SIPEM.

SIPEM is a regulated financial institution in Madagascar providing retail, microenterprise and SME lending. It operates an extensive national network of 29 branches and served approximately 80,000 active customers as of March 2026. Its established branch infrastructure and experience financing smaller businesses and households give it the ability to distribute new financial products across a market where access to formal credit remains limited.

SIPEM is developing a clean cooking finance strategy focused initially on LPG products. The strategy is intended to combine its existing customer reach and underwriting capabilities with partnerships across the LPG supply chain, enabling households and enterprises to spread the upfront cost of LPG cylinders, cookers and related equipment over time.

Spark+ financing will support SIPEM’s overall loan-portfolio growth while enabling the institution to diversify into LPG and other clean cooking financing. Proceeds will be on-lent to eligible customers for clean cooking equipment and related purposes, helping establish a scalable lending product within SIPEM’s broader retail and SME portfolio. By embedding clean cooking finance into an established national financial institution, the transaction aims to improve affordability and expand access to modern cooking solutions across Madagascar.