Production 2024

Accretive Cleantech Finance Private Limited - INR 450 million Equity

Accretive Cleantech Finance Private Limited, currently known as "Ecofy", is a non-banking financial institution established in India in 2022. Its mission is to finance the green transition by originating loans to green sectors, including retail electric vehicles (EVs), rooftop solar, and SME loans for improving energy efficiency. Ecofy operates across India, targeting customers in the retail sector and SMEs. Ecofy is promoted by Eversource Capital, a climate impact investor and partner of FMO. The company’s mission is to increase the adoption of environmentally friendly products at the retail level by improving access to finance. MASSIF’s funding of INR 450 million will be used to support Ecofy’s growth, focusing on individual clients and SMEs, with an emphasis on catering to the less privileged.

African Rivers Fund IV LP - $12.5 million Equity

African Rivers Fund IV (“ARF IV” or “the Fund”) is a 2024-vintage $135 million fund providing debt, mezzanine, and equity investments in MSMEs across Central and Eastern Africa, including Angola, the Democratic Republic of Congo ('DRC'), Kenya, Uganda, and Zambia. ARF IV is the fourth fund managed by XSML Capital. The Fund aims to provide scarce risk capital to small and medium-sized companies operating in frontier markets such as the DRC and Uganda. It will build a diversified portfolio of approximately 40-50 investees, with average target investments between $2-3 million. MASSIF’s funding of $12,5 million will empower local entrepreneurs and help establish the Fund as a valuable partner for fostering local prosperity.

Banco de Antigua Sociedad Anonima - $15 million Debt (in local currency equivalent)

Banco de Antigua is a Guatemalan bank that has microentrepreneurial loans as one of its focus areas. As of FY2023, it has total assets of $239 million and a loan portfolio valued at $162 million. MASSIF is extending a loan of $15 million (in local currency equivalent), which includes a $8 million committed tranche and $7 million uncommitted tranche that was activated in September 2024 . These funds will be lent to microentrepreneurs in rural areas of Guatemala and therefore contributes to improving rural livelihoods and reducing inequalities.

BFV-Société Générale- $10 million Debt

Société Générale Madagascar ('SGM') is the largest bank in Madagascar. As a subsidiary of the globally operating Société Générale S.A., SGM started its operations in Madagascar in 1998 after acquiring a formerly state-owned local bank. SGM supports its clients as a universal bank by leveraging the group’s global reach and wide range of products and services to individuals, SMEs, and corporates. SGM has an extensive network of agents, branches, and ATMs spread across Madagascar, enabling access to finance to end-clients. MASSIF’S $10 million financing is earmarked exclusively for renewable energy use of proceeds, providing essential capital to advance the Green agenda in Madagascar.

Fido Solutions Limited - $10 million Equity

Fido Solutions ('FIDO') is a digital lender operating in Ghana and Uganda, dedicated to empowering individuals and small businesses across Africa. The company offers small-ticket, short-term credit and a variety of other financial products. By leveraging technology, FIDO utilizes alternative data and artificial intelligence (AI) to assess creditworthiness, enabling them to serve over 650,000 customers. This allows individuals, even those without a formal financial track record, to gain instant access to credit based on a credit score calculated by FIDO. MASSIF’s $10 million equity investment will support FIDO’s loan book growth in Ghana and Uganda, as well as facilitate its expansion into additional African countries. As an innovative digital lender, FIDO is driving financial inclusion for underserved populations, particularly first-time borrowers and women.

Financiera FAMA, S.A. - $5 million Debt (in local currency equivalent)

Financiera FAMA is the second-largest microfinance institution in Nicaragua. Founded in 1991, FAMA's mission is to enhance access to finance for micro-entrepreneurs in Nicaragua’s urban areas. FAMA has been a client of FMO since 2007, when it transitioned from an NGO to a regulated MFI. MASSIF has provided a new $7 million facility (in local currency equivalent) to support FAMA in continuing to fund clients in underserved regions of Nicaragua. The objective of this financing is to expand access to financial services for micro, small, and medium-sized enterprises (MSMEs). The total $7 million transaction consisted of a committed tranche of $5 million and an uncommitted tranche of $2 million (which expired in January 2025 unactivated).

JSC MFO Crystal - $15 million Debt (in local currency equivalent)

JSC Microfinance Organization Crystal ('Crystal') is Georgia’s fourth-largest microfinance lender, serving 60,000 customers through 36 branches with a loan portfolio of $60 million. Crystal is expanding rapidly, both in terms of balance sheet growth and outreach, particularly by extending its branch network in rural areas across the country. MASSIF’s $15 million loan (in local currency equivalent), of which initially $10 million committed and $5 million uncommitted (but activated at the end of 2024), is facilitating the organization’s growth and thereby contributing to improved access to finance for Georgian micro-businesses, especially in rural areas—one of MASSIF’s key focus themes.

Watu Credit Uganda Limited - $5 million Debt

Watu Credit Limited is a customer-centric company that provides lease-to-own asset financing for motorcycles and three-wheelers used as taxis, creating income-generating opportunities for predominantly young male borrowers in rural areas across East Africa. MASSIF’s funding will be used for on-lending to self-employed individuals, specifically to expand Watu’s youth- and rural-focused MSME mobility portfolio in Uganda.

SAFCO Microfinance Company (Private) Limited – $1.65 million Debt

SAFCO Microfinance Company Private Limited ('SMCL') is a for-profit, non-deposit-taking microfinance institution licensed and regulated by the Securities and Exchange Commission of Pakistan (SECP). It provides affordable microfinance services to unbanked and low-income entrepreneurs in Sindh province, where the SAFCO franchise has been active since 1986. This deal is funded from the MASSIF-DFC Co-financing facility: MASSIF has provided $1,65 million of financing, together with $3,35 million of the U.S. International Development Finance Cooperation ('DFC'). MASSIF’s funding will support portfolio growth in women and rural financing, thereby promoting financial inclusion and gender equality.

VIH Capital Pte. Ltd. – $7.5 million Debt

VIH Capital Pte. Ltd. ('VIHC') is a wholly owned subsidiary of Validus Investment Holdings Pte Ltd (VIHPL), a Peer-to-Peer (P2P) digital lending platform serving SMEs in four countries across the Southeast Asia (SEA) region. Its mission is to bridge the significant financing gap for SMEs, and enable their growth, job creation, and contribution to local economic development.This deal is funded from the MASSIF-DFC Co-financing facility: MASSIF has provided $7.5 million of financing, together with $7,5 million of the U.S. International Development Finance Cooperation ('DFC'). MASSIF’s funding will be dedicated to SME financing in Indonesia, supporting sustainable ecosystems and fostering financial inclusion. A substantial portion of its loan portfolio focuses on rural SMEs and businesses owned by young entrepreneurs under the age of 35. MASSIF disbursed a total of $5 million, with the remaining $2.5 million expiring and being canceled in October 2024.

Ardshinbank CJSC - AMD 272 million NASIRA Guarantee

Ardshinbank CJSC is one of Armenia’s leading banks, offering a comprehensive range of banking services. With a strong presence across micro, small, and medium-sized enterprises (MSMEs), corporates and retail, the bank benefits from an extensive network of 62 branches nationwide. The AMD 272 million NASIRA Guarantee will support Ardshinbank’s efforts to expand its MSME portfolio, with a particular focus on empowering young and women entrepreneurs by funding their income-generating business activities.

Cooperative Bank of Oromia - ETB 29 million NASIRA Guarantee

Cooperative Bank of Oromia ('COOP') is the fourth-largest bank in Ethiopia. Established in 2004, the bank initially focused on the agricultural sector and cooperatives. COOP has since launched the country's first digital lending app and developed alternative banking channels, including mobile money and agency networks. It is also one of the few banks in Ethiopia actively lending to MSMEs and the agricultural sector. The ETB 29 million NASIRA guarantee will support COOP in its efforts to expand lending to micro, small, and medium-sized enterprises (MSMEs) and the agricultural sector, particularly in rural areas.

First City Monument Bank Limited - NGN 10 billion NASIRA Guarantee

First City Monument Bank Ltd. (‘FCMB’) is a wholesale banking group with a growing small and medium-sized enterprise (SME) banking business, established in 1982 and headquartered in Lagos, Nigeria. The Bank is an existing MASSIF client, to which in 2024 additional funding in a total amount of NGN 1.1 mld was committed. This will allow the bank to expand its funding to agricultural, youth, and women-owned SMEs. The NASIRA guarantee will support FCMB to further grow its business towards the so-called underserved SMEs.

FirstRand Bank Limited (FRB) - ZAR 32 million NASIRA Guarantee

FirstRand Bank Limited is a wholly owned subsidiary of FirstRand Limited. The bank provides a comprehensive range of retail, commercial, corporate and investment banking services in South Africa and offers niche products in certain inter-national markets. FMO will provide FRB with a ZAR 32 million NASIRA portfolio guarantee covering loans provided to Micro, Small, and Medium-sized Enterprises (MSMEs). The NASIRA guarantee aims to support FNB’s strategy to increase its lending to MSME entrepreneurs.

I and M Bank (Rwanda) PLC - RWF 658 million NASIRA Guarantee

Incorporated in 1963, I&M bank (Rwanda) Plc is the oldest bank in Rwanda and offers the full range of personal business, institutional and corporate banking products throughout its locations. FMO is providing a RWF 658 million NASIRA portfolio guarantee. The facility provides credit risk sharing for I&M Rwanda’s MSME portfolio with a focus on MSME loans to women youth, and agriculture clients. With this guarantee in place, FMO will be supporting I&M Rwanda to increase their lending to MSMEs.

JSC Credo Bank - GEL 1.23 million NASIRA Guarantee

JSC Credo Bank is a Georgian financial institution that has been operating under a banking license since March 2017. FMO is providing a GEL 1.23 million NASIRA guarantee to strengthen the bank's portfolio. This support enables Credo Bank to offer improved products and services to key NASIRA beneficiaries, including young enterprises in agricultural value chains, female-led businesses, and micro-enterprises.

JSC TBC Bank - GEL 2.52 million NASIRA Guarantee

JSC TBC Bank is the leading financial group in Georgia, offering a comprehensive range of financial products and services across all client segments. As one of the region's top financial institutions, TBC provides nationwide retail, corporate and investment banking (CIB), as well as micro, small, and medium-sized enterprise (MSME) banking services. To further expand TBC’s financing initiatives for Georgian MSMEs, FMO is providing a GEL 2.52 million NASIRA guarantee. The focus will be on underbanked segments, including young entrepreneurs, start-ups, women-owned and women-led businesses, and rural agribusiness enterprises, which face the greatest challenges in accessing funding.

Connekt 4 SAS - €0.24 million Ventures Progam 2

Hub2 is a finech company that provides mobile wallet accessibility and payment services in Francophone Africa. Hub2’s solution contributes to the payment landscape in Africa, thereby promoting financial inclusion and stimulating economic growth. Hub2 will be able to benefit from being introduced to FMO’s network of (micro)finance institutions and FinTechs across Africa as well as to potential future investors.

EA Foods Limited - $0.25 million Ventures Program 2

EA Foods Limited ('EAF') is a food logistics and distribution company in Tanzania, leveraging technology to optimize the fresh fruit and vegetable supply chain. EAF sources produce from over 8,800 smallholder farmers and supplies primarily to informal retailers, shops, restaurants, and supermarkets in larger cities. The Company is developing an integrated platform that optimizes the supply chain for selected crops that are both high in demand and domestically grown, thus improving quality and reducing food waste. The investment proceeds will support the Company’s growth needs, helping to fund its operations and capital investments in logistics infrastructure and software development.

Tagaddod B.V. - $0.13 million Ventures Program 2

Tagaddod B.V. is an Egyptian start-up that collects and filters used cooking oil from restaurants, households, and factories through a fully digitized process and supplies it to global sustainable fuel producers. The investment will enable the Company to further expand their digitized sourcing process for Used Cooking Oil and other Waste Oils. Ultimately, this will support reducing and recycling waste products for a more sustainable fuel production, whilst providing additional revenue for restaurants, households and aggregators.

TechCoop Investment & Technology PTE. LTD. - $0.58 million Ventures progam 2

TechCoop Investment & Technology Pte. Ltd. is a technology-enabled agricultural B2B platform in Vietnam that aims to digitize transactions, bridge the working capital gap, and connect and provide access to the market across the agricultural supply chain. TechCoop provides integrated trade, digital trade credit, and advisory solutions to Vietnam's agricultural small- and medium-sized enterprises (SMEs) and farmer cooperatives across export-driven supply chains. The investment proceeds will be used to support the Company’s growth, helping fund the scaling of its operations and further software and product development for the cross-border digital platform, enabling the successful export of agricultural SMEs and farmer cooperatives.