At a glance

Set up in 2006 and managed on behalf of the Dutch Ministry of Foreign Affairs, MASSIF is FMO’s financial inclusion fund.

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Letter from the ExCo of the Fund Manager

Dear reader,

Read more ›Letter from the ExCo of the Fund Manager


Through 23 investments, totaling EUR 64 million, MASSIF concentrated its efforts in 2019 in supporting growth and job creation for fragile livelihoods and regions.

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Read more ›Production

Sales and exits

No full exit was performed in 2019.

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Production capacity development

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Grofin SGB Fund Limited Partnerships

GroFin is a private development finance institution specialized in financing and supporting small and growing businesses across Africa and the Middle East by combining medium term loan capital and value-added business support.

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Agora Microfinance Zambia Limited

Agora Microfinance Zambia is a microfinance institution dedicated to serving low-income, rural households in Zambia. Its mission is to contribute to the economic well-being of the poor through effective provision of appropriate financial services.

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The world is on the move. Over 164 million migrant workers make a living in a foreign country and they are joined by almost 26 million refugees who have been forced to flee due to conflict. While some would prefer to remain abroad, most want to return home at one point and restart their lives with additional skills or savings.

Read more ›Tamweelcom

Mercapital de Nicaragua S.A.

Mercapital de Nicaragua S.A. (Mercapital) is the financial arm of Mercon Coffee Group (MCG) in Nicaragua. MCG is one of the world’s leading coffee merchants.

Read more ›Mercapital de Nicaragua S.A.