Evangelical Social Action Forum (ESAF) Microfinance and Investment Private Limited (EMFIL), a non-banking financial institution (NBFC) based in the Indian state of Kerala, reportedly has raised INR 475 million (USD 7.8 million) by issuing non-convertible debentures (NCDs) to Triodos Investment Management, a subsidiary of Netherlands-based for-profit Triodos Bank [1]. The funds will be made available from the Triodos Microfinance Fund, a microfinance investment vehicle managed by Triodos that gives institutional investors in Belgium, Denmark, Luxembourg, the Netherlands, and the UK opportunity to provide loans and equity to MFIs in Latin America, Africa, Asia and Eastern Europe. EMFIL is promoted by ESAF, an NGO that supports financial inclusion in six Indian states.
As of March 2013, EMFIL reported total assets of USD 93 million, a gross loan portfolio of USD 77.7 million, approximately 384,000 borrowers, return on assets (ROA) of 1.95 percent and return on equity (ROE) of 11.31 percent. EMFIL does not accept deposits.
By Nisha Koul, Research Associate
About ESAF Microfinance and Investment Private Limited (EMFIL): Established in 1992 as Evangelical Social Action Forum (ESAF) Microfinance in the Indian state of Kerala, ESAF Microfinance and Investment Private Limited (EMFIL) is a non-banking financial institution that is promoted by ESAF, an NGO engaged in promoting self help groups (SHGs), microfinance and other community development initiatives. It operates in the states of Chhattisgarh, Delhi, Kerala, Madhya Pradesh, Maharashtra and Tamil Nadu. As of March 2013, EMFIL reported total assets of USD 93 million, a gross loan portfolio of USD 77.7 million, approximately 384,000 borrowers, return on assets (ROA) of 1.95 percent and return on equity (ROE) of 11.31 percent. EMFIL does not accept deposits.
About Triodos Investment Management: Triodos Investment Management is subsidiary of Dutch Triodos Bank that manages funds in a range of areas including financial-sector development in developing countries, renewable energy finance and venture capital. As of 2012, Triodos Investment Management managed 19 funds and had EUR 2.2 billion (USD 2.9 billion) in total assets under management. Combined, these funds provide finance to approximately 100 microfinance institutions (MFIs) in approximately 45 countries.
Sources and Additional Resources:
[1] The Hindu Business Line, ESAF Microfinance raises Rs. 47.5 cr via NCDs
MicroCapital Story, June 9, 2014, Credit Rating Information Services of India Limited (CRISIL) Upgrades Rating of Evangelical Social Action Forum (ESAF) Microfinance
MicroCapital Story, April 20, 2011, Social Venture Capital Firm Dia Vikas Capital Makes Investments Totaling $6.1m in Indian Microfinance Institutions (MFIs) BWDA Finance Limited, Rashtriya Gramin Vikas Nidhi North East, ESAF Microfinance and Investment Private Limited, Cashpor Microcredit
MicroCapital Universe Profile, ESAF Microfinance and Investment Private Limited (EMFIL)
MicroCapital Universe Profile, Triodos Investment Management
MicroCapital Universe Profile, Triodos Microfinance Fund
MicroCapital Universe Profile, Triodos Fair Share Fund
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