
Parting ways with subsidiaries we have closely
supported for many years is, of course, a signi�cant
moment for a group like ours. However, this step was
necessary to focus all our energy on our future growth
in Africa. We are proud of having built a world-class
�nancial inclusion champion in Cambodia with Amret
and established solid foundations in Pakistan and
Myanmar. And we took great care in making sure that
each of our former Asian subsidiaries was left in good
hands, ensuring the continuity of their mission.
– Steven Duchatelle
In 2025, we will continue to grow our loan and deposit
portfolios in Africa, in line with our three business priorities:
(i) Acquiring and retaining clients; (ii) continuously improving
the productivity of our lending activities; (iii) growing our
deposit base. This year is set to be both exciting and pivotal
for the group, not only because of our strategic refocus on
Africa but also as we celebrate our twentieth anniversary.
Back in 2005, when the group was founded,
we took on the challenge to become a leading player
in �nancial inclusion, driven by determination,
an ambitious plan and supported by a few willing
�nancial partners that believed in us. Twenty years
later, we are proud to see the results of our work, in
Asia, where we left a solid network of institutions,
and in Africa with six subsidiaries now serving nearly
700,000 clients and employing more than 3,400
people. Each of our subsidiaries is a leading �nancial
inclusion force in its market and our reputation as an
impactful, responsible lender is well established and
recognized. We greatly look forward to continue this
journey in the years to come.
– Eelko Bronkhorst
As we chart the path for the next decade, we remain fully
committed to our core mission of �nancial inclusion—driven
by a strong ambition to go further, helping build resilience
and fostering growth for small businesses, farmers and
women, and by constantly adapting our business model to
new opportunities and challenges .
We take this opportunity to thank all our employees and
other stakeholders for their remarkable contributions and
our partners and shareholders for their continued support.
We have built our success together—and together we will
shape our future.
Message from the Chairman and CEO
Steven Duchatelle
CEO Advans International
FINANCIAL REPORT 2024 - Publication: June 2025
Eelko Bronkhorst
Chairman of the Board
AFFILIATE LOAN
& DEPOSIT
PERFORMANCE 1
Loan
Performance
Africa
Advans Tunisie € 80.8M
Advans Côte d’Ivoire € 142.0M
Advans Ghana € 25.8M
Advans La Fayette (Nigeria) € 20.1M
Advans Congo € 38.6M
Advans Cameroun € 54.0M
€ 361.3
MILLION
GROSS
LOAN PORTFOLIO
(+13.8% YoY)
AVERAGE LOAN SIZE : €6,101
PAR30: 7.34%
ADVANS CAMEROUN
AVERAGE LOAN SIZE : €2,697
PAR30: 2.49%
ADVANS GHANA
ADVANS CONGO
AVERAGE LOAN SIZE: €10,849
PAR30: 3.50%
AVERAGE LOAN SIZE : €8,969
PAR30 : 2.89%
ADVANS CÔTE D’IVOIRE
ADVANS TUNISIE
AVERAGE LOAN SIZE: €3,281
PAR30: 0.64%
AVERAGE LOAN SIZE : €1,868
PAR30: 3.19%
ADVANS LA FAYETTE (NIGERIA)
LOAN SIZE & PAR30
FINANCIAL REPORT 2024 - Publication: June 2025
Deposit
Performance
Africa
In compliance with Tunisian regulations applicable to micro�nance
institutions, Advans Tunisie does not engage in deposit collection.
Advans Côte d’Ivoire € 112.4M
Advans Ghana € 18.2M
Advans La Fayette (Nigeria) € 6.3M
Advans Congo € 34.0M
Advans Cameroun € 43.1M
€ 214.0
MILLION
DEPOSITS
(+7.0% YoY)
NUMBER OF DEPOSITORS: 75,249
AVERAGE DEPOSIT AMOUNT*: €513
TOTAL DEPOSIT GROWTH**: -1%
ADVANS CAMEROUN
NUMBER OF DEPOSITORS: 136,720
AVERAGE DEPOSIT AMOUNT*: €132
TOTAL DEPOSIT GROWTH**: +36%
ADVANS GHANA
ADVANS CONGO
NUMBER OF DEPOSITORS: 48,572
AVERAGE DEPOSIT AMOUNT*: €559
TOTAL DEPOSIT GROWTH**: +18%
NUMBER OF DEPOSITORS: 248,419
AVERAGE DEPOSIT AMOUNT*: €382
TOTAL DEPOSIT GROWTH**: +9%
ADVANS CÔTE D’IVOIRE
NUMBER OF DEPOSITORS: 96,483
AVERAGE DEPOSIT AMOUNT*: €39
TOTAL DEPOSIT GROWTH**: +30%
ADVANS LA FAYETTE (NIGERIA)
DEPOSIT SIZE AND GROWTH
*Average deposit amount per depositor,
excluding Institutional depositors
**Year-on-year total deposit growth in local
currency, excluding Institutional depositors
FINANCIAL REPORT 2024 - Publication: June 2025
FINANCIAL
STATEMENTS 2
Equity
Paid-up share capital
84,287,000
84,287,000
Share premium account
5,955,343
5,955,343
Retained earnings
202,931,154
196,706,416
Pro�t/Loss for the �nancial year
(5,863,331)
6,224,738
Total shareholders’ equity
287,310,165
293,173,497
Audited Balance Sheet at December 31, 2024 (in EUR)
Balance
Sheet
Fixed Assets
As at 31/12/2024
As at 31/12/2023
Shares in a�liated undertakings
349,932,672
330,800,379
Total Fixed assets
349,932,672
330,800,379
Current Assets
Amounts owed by a�liated undertakings
becoming due and payable after more than one year
2,300,000
5,500,000
Amounts owed by a�liated undertakings
becoming due and payable within one year
546,518
367,697
Other receivables becoming due and payable within one year
12,771
3,438
Cash at bank
869,399
10,531,208
Term account
2,600,000
5,000,000
Total current assets
6,328,688
21,402,343
Total assets
356,261,360
352,202,722
Liabilities
Medium-term borrowings
5,846,117
32,250,000
Short-term borrowings
36,617,045
25,317,049
Other creditors becoming due and payable within one year
26,488,033
1,462,177
Total liabilities
68,951,195
59,029,226
Net assets
287,310,165
293,173,497
FINANCIAL REPORT 2024 - Publication: June 2025
Income
Statement
Income
For the year
ended 31/12/2024
For the year
ended 31/12/2023
Interest income
533,510
273,318
Exceptional income
130,009
Dividend income
2,534,803
6,303,666
Other operating income
33,600
195,092
Net changes in fair value on �nancial assets and investments
27,867,975
7,031,307
Total net income
31,099,897
13,803,383
Expenses
Operational expenses
(33,432,074)
(4,880,273)
Interest and other �nancial charges
(3,531,153)
(2,698,371)
Taxes on pro�t or loss
Total expenses
(36,963,227)
(7,578,644)
NET PROFIT/LOSS
(5,863,331)
21,382,027
Audited Income Statement at December 31, 2024 (in EUR)
The net loss recorded in 2024 is an exceptional one-o� event linked to the recognition of expenses on the sale of Amret, which
occurred post-closing on 15 January 2025 (as at 31 December 2024, Amret is included in �nancial �xed assets and valued at fair
value). Our portfolio maintains its strong fundamentals and remains well-positioned for future growth.
FINANCIAL REPORT 2024 - Publication: June 2025
Advans SA SICAR
5, Allée Sche�er,
L-2520 Luxembourg,
Grand Duchy of Luxembourg
contact@advansgroup.com
Advans International
39, rue La Fayette
75009 Paris - France
(+33) 1 53 32 75 75
contact@advansgroup.com
www.advansinternational.com