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What we achieve

Through our investments, we want to contribute to social growth and progress. It is also important for us that the institutions in which we invest are profitable. Here is more about our results.


The map shows where NMI funds have made direct investments in MFIs.

In addition, our two original funds made investments in a handful of funds, which then in turn have invested in microfinance institutions. These investments via other funds are not shown in the chart, but are described in the text under the Global Fund and the Frontier Fund.
  • Global Fund

    NMI Global Fund invests primarily in microfinance investment vehicles (MIVs) led by established MIV managers and established, sustainable microfinance institutions.
  • Frontier Fund

    NMI Frontier Fund invests primarily in emerging MFIs both directly and through MIVs.
  • Fund III

    Fund III invests in emerging microfinance institutions showing an ability to grow financially and achieve social goals.
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    • The Developing World Markets Income Fund (DWMF) is a SICAV open-ended mutual fund organized in Luxembourg. DWMF will provide predominantly Debt financing to mature and emerging MFIs that finance micro, small, and medium enterprises on a global basis to help low-income entrepreneurs to grow and prosper. The Fund may also invest in other financial services that focus on field related to microfinance such as micro-insurance and housing loans for the poor.
    • India Financial Inclusion Fund (IFIF) is a microfinance equity fund, investing in high-growth, small to medium microfinance institutions in the Indian market. IFIF also invests in "microfinance enablers" that expand the provision of financial services to the poor. IFIF's triple bottom line objectives are financial inclusion, capital appreciation, and social performance initiatives. The Fund participates actively in the governance and management of its portfolio companies.
    • Microfinance Growth Fund (MIGROF) is a lending facility for microfinance institutions in Latin America and the Caribbean, providing medium- and long-term loans throughout the region. MIGROF invests in senior debt of established MFIs and expects to reach approximately 4.5 million poor and low-income clients, about 55% of whom are expected to be women. Financing is offered in local currency and in U.S. dollars.
    • At the G8 summit of 2007 in Heiligendamm, the G8 endorsed the idea to establish an investment fund for the promotion of regional micro, small and medium enterprises (MSMEs) in the Sub-Saharan region (REGMIFA). KfW, supported by the German Ministry for Economic Cooperation and Development (BMZ), has taken the lead in progressing the further development of this initiative in close collaboration with a group of 10 other development finance institutions.
    • RIF II invests exclusively in Microfinance Institutions (MFIs) with a high rural presence and has a balanced global portfolio focused on Africa, Asia, and Latin America. RIF II will be managed by Incofin Investment Management, which has its head office in Antwerp, and offices in Cambodia, Colombia, India and Kenya.
    • ShoreCap II is a microfinance investment fund providing equity for regulated and established microfinance institutions and small business banks in Africa and Asia. Technical assistance is available for ShoreCap II portfolio companies through a Technical Assistance Facility managed by Capital Plus Exchange. ShoreCap II is managed by ShoreCap Management.
    • Triodos Microfinance Fund (TMF) is a semi open-ended mutual fund established in Luxembourg. TMF seeks to make an active and sustainable contribution to poverty alleviation by increasing access to financial services for low-income people through its investments in MFIs. The Fund aims to stimulate local entrepreneurship in developing countries and to support the economic and social empowerment of women to achieve the Millennium Development Goals.
    • Bank Andara is a wholesale banking institution with a social and a financial bottom line. The Company’s mission is to be the premier, pioneering financial partner of the Indonesian microfinance sector by promoting innovation and massive outreach to those lacking access to financial services. The Company opened for business in April 2009, and currently serves as a strategic banking partner to the Indonesian microfinance sector by providing loans and services to MFIs.
    • PRASAC Microfinance Institution (PRASAC) started operating in 1995 as an EU-funded project to facilitate rural development programs in six provinces in Cambodia. In 2007, PRASAC completed its transformation to a licensed MFI. The Company utilizes both the group lending methodology (up to 10% of the portfolio) and the individual lending methodology (~90%).  In addition, PRASAC also provides some loans to SMEs.  PRASAC operates in all 24 provinces in the country through its network of branches, sub-branches and service posts (smaller localized branches).
    • Sathapana is a deposit-taking microfinance institution focusing on micro enterprise and SME lending, savings mobilization, and entrepreneurship building. It ranks third in total assets among all MFIs in Cambodia and is one of the country’s leading MFIs supporting women entrepreneurship building. The Company was established in 1995 and as a regulated MFI in 2003.
    • Women’s World Banking Capital Partners, LP is a microfinance investment vehicle established by Women’s World Banking. The fund will predominantly make equity investments into microfinance institutions who are members of the Women’s World Banking network in developing countries around the world.
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    • FEFISOL is a new Microfinance Investment Vehicle that was founded by Solidarite International pour le Developpement et l'Investissement (SIDI), Etimos and Alterfin, each of which have an extensive investment experience. The Company is managed by SIDI as the Investment Advisor, and SIDI will engage Etimos and Alterfin on a sub-contracting basis to provide additional investment services to FEFISOL.
    • Goodwell West Africa is a business development company for the microfinance sector that invests in entrepreneurial microfinance organizations in Nigeria and Ghana on a socially and commercially sustainable basis. The Company provides commercial long-term equity capital and active support to emerging and established microfinance institutions. The Company seeks to encourage and accelerate growth and build value while maintaining social focus.
    • Grooming Centre is a Non-Governmental Organization founded in November 2006. The company addresses the near absence of financial services for the large population of economically active poor people engaged in small trading and micro productive activities in the Southern and Central States of Nigeria. 
    • MicroCred Senegal (MCS) is a microfinance institution operating in the West Africa country of Senegal.  MCS was established in 2007 and offers financial services to a large number of clients who have been excluded from the formal financial sector. Through traditional borrowing and savings models, MicroCred Senegal has a twofold goal: To improve the standard of living of its clients and their households in addition to being a catalyst for economic development in Senegal. The company offers microfinance loan products, SME loans, deposit and savings products, as well as microinsurance and payment services.
    • Progression Eastern African Microfinance Equity Fund (Progression) is a new Microfinance Investment Vehicle founded by individuals with extensive experience in the microfinance sector in Eastern Africa. The Company aims at achieving capital appreciation and a positive social return primarily by providing Equity capital to Microfinance Institutions and Microfinance Enablers in Eastern Africa.
    • Soro Yiriwaso (Soro) is a microfinance institution organized as an association under Mali law and operating in southern Mali. Soro was started in 2001 as a spin-off of microfinance activities operated by Save the Children, the international charitable organization. Soro has more than 60,000 clients, of whom 95 percent are women.
    • Uganda Finance Trust (UFT) is a regulated microfinance institution offering lending, deposits and money transfer services and has a branch network spread across most of Uganda. It is a prominent MFI in Uganda being one of three institutions categorized as Microfinance Deposit-taking Institutions (MDIs) and supervised by the Bank of Uganda.
    • Belstar Investment and Finance Pvt. Ltd. is affiliated with Hand-in-Hand, a large, well-established nongovernmental organization engaged in reducing poverty by creating enterprises and jobs. Belstar is a non-bank financial company providing loans to low-income households that are unable to access such services from commercial banks. Belstar works through a Self-Help Group methodology and will assume responsibility for Self-Help Groups transferred from the existing microfinance operations of Hand-in-Hand.
    • Fusion Microfinance (Fusion) is a microfinance institution which operates in four states in North India: Delhi, Uttar Pradesh, Uttarakhand and Madhya Pradesh. The company has an outreach to over 60,000 female clients. 
    • LOMC  is a microfinance institution operating in Sri Lanka. The Company was spun off from Lanka ORIX Leasing Company (LOLC) as a subsidiary in 2008. LOLC had been carrying out microfinance activities since 2003 alongside its other leasing business. 
    • Utkarsh Micro Finance Private Limited (Utkarsh) is a microfinance institution focused on serving the highly underpenetrated northern states of India. Uttar Pradesh, where Utkarsh is based, has the highest credit demand of all Indian states with an estimated demand of more than INR 500 billion, only a fraction of which is currently offered by MFIs. The states of Uttar Pradesh, Bihar, and Madhya Pradesh, in which Utkarsh will focus its expansion, all have less than 6 % client penetration.
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    • Kenya Women Finance Trust Microfinance Bank (KWFT) was licensed to accept deposits in March 2010. The license enabled the company to increase its product offering to include a wide range of savings and deposit products to its target clientele. KWFT’s current mandate is to support Kenyan families financially, especially through making women entrepreneurs able to realize their economic potential. Through micro products, solar energy, education, sanitation, etc., clients can improve their daily life situation. Since its humble beginnings in 1982, KWFT experienced a tremendous growth. Within the last 30 years, the company has reached out to over 600,000 customers throughout Kenya.
    • RGVN (North East) Microfinance Limited (RGVN) is a microfinance institution focusing exclusively on northeast India. The Company was set up in 2010 but has its roots as the Credit & Savings Program of the RGVN Society, which was founded as an NGO in 1990. RGVN operates in five states in northeast India and serving more than 190 000 Borrowers.
    • The licensed microfinance institution SATIN was established in 1990 by the current chairman, H. P. Singh. The company's aim is to offer low threshold products for lending and savings shop owners and trade people in Delhi. In 2008, the company made a strategic shift to include loans using the group lending methodology. The company has experienced good growth, and currently has more than 1.3 million customers.
    • P. T. Bina Artha Ventura is an Indonesian microfinance institution. Bina Artha offers group loans to low-income women, who have little or no access to formal financial sector. In 2014, the company expanded lend their products to include individual loan. Bina Artha serves its customers through a branch network on Eastern, Western and Central Java.
    • Pride Tanzania is one of the largest microfinance institutions in Tanzania. The company was established in 1994 through the support of NORAD, but has financed themselves through profit and debt financing since 2001. Pride has a nationwide branch network and a focus on group lending to individuals and individual loans to small one-man businesses. Pride is organized as a non-governmental organization (NGO), but has concrete plans to become a licensed bank so that it can accept deposits from customers.
    • Founded in 2010, Basix Sub-K iTransactions Ltd., is a Hyderabad, India based associate company of BASIX Social Enterprise Group. It started with a vision to provide financial access to the unbanked population by leveraging technology. Sub-K serves as a bridge between financial service providers and under-banked. Sub-K is operational in 23 states of India and manages a loan portfolio of INR 6.66 billion for various banks. Sub-K has deployed as many as 13,000 agents or customer service providers (CSPs) to interface with customers on the ground. The company has partnered with over 14 private and public banks and serves a customer base of 1.8 million with a bouquet of financial services.
      More at: https://www.subk.co.in/ 

Social returns

When selecting where to invest, it is important to consider how we can best contribute to social development. Once an investment is made, we put emphasis on measuring and evaluating the social returns of our portfolio MFIs. 


Financial returns

In addition to social returns, we are committed to achieving a satisfactory financial return on our investment. Financial returns are necessary so that portfolio microfinance institutions can grow and develop their business, and that we are able to grow with them.

Nordic Microfinance Initiative AS

Postal address:
P.O Box 1925, Vika, N-0125 Oslo, Norway

Visiting address:
Rosenkrantz' gate 22, 7th Floor, N-0160 Oslo

Telephone: +47 22 36 22 40
Fax: +47 22 42 89 01
E-mail: info@nmimicro.no
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