Grameen Foundation, a US-based nonprofit that aims to help poor people access business opportunities and financial and information services; KfW Bankengruppe, the German development bank; and the Access Africa Fund, a US-based for-profit limited liability company launched by nonprofit CARE International, have each purchased a 25-percent stake in Musoni Kenya, a Kenyan MFI that provides financial services via mobile phone. The MFI focuses on the portion of the population that lacks access to the formal financial sector. The investment by the three companies will be used to help Musoni Kenya grow its operations, expand its services in rural areas and facilitate licensing from the Central Bank of Kenya to accept savings deposits. The sizes of the investments have not been released.
Grameen Foundation reported total investments of USD 19 million and total assets of USD 27.3 million as of March 31, 2011. In 2010, KfW Bankengruppe invested approximately USD 7.4 billion in the promotion of developing and transition countries. In 2011, CARE reportedly supported 1,051 projects in 84 countries that reached 122 million people and in 2010 reported total assets of EUR 592 million (USD 782 million). Financial data on Musoni Kenya are not available.
By Charlotte Newman, Research Associate
About KfW Bankengruppe
The KfW Bankengruppe (KfW Bank Group) is a German development bank whose objective is to support economic, social and ecological development worldwide. Owned by the Federal Republic and the Länder (federal states), it offers financial support in the areas of small and medium-sized enterprise, entrepreneurship, environmental protection, housing, infrastructure, education, finance, and development cooperation. In 2010, KfW Bankengruppe invested approximately USD 7.4 billion in the promotion of developing and transition countries.
About CARE International
CARE (Cooperative for Assistance and Relief Everywhere) International is a Switzerland-based non-governmental organization with global poverty reduction programs aimed at developing women’s economic capabilities. Founded in 1945 with the aim of sending supplies to post-war Europe from America, it has evolved into a multipurpose humanitarian organization. In 2011, CARE reportedly supported 1,051 projects in 84 countries that reached 122 million people. In 2010 it reported total assets of EUR 592 million (USD 782 million).
About Access Africa Fund
Formed in 2010 by the international relief agency CARE International, Access Africa Fund is a for-profit limited liability company based in the US state of Delaware. The investment objective of the fund is to provide social impact and capital appreciation by lending local currency to and making strategic equity investments in microfinance institutions located throughout sub-Saharan Africa.
Sources and Additional Resources:
Grameen Foundation: Press Release: “Grameen Foundation, KfW and CARE’s Access Africa Fund Invest in World’s First 100% Mobile Microfinance Institution,” http://www.grameenfoundation.org/press-releases/grameen-foundation-kfw-and-care%E2%80%99s-access-africa-fund-invest-world%E2%80%99s-first-100-mobile-
MicroCapital.org story, MICROCAPITAL BRIEF: Luxembourg Fund Labeling Agency (LuxFLAG) Certifies Access Africa Fund with ‘Microfinance Label,” https://www.microcapital.org/microcapital-brief-luxembourg-fund-labeling-agency-luxflag-certifies-access-africa-fund-with-microfinance-label/
MicroCapital.org story, March 19, 2012, “MICROCAPITAL BRIEF: Grameen Foundation, USAID Issue $1m Guarantee to Microfinance Institution Proempresa of Peru,” https://www.microcapital.org/microcapital-brief-grameen-foundation-usaid-issue-1m-guarantee-to-microfinance-institution-proempresa-of-peru/
MicroCapital Universe Profile: Grameen Foundation
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Grameen+Foundation
MicroCapital Universe Profile: KfW Bankengruppe
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=KfWBankengruppe+%28KfW+Bank+Group%29
MicroCapital Universe Profile: CARE International
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=CARE+International
MicroCapital Universe Profile: Access Africa Fund
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Access+Africa+Fund
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
Similar Posts:
- MICROCAPITAL BRIEF: 24 Education Technology Startups in Kenya, Nigeria Joining Mastercard Foundation EdTech Fellowship
- MICROCAPITAL BRIEF: Grameen Crédit Agricole Foundation Loans $3.2m to Faten for Microfinance in Palestine
- MICROCAPITAL BRIEF: Credit Bank, FSD Kenya Engaging SACCOs in Effort to Reduce Remittance Costs for Rural Kenyans
- MICROCAPITAL BRIEF: Oxus Kyrgyzstan Borrowing $1.6m from Grameen Credit Agricole Foundation for Microfinance Lending
- MICROCAPITAL BRIEF: Mi-Bospo of Bosnia and Herzegovina Borrowing $2.2m from Grameen Credit Agricole Foundation for Microfinance Lending
