ResponsAbility Social Investments, a Swiss microfinance investment manager, has reached six investment deals with three microfinance institutions (MFIs)in Africa. Two loans each were disbursed to Kenyan Women Finance Trust (KWFT), a Kenyan MFI; MicroCred Ivory Coast, an MFI affiliated with MicroCred Group of France; and Promotion of Rural Initiative and Development Enterprises Limited (PRIDE), an MFI based in Tanzania.
ResponsAbility SICAV Mikrofinanz-Fonds (rAMF), a microfinance investment vehicle (MIV) managed by ResponsAbility Social Investments, invested USD 800,000 in KWFT, the local-currency equivalent of USD 331,488 in Microcred Ivory Coast, and USD 250,000 in PRIDE. The Responsibility Global Finance Fund (rAGMF), an MIV also managed by ResponsAbility Social Investments, reached investment deals with KWFT for USD 4.2 million, MicroCred Ivory Coast for the local-currency equivalent of USD 1.3 million, and PRIDE for USD 750,000.
According to the nonprofit, US-based data provider Microfinance Information Exchange (MIX), KWFT had total assets of USD 235 million, a gross loan portfolio USD 152 million, 413,000 borrowers, return on assets (ROA) of 1.60 percent and return on equity (ROE) of 12.22 percent as of 2010. PRIDE reported to MIX a gross loan portfolio of USD 37.0 million, approximately 100,005 active borrowers, and total assets of USD 36.9 million as of 2009. As of 2010, MicroCred Ivory Coast had net assets of USD 1.9 million and a gross loan portfolio of USD 161,782. A member of the PlaNet Finance Group of France, MicroCred is affiliated with MFIs in China and three African countries in addition to MicroCred Ivory Coast.
As of September 2011, responsAbility reported total assets under management of approximately USD 1 billion. rAGMF reported to the US-based nonprofit Microfinance Information Exchange (MIX) fund assets of USD 532 million in 2011. Mikrofinanz-Fonds reported to the US-based nonprofit Microfinance Information Exchange (MIX) fund assets of USD 141 million in 2011.
By Brett Cohen, Research Associate
About Kenyan Women Finance Trust
Established in 1982, KWFT provides microfinance services exclusively to women. KWFT received a license to accept deposits across Kenya in 2010. According to the nonprofit, US-based data provider Microfinance Information Exchange (MIX), KWFT had total assets of USD 235 million, a gross loan portfolio USD 152 million, 413,000 borrowers, return on assets (ROA) of 1.60 percent and return on equity (ROE) of 12.22 percent as of 2010.
About MicroCred
MicroCred Group creates microfinance institutions (MFIs) and provides technical assistance to MFIs. MicroCred was created by French NGO PlaNet Finance and three investors: the International Finance Corporation (IFC), Société Générale and AXA Belgium. Those founding shareholders were joined by the French Development Agency (AFD in French) and the European Investment Bank (EIB) in 2007 and Developing World Markets (DWM) in 2008. MicroCred has operations in China, Cote D’Ivoire, Madagascar, Nigeria, and Senegal. For 2010, MicroCred Group reported total assets of EUR 75.5 million (USD 100 million).
About MicroCred Ivory Coast
MicroCred Ivory Coast is a microfinance institution (MFI) created by the MicroCred Group, which is based in France. As of 2010, MicroCred Ivory Coast had net assets of USD 1.9 million and a gross loan portfolio of USD 161,782.
About Promotion of Rural Initiative and Development Enterprises (PRIDE)
Promotion of Rural Initiative and Development Enterprises Limited (PRIDE Tanzania) is a microfinance institution that provides credit to micro- and small-scale entrepreneurs in Tanzania. Founded in January 1994, PRIDE uses a “modified Grameen” methodology whereby borrowers form groups within which each member guarantees all other group members’ loans. PRIDE offers loans that range in value from TZS 50,000 (USD 36) to TZS 100 million (USD 72,700). As of 2011, PRIDE reported to the US-based nonprofit Microfinance Information Exchange (MIX) a gross loan portfolio of USD 37.0 million, and approximately 100,005 active borrowers.
About ResponsAbility
Founded in 2003, responsAbility Social Investments AG is a Swiss investment company whose products aim to enable investors to earn a financial return while assisting people in emerging markets to access information and markets in sectors such as microfinance, small and medium-sized enterprise (SME) financing, fair trade and independent media. As of September 2011, responsAbility reported total assets under management of approximately USD 1 billion. responsAbility is backed by Swiss financial institutions and a social venture capital company as founders and shareholders including Baumann & Cie, Banquiers, Credit Suisse, Raiffeisen Schweiz, Swiss Re, Bank Vontobel AG as well as George Avenue.
About The responsAbility Global Microfinance Fund (rAGMF)
The responsAbility Global Microfinance Fund (rAGMF) is a microfinance investment vehicle (MIV) managed by responsAbility Social Investments that invests in microfinance institutions (MFIs) and other MIVs, mostly through short- to medium-term debt securities. rAGMF also invests up to 10 percent of its assets in the equity of MFIs. As of 2012, The fund holds a microfinance label from the Luxembourg Fund Labeling Agency (LuxFLAG), an organization that investigates whether investment vehicles actually support the microfinance sector. rAGMF reported to the US-based nonprofit Microfinance Information Exchange (MIX) fund assets of USD 532 million in 2011.
About Mikrofinanz-Fonds
Mikrofinanz-Fonds is a microfinance investment vehicle (MIV) that was launched in 2007, is managed by responsAbility Social Investments AG of Switzerland and is funded by German financial institutions Bank im Bistum Essen and Stadtsparkasse Dusseldorf. It invests in short- to medium-term income-bearing debt securities of microfinance institutions (MFIs). As of 2012, the fund holds a microfinance label from the Luxembourg Fund Labeling Agency (LuxFLAG), an organization that investigates whether investment vehicles actually support the microfinance sector. Mikrofinanz-Fonds reported to the US-based nonprofit Microfinance Information Exchange (MIX) fund assets of USD 141 million in 2011.
Sources and Additional Resources
MicroCapital.org brief, March 16, 2012 “MICROCAPITAL BRIEF: responsAbility Lends $1.8m to Cambodian Microfinance Companies Angkor Mikroheranhvatho Kampuchea, Thaneakea Phum (Cambodia) Limited”
https://www.microcapital.org/microcapital-brief-responsability-lends-1-8m…
MicroCapital.org story, March 14, 2012, “MICROCAPITAL BRIEF: responsAbility Invests $2m in Jordan’s Middle East Micro Credit Company (MEMCC), Palestine for Credit and Development (FATEN),” https://www.microcapital.org/microcapital-brief-responsability-invests-2m…
MicroCapital universe Profile: ResponsAbility
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=res…
MicroCapital Universe Profile: ResponsAbility Global Microfinance Fund
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=res…
MicroCapital Universe profile: Mikrofinanz-Fonds https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=res…
MicroCapital Universe Profile: Kenyan Women Trust Fund
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Ken…
MicroCapital Universe Profile: MicroCred
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Mic…
MicroCapital Universe Profile: PRIDE Tanzania
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=PRI…
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
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