Production capacity development

ACEP Burkina SA - Development Contribution EUR 29,225

Alliance de Credit et d'Epargne pour la Production (ACEP) is a young microfinance institution providing financial products and services customised for mainly micro-entrepreneurs and SMEs whose needs are not covered by commercial banks given their informal nature. This project seeks to provide an external expert to support ACEP’s business continuity during its Core Banking System (CBS) migration process and advance the creation of a shared technological structure within the institution. Updating the CBS is a critical activity for ACEP as the ambition is not only to migrate to a new CBS, but to take this opportunity to respond to the ever-changing market and offer a more efficient service to their clients.

Acumen Fund Inc - Development Contribution EUR 140,000

Acumen Fund Inc. established Acumen Capital Partners which closed the Acumen Resilient Agriculture Fund, LP (ARAF) in 2019. ARAF is the first, climate adaptation focused investment fund for smallholder farmers in Africa. The purpose of FMO’s contribution is to support ARAF’s investment strategy of building profitable, scalable, and socially responsible climate adaptive businesses that serve base of the pyramid markets. Moreover they aim to support greater gender integration through targeted TA interventions and provide a financial return to ARAF and its investors. The contribution shall provide funding to the following types of TA interventions: (1) climate adaptation Interventions, including gender specific initiatives, (2) BDS and management and employee training projects, (3) lean data projects, and (4) TAF support projects.

Advans Côte d'Ivoire - Development Contribution EUR 144,000

Advans Côte d'Ivoire is a microfinance institution which offers affordable credit, savings products, and financial services to small businesses and low-income populations. This project aims to expedite Advans Cote d’Ivoire's digital transformation by establishing a local Project Management Office (PMO) and tailoring change management strategies. This effort supports the implementation of the harmonised digital infrastructure needed to remain a leading and agile microfinance group in the country. The integration of technology is expected to enhance Advans CI's operational efficiency and effectiveness in addressing the needs of the poorest as well as the most vulnerable and marginalised groups, including women and people with disabilities. Additionally, digital tools aim at empowering underrepresented groups to take part in meaningful financial inclusion, ultimately promoting gender equality.

AdVision Finance - Technical Assistance EUR 75,000

AdVision Finance (ADV) is a consultancy firm for the banking, microfinance, agriculture and technology sectors in Africa, Asia, and Eastern Europe. ADV provides services and tools to help financial institutions succeed in emerging markets, with the aim to increase access to finance for low-income entrepreneurs. This project will allow beneficiaries to attend the masterclass “Leadership in the digital age”, which will be collaboratively delivered by INSEAD followed by an exploratory visit to the Singapore Fintech Festival.

Agora Microfinance Zambia LTD - Development Contribution USD 6,500

Agora Microfinance Zambia Limited (AMZ) is Zambia’s leading rural-based microfinance institution. With a mission dedicated to enhancing the livelihoods of the poor through the provision of suitable financial services, AMZ recognizes continuous education as pivotal in bridging the gap between its workforce and the market. By advancing the skills of management teams, AMZ aims to prepare them for various challenges they may encounter in the future. This project contributes to the tuition costs for a leadership executive education training for Agora’s CEO.

Babban Gona Farmer Services Nigeria - Development Contribution EUR 19,000

Babban Gona (BG) is a financially sustainable and scalable agricultural enterprise co-owned by its farmers. The funding objective is to develop and scale BG’s leadership organization by financing the participation of 250 senior extension officers in the Intensive Leadership Development Program (ILDP).

Cambodia Microfinance Association - Development Contribution EUR 3,166

The Cambodian Microfinance Association (CMA) is an NGO and professional association that aims to ensure the sustainability of the microfinance sector in Cambodia. This project is focused on designing a set of responsible lending guidelines for the Cambodian microfinance sector to improve the overall performance of the Cambodian financial market and prevent challenges that could derive into unsustainable growth and client over-indebtedness.

CrossBoundary LLC - Technical Assistance EUR 28,750

CrossBoundary Group is a mission driven investment firm that unlocks the power of capital for sustainable growth and strong returns in underserved markets. This change request is to add additional TA Scope for providing support to banks and monetary financial institutions in the Democratic Republic of the Congo (DRC) to identify potential opportunities to increase their lending to agribusiness companies and contribute to food security in DRC.

CrossBoundary LLC - Technical Assistance EUR 788,750

The Africa Resilience Investment Accelerator (ARIA) is an initiative led by British International Investment (BII) and FMO, that brings together DFIs to unlock investment opportunities in transition states in Africa. The funding will support the development of the ARIA platform, ensuring alignment with FMO's strategic objectives, with the goal of ARIA becoming one of FMO’s main platforms through which to – in absence of a proprietary local offices network – engage in business development, pipeline building and market creation activities.

Dynolabs Asset Management LTD - Development Contribution EUR 28,655

Lendable MSME Fintech Credit Fund is a fund administered by Lendable Inc, an impact focussed asset manager, providing debt capital to Fintechs in emerging and frontier markets. The grant is received and managed by Dynolabs Asset Management Ltd as Advisor to the Fund Manager. Through this project, FMO will support Lendable to strengthen its Fraud Risk Framework to detect and respond to fraud, with an emphasis on prevention, as well as support them to mitigate fraud risks.

Energy Access Ventures SAS - Development Contribution EUR 10,700

Energy Access Ventures SAS (EAV) is the advisor to Energy Access Ventures Fund (EAVF I), an investment fund focused on providing (off grid) energy access and its benefits to the un(der)served in Sub-Saharan Africa. As part of EAV’s ambition to raise a fund focused on connectivity, EAV aims to activate the digital connectivity ecosystem in Africa and thereby encourage greater private sector engagement. FMO funding will be used to contribute to the first phase to achieve this objective which entails (1) 4-in depth reports on connectivity topics to bring knowledge to the African connectivity ecosystem, (2) roundtables, webinars and other marketing mediums for key stakeholders in the connectivity space to drive collaboration in the ecosystem, and (3) advisory support for one of its portfolio companies active in the connectivity space to help EAVF I scale-up for connectivity.

FATEN - Nasira Portfolio - Development Contribution EUR 4,819

Faten (Palestine for Credit and Development) started as a program under Save the Children in 1995 and was spun-off in 1999 into a not-for-profit company with a mission to serve the financial needs of low- and middle-income Palestinian entrepreneurs and individuals. This project is part of FMOxChange, a platform where likeminded clients are given the opportunity to learn from one another.

SAFCO Microfinance Company (Private) Limited - Technical Assistance EUR 81,780

Safco Microfinance Company Pvt Ltd ("SMCL”) is a For-Profit, Non-Deposit Taking Microfinance institution, licensed and supervised by the Securities and Exchange Commission of Pakistan ("SECP”). It provides affordable microfinance services to unbanked and low-income entrepreneurs in the Sindh province where the SAFCO franchise has presence since 1986. SMCL is a wholly owned subsidiary of SAFCO Support Foundation. Via Frankfurt School of Finance & Management (FS), FMO funding will be used to contribute to SAFCO internal capacity building for risk management and corporate governance.

Frontier Techniques - Technical Assistance EUR 100,000

FMO funding will be used to contribute to provide advisory support for the second pilot phase of the Africa Resilience Investment Accelerator (ARIA). This project aims to unlock investment opportunities in transition states in Africa, including supporting the implementation of a tested working approach for DFI’s collaborating in fragile contexts, resulting to country-by-country ecosystem building and a pipeline of bankable projects.

Global Private Capital Association - Technical Assistance EUR 105,879

The Global Private Capital Association (GPCA) is an independent, non-profit organization and a global industry association for private capital in emerging markets. The TA comprises two transactions. First, in-person training for GPCA's member general partners and FMO's regional general partners, focusing on raising awareness and promoting action towards climate action and adaptation. Secondly, ear-marked funding to hire a learning and development project manager for the digital education program.

Accion Venture Lab - Technical Assistance EUR 14,916

The main objectives of the assignment are to update Accion Venture Lab's (AVL) Environmental, Social and Governance (ESG) policy, develop an Environmental and Social Management System (ESMS) including tools and processes for pipeline investment and due diligence, and to provide training to AVL's staff on the newly developed ESG policy and accompanying ESMS and ESG implementation templates. AVL is a fintech venture capital fund that makes seed and early-stage venture capital investments in fintech companies that employ business models to enhance financial inclusion for the underbanked and unbanked populations in emerging markets globally.

InFrontier Limited - Development Contribution EUR 200,000

InFrontier Limited is a specialist investment firm focusing on frontier markets, and the fund manager of InFrontier AP LP which is an Afghanistan-focused, sector agnostic, first-time fund. InFrontier Limited invests in SMEs that are or have the potential to become market leaders in Afghanistan in high growth sectors such as financial services, telecom, agri-processing, healthcare, and consumer driven companies. FMO provides an emergency grant to support continued operations of InFrontier Limited’s relocated offices in Uzbekistan and the United Arab Emirates (UAE). The grant will enable InFrontier to continue operations and support their portfolio companies.

INSEAD - Technical Assistance EUR 95,000

This project will allow beneficiaries to attend the masterclass “Leadership in the digital age”, which will be collaboratively delivered by INSEAD followed by an exploratory visit to the Singapore Fintech Festival.

Agris Africa Limited - Development Contribution EUR 150,000

The beneficiary of development contribution is Agris Africa, an agricultural investment company and subsidiary of Maris Ltd. Agriculture (Food & Forestry). Agris specializes in the growing and distribution of fresh fruits, vegetables to local and international markets. The focus of this project is on sustainability in the packaging and management of shelf life of produce, to reduce food loss. This will both enhance market positioning of Agris and generate new and increased environmental and social impact.

MCE Empowering Sustainable Agriculture Fund - Development Contribution USD 160,000

MCE Social Capital (MCE) is a US-based non-profit impact investing firm that invests flexible capital in enterprises committed to generating sustainable livelihoods, with a focus on women and environmental and climate action, to allow these enterprises to scale and better serve their customers, their employees, and their communities. The Development Contribution Grant will benefit MCE Empowering Sustainable Agriculture Fund which focuses on achieving a sustainable agricultural ecosystem. This project will support to strengthen MCE’s capabilities in two areas: (1) impact measurement and management and (2) risk management which will help boost the knowledge of MCE’s existing staff and inform MCE’s future staffing needs in these areas.

MCE Social Capital -Technical Assistance EUR 10,000

FMO's contribution will be used to perform an assessment on MCE Empowering Sustainable Agriculture Fund's (MESA) current operations focusing on responsible investment systems and particularly on identifying the potential gaps in their Client Protection systems (policies, practices, and processes). It is expected that results of the assessment will help to guide MESA’s activities and improve its operations.

M-CRIL Limited - Technical Assistance EUR 150,929

Micro-Credit Ratings International Limited (M-CRIL) is a social enterprise that provides professional services for the economic enhancement of the lives and livelihoods of low-income families. FMO funding will be used to provide continued direct support to the portfolio companies (funds and MFIs) in Myanmar with the aim to preserve impact and enhance operational resilience amidst the prolonged economic and political crisis. Moreover, the funding aims to facilitate access to requisite resources and timely guidance to enhance the ability of FMO and BII as well as their portfolio companies to proactively anticipate and mitigate evolving risks.

O.C.N. Microinvest - Development Contribution EUR 14,405

Microinvest is one of the largest microfinance companies in the Republic of Moldova. FMO funding will be used to support Microinvest in the adherence to Client Protection Principles and ensure adoption through the obtention of the CERISE+SPTF certification.

Watu Credit Limited - Technical Assistance EUR 10,875 (Kenya) and Development Contribution EUR 10,875 (Uganda)

Watu Credit Limited is a customer-centric company that offers lease to own asset financing for motorcycles and three-wheelers that are used as taxis, creating an income generating business opportunity for mostly young male borrowers in rural areas across East Africa. FMO funding will be used to support Watu Credit Limited in the adherence to Client Protection Principles and ensure adoption through the obtention of the CERISE+SPTF certification.

M-Kopa Kenya Limited - Technical Assistance EUR 18,450

M-KOPA is an asset financing platform that offers millions of underbanked customers access to life-enhancing products and services. The company provides solar home systems and appliances, cookstoves, smartphones and digital financial services on a ‘pay-as-you-go’ basis, enabling customers in Kenya, Uganda, and Nigeria to access products that they would otherwise not be able to afford on a cash basis. FMO funding will be used to conduct a CPP assessment.

Alliance Finance Company PLC and Citizens Development Business Finance PLC - Technical Assistance EUR 10,500

Alliance Finance Company PLC (AFC) and Citizens Development Business Finance Plc (CDB) are financial institutions based in Sri Lanka. FMO funding will be used to conduct a CPP assessment.

Milliman INC - Technical Assistance EUR 181,118

Milliman is an international actuarial and consulting firm. This project aims to identify interventions to build resilience of MASSIF’s current and future portfolio of clients and investees and their end beneficiaries. The first phase focusses on a scoping exercise involving various activities such as desk research, interviews with specific clients and partners, and internal stakeholder engagement within FMO. The primary objective of this phase is to identify key learning questions that need to be addressed throughout the project, as well as to determine the feasibility of conducting grant-funded pilots to achieve the project's overall objective.

Stichting Global Alliance for Banking on Values - Development Contribution EUR 39,850

The Global Alliance for Banking on Values (GABV) is the contracting party. It is a network of independent banks using finance to deliver sustainable economic, social, and environmental development. The GABV member banks - many of them also FMO clients in emerging markets - and their clients as ultimate beneficiaries, need to be able to access correspondent banking efficiently and at affordable terms. While the GABV cannot deliver this impact directly, it can help create the framework conditions so that access of its member banks to the international payments system will improve over time.

African Rivers Fund III - Development Contribution EUR 250,000

Development Contribution was granted to Stichting SME Business Support which is the Grantee Vehicle of FMO’s investee fund African Rivers Fund III (ARF III). AFR III is a private equity fund that provides scarce capital to SMEs mainly in Angola, the Democratic Republic of the Congo and Uganda. FMO’s contribution will be used to provide business support services to SME Portfolio Companies of ARF III via a Technical Assistance Facility.

Tech Accelerator (PTY) LTD - Technical Assistance EUR 180,000

The objective of the assignment is to support SBC AfriTech to expand their existing “ASIP Accelerator Program” to source from and include ventures from more challenging, second-tier markets than where they would focus without FMO funding. In addition, by becoming a key partner of this program, FMO has the opportunity to help prioritize selection criteria of the final 2 (of 4 total) cohorts around the sectors, sub-sectors, and issues deemed of interest.

The Lebanese Association for Development - Development Contribution USD 1,500,000

The Lebanese Association for Development – Al Majmoua (AM) is a large microfinance institution (non-deposit taking) in Lebanon, which was founded by Save the Children in 1994, and started its activities by providing group-loans to women in urban and rural areas. The objective of the funding is to provide support to AM to ensure business continuity by providing operational support and capital to build a “fresh” USD portfolio.

Value for Women - Technical Assistance EUR 95,000

Value for Women is a specialized advisory firm that helps organizations advance gender inclusion. The project will provide an opportunity for FMO to offer a set of investees in its portfolio, technical support that will help them integrate gender into their operations and track the business and impact benefits of those changes. Additionally, the project will contribute to building an emerging body of evidence that points to the business case for the inclusion of women across business operations.

Takura - Technical Assistance EUR 75,165

This assignment sets out to include gender inclusion as part of a larger impact framework and to update the fund's impact policy. Moreover, it aims to developing corresponding GLI tools and build the capacity of the Takura team on gender. Technical assistance is carried out via Value for Women Ltd.

Joliba Capital Fund I - Technical Assistance EUR 14,250

The objective of the assignment is to carry out a lean gender diagnostic, and co-create a Gender Action Plan to outline and document Joliba Capital’s commitment to gender-inclusive practices - at both fund and portfolio levels. These commitments will amount at minimum to alignment with the 2X Challenge Criteria thresholds and will outline how Joliba Capital commits to striving to deeper gender inclusion beyond 2X minimum thresholds. Technical assistance is carried out via Value for Women Ltd.

Board Excellence Ltd - Technical Assistance EUR 4,240

The assignment is aimed to design and facilitate an interactive 3-hour ‘Corporate Governance’ workshop, to be hosted at the FMO office in The Hague. Target audience is the FMO Ventures Team and other relevant FMO colleagues and target beneficiaries (indirectly) are the FMO Ventures companies.

VILCAP, INC. - Development Contribution USD 1,791,290

Village Capital is an organization that supports impact-driven seed-stage start-up companies. They strategically partner with locally led organizations to ensure a tailored approach to the existing needs and resources in the ecosystem. As part of the Reducing Inequalities Catalyst project, the funding objective is to support FMO’s ambition in scaling inclusive businesses that contribute to reducing inequalities. Through this partnership FMO will work with Village Capital as a service provider for the end-end grant management under the project as well as bring in thought leadership and experience of using innovative finance models to increase impact – an important component for FMO’s market creation ambition.

Dalberg Consulting US LLC - Technical Assistance EUR 47,500