MASSIF is the financial inclusion fund that FMO manages on behalf of the Dutch government.

In 2025, MASSIF continued to deliver on its mandate as a catalytic investor in inclusive and sustainable financial systems. It did so while contributing to the implementation of FMO’s Strategy 2030 and advancing its own strategy, The Next Frontier, with a continued focus on financially underserved markets and segments, and innovative approaches.

LETTER FROM THE MANAGEMENT BOARD