Massif 2019

Annual report

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

MASSIF enhances financial inclusion for micro-entrepreneurs and small- and medium-sized enterprises (MSMEs) that are disproportionately affected by a lack of access to financial services. The fund supports intermediaries that reach out to MSMEs in fragile and low-income countries, MSMEs in rural areas and those dependent on agriculture, women-and-youth owned MSMEs, and intermediaries providing access to productive goods and services for underserved individuals in the poorest social-economic segments.

Our involvement in unbanked and fragile states grew in 2019, with new clients in Burkina Faso, Sierra Leone, Myanmar, and Palestine. 

Our performance

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


Number of SME loans

SMEs in countries with lowest levels of financial inclusion, small businesses in rural areas, women-owned businesses and youth entrepreneurs.


Number of micro loans

Micro-entrepreneurs in countries with lowest levels of financial inclusion, women-owned businesses and youth entrepreneurs. 


Current number of depositors

Our committed portfolio

Total committed portfolio

€545 million

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 about: Mercapital de Nicaragua S.A.

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.

Read more about: Grofin SGB Fund Limited Partnerships

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.

Read more about: Agora Microfinance Zambia Limited

Finance for Jobs Consultancy Service

FMO’s client is a private limited liability company domiciled in the West Bank, a newly formed SPV set up to serve as the prime contracting entity within the Development Impact Bond and will enter into contract, among others, with the outcomes

Read more about: Finance for Jobs Consultancy Service


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 about: Tamweelcom