Managua, Nicaragua – October 18, 2017 – Leading Nicaraguan microfinance institution Financiera FAMA announced its latest investment round. Prominent global investors Triodos Investment Management and FMO joined anchor investor and global nonprofit Accion to support the company’s efforts to provide microfinance services to financially underserved families and entrepreneurs in Nicaragua.
FAMA will use the new capital to reach more clients and deliver a broader suite of financial products and services to the tens of thousands of Nicaraguan families and entrepreneurs with scarce resources.
“At Financiera FAMA, we believe everyone should have access to the financial services and education they need to succeed,” said Víctor M. Tellería G., General Manager of Financiera FAMA. “We are grateful to Fundación FAMA and Accion for their longstanding support of our work, and are pleased to welcome Triodos Investment Management and FMO as our shareholders. With their resources and expertise, we will be able to reach more people throughout Nicaragua with a broader suite of financial services.”
Today, FAMA serves more than 58,000 borrowers and provides loans as low as $500.
“FAMA continues to be a leader in providing important pathways for underserved entrepreneurs, families, and individuals to improve their lives,” said Michael Schlein, President and CEO of Accion. “We’re pleased to support FAMA’s efforts to provide that opportunity to even more families and businesses in Nicaragua with additional capital and expanded service offerings.”
“FAMA has proven its ability to adapt to a changing landscape and continue pursuing its mission,” added John Fischer, Chief Investment Officer at Accion. “Its substantial reach to more than 58,000 borrowers and plans to offer new services position the company well to respond to today’s increasingly digital financial services landscape.” Accion has supported FAMA with capital and advisory services since it began operations in 1991.
“We are very excited to be a shareholder of FAMA and further strengthen our long-term partnership with the organisation. FAMA is a real leader in providing financial services to Nicaragua’s micro entrepreneurs. We are very much looking forward to being part of FAMA’s continuing journey to expand its outreach, to share our sustainable banking knowledge and expertise, and to have a real impact on financial inclusion in Nicaragua,” said David Harleman, Regional Manager Latin America at Triodos Investment Management.
“Our longstanding relationship with FAMA as a debt and technical assistance provider dates from 2007. We are very pleased to further deepen this relationship as a shareholder together with Accion, Triodos, Fundación FAMA, and the other local shareholders,” said Remko Komijn, FMO Senior Investment Officer. “We are impressed with the accomplishments of the company during the last 25 years. With the new shareholder’s composition, we all contribute to a strong foundation for the future so that FAMA can continue to make a difference in the financial inclusion of Nicaraguans.”
About Financiera FAMA
Financiera FAMA, a leader institution in the microfinance industry in Nicaragua, has an active loan portfolio in more than 64 million dollars, distributed in more than 58 thousand active clients, and stands out for providing loans to microenterprises in the productive, commercial and industrial sectors through its network of 27 branches. FAMA provides growth opportunities to micro, small and medium enterprises, under a concept of broad financial solutions, where loans are provided and complementary general services are offered.
Accion is a global nonprofit committed to creating a financially inclusive world, with a pioneering legacy in microfinance and fintech impact investing. We catalyze financial service providers to deliver high-quality, affordable solutions at scale for the three billion people who are left out of – or poorly served by – the financial sector. For more than 50 years, Accion has helped tens of millions of people through its work with more than 90 partners in 40 countries. More at http://www.accion.org.
About Triodos Investment Management
Triodos Investment Management connects a broad range of investors who want to make their money work for lasting, positive change with innovative entrepreneurs and sustainable businesses doing just that. In doing so, we serves as a catalyst in sectors that are key in the transition to a world that is fairer, more sustainable and humane. We have built up in-depth knowledge throughout our 25 years of impact investing in sectors such as Energy & Climate, Inclusive Finance, Sustainable Food & Agriculture, Arts & Culture, and Sustainable Real Estate. Besides the direct impact investments in these sectors, we also invest in listed companies with an above-average environmental, social and governance (ESG) performance. Assets under management as per end of June 2017: EUR 3.3 billion. Triodos Investment Management is a globally active impact investor and a wholly-owned subsidiary of Triodos Bank NV.
FMO is the Dutch development bank. As a leading impact investor FMO supports sustainable private sector growth in developing countries and emerging markets by investing in ambitious projects and entrepreneurs. FMO believes that a strong private sector leads to economic and social development, and has a 45-year proven track record of empowering people to employ their skills and improve their quality of life. FMO focuses on three sectors that have high development impact: financial institutions, energy, and agribusiness, food & water. With a committed portfolio of EUR 9.0 billion spanning over 92 countries, FMO is one of the larger bilateral private sector developments banks globally. For more information please visit www.fmo.nl.
Katie Mounts (Accion)