For an undisclosed price, Base of Pyramid Asia (BOPA), a Singapore-based equity investor in small microfinance institutions (MFIs) in Asia, recently purchased a 33-percent stake in the Alliance for Microfinance in Myanmar (AMFIM), a deposit-taking MFI that was launched in Myanmar in 2014. As a result of the new share issuance, Swiss rural-finance investor Financial Systems Development Services (FIDES) AG cut its holdings in AMFIM from 76.2 percent to 51 percent, and FIDES affiliate Swiss Microfinance Holding (SMH) reduced its from 23.8 percent to 16 percent. BOPA CEO Christian Andersen said, “…we look forward to making economic and social impact together with our partner AMFIM.”
AMFIM was founded by FIDES in partnership with the BASIX Group, an Indian provider of financial and business development services to people with low incomes. FIDES Chairman Konrad Ellsässer said the investment will boost AMFIN’s “capacity to reach out to a growing number of clients while reaching financial sustainability.”
As of 2014, AMFIM reports to the US-based nonprofit Microfinance Information Exchange USD 60,000 in loans outstanding to 628 borrowers and USD 8,361 in deposits collected from 715 customers.
Founded in 2013, BOPA holds stakes in MFIs in Cambodia, East Timor, Kazakhstan, Myanmar and Vietnam.
By the MicroCapital Team
Sources and Additional Resources
Direct communication with BOPA
Direct communication with FIDES
MicroCapital Universe profile on BASIX Group: https://www.microcapital.org/
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