Founded in 1989 as a merchant bank, Intercontinental Bank Plc is engaged in commercial and retail banking, wealth management and corporate banking. In 1999, Intercontinental became a commercial bank and in 2002, it became a publicly quoted company listed on the Nigerian Stock Exchange. According to the financial data released by Intercontinental in February 2008, the bank has total assets of NGN 1.4 trillion (approximately USD 12 billion) and total assets plus contingents of NGN 1.7 trillion (approximately USD 14.6 billion), which is up 108 percent from last year. This makes Intercontinental the largest bank in Nigeria by total assets.

The collaboration will be carried out by Intercontinental Bank’s microfinance unit, Blue Intercontinental Microfinance Bank (BIMFB). BIMFB is a joint venture between Intercontinental Bank and Blue Financial Services, a South African microfinance institution (MFI) that trades on the Johannesburg Stock Exchange under the symbol BFSJ. MicroCapital recently reported on BIMFB’s initial capitalization at NGN 3 billion (approximately USD 25.9 million), an unprecedented level for a microfinance bank.

AllAfrica.com: “Nigeria: Oyo, Bank Fight Poverty with N1bn” by Ola Ajayi

AllAfrica.com: “Nigeria: Intercontinental Bank’s Assets Base Hits N1.7 Trillion” by Linda Eroke

Business Week: Blue Financial Services: Financial Statements

Blue Financial Services: Home

BusinessDay Nigeria: “Oyo Govt. Releases N1bn for Micro Finance Bank” by Remi Feyisipo

BusinessDay Nigeria: “Intercontinental, SA Firma Form N3bn Micro-Finance Bank” by Nse Akpan

Daily Trust: “Micro Finance Banking’ll Grow Nigeria’s Economy” by Yemi Bamidele

Johannesburg Stock Exchange: Home

Intercontinental Bank Plc: Home, History, Financials

MicroCapital.org Article: “South African Microfinance Institution (MFI) Blue Financial Services and Nigeria’s Intercontinental Bank to Launch $25.9m Microfinance”

Nigerian Stock Exchange: Home

Nigerian Tribune: “Intercontinental Bank Partners Oyo State on Micro-Finance”

Oyo State Government: Home

Founded in 1987 as a non-government organization (NGO), DEC was established through a joint venture between Canadian University Services Overseas (CUSO), a nonprofit organization that promotes development in developing nations, and the Adult and Non-formal Education Agency (ANFEA), a Nigerian state agency whose objective is to increase literacy. DEC first started as a resource center for groups of women to share and exchange development information. Since then, it has expanded its objectives to include microfinance services, community development initiatives, literacy classes and various capacity building and entrepreneurship skill development workshops. The organization is split into two units‚ one which concentrates on microfinance and another which focuses social development issues such as adult literacy, gender awareness, water, sanitation and hygiene. Currently, DEC operates through 20 branches and has 12 microfinance offices

According to 2006 financial data provided by the Microfinance Information Exchange (MIX), DEC had total assets of USD 2.7 million with a gross loan portfolio of USD 1.5 million. More recent data from the Grameen Foundation, a nonprofit organization based in Washington D.C., shows that DEC had a gross loan portfolio of USD 2.3 million in December 2007. No further information is available regarding DEC or the funding source of DEC’s current loan of USD 2.5 million. DEC obtains most of its funding through membership fees, income from consultancy services and donations from nonprofit and non-governmental organizations such as the Ford Foundation, the United Nations Development Programme and ActionAid International Nigeria.

At the end of 2006, DEC reported a return on assets of -2.32 percent and a return on equity of -3.13 percent. These numbers are down from 2005, when DEC’s return on assets was 8.47 percent and its return on equity was 11.62 percent. As of December 2007, DEC had 35,726 active borrowers. The organization focuses its development efforts on women, as it was originally established after research findings by CUSO and ANFEA showed that women in rural areas of Nigeria are greatly disadvantaged socially and economically.

DEC is currently working with Oxfam Novib, the Dutch subsidiary of Oxfam International, a confederation of non-governmental organizations (NGOs) founded in 1995 with the purpose of reducing poverty. Oxfam Novib has lent DEC EUR 339,500 in an effort to help the organization increase its active clients by 73,132 and its total branches by 26.

Additional Resources:

ActionAid International: Home

AllAfrica.com: “Nigeria: NGO Disburses N292 Million Credit to 30,000 Women”

Canadian University Services Overseas: Home

Ford Foundation: Home

Grameen Foundation: Home, Development Education Centre

Leadershipnigeria.com: “NGO Disburses N292m Credit To 30,000 Women”

MIX Market: Profile for DEC

Oxfam International: Home, About

Oxfam Novib: Home, DEC Microfinance Programme 2008-2010

“Reflect, Rights and Governance: Insights from Nigeria and South Africa” by Kate Newman, ActionAid International

United Nations Development Programme: Home

Wiserearth.org: Samuel B. Yelmison: Development Exchange Centre

UBA Microfinance Bank will target a client base that encompasses micro and small enterprises and family and rural business, with an emphasis on businesses owned by women. UBA Microfinance hopes to provide services which include micro lending, micro investment, micro deposits and small business advisory. Elumelu says that UBA will operate “the new [microfinance] bank from within all the [current commercial] branches of the bank in the urban and rural communities, while separate structures [will be] put in place to meet the upsurge in demand of services by the micro-banking public”. Currently, UBA is trying to get approval for establishing six additional branches of the microfinance bank from the Central Bank of Nigeria, the Nigerian government’s central bank founded in 1958.

Founded in 1961, UBA is the result of a merger between United Bank for Africa and Standard Trust Bank (STB), both of which are Nigerian banks. The merger made UBA the largest bank, by total asset size, in West Africa. Today, UBA serves as a commercial and retail bank for 6 million customer accounts in Nigeria and Ghana, with branches in New York and the Cayman Islands. As of September 2007, UBA had total assets of USD 9.7 billion, a 35 percent increase from total assets in September 2006.

Microfinance is a rapidly growing industry in the West Africa region. The Integrated Regional Information Networks (IRIN), a news publication that is part of the United Nations Office for the Coordination of Humanitarian Affairs, reported that, as of October 2006, there are more than 650 microfinance institutions (MFIs) in West Africa serving some 6 million customers. UBA’s founding of a microfinance bank is part of a trend of commercial banks investing increasing amounts in microfinance, as reported by MicroCapital. Large commercial banks such as Citigroup, Deutsche Bank and Morgan Stanley have their own microfinance groups or units. Elizabeth Littlefield, Chief Executive Officer of the Consultative Group to Assist the Poor (CGAP), says that “local commercial banks are beginning to see opportunities at the low end of their retail market.”

Additional Resources:

Central Bank of Nigeria (CBN): Home, About

Citigroup: Citigroup Microfinance Group

Consultative Group to Assist the Poor (CGAP): Home

Deutsche Bank: DB Microcredit Development Fund

Forbes: “The Changing Face of Microfinance Funding” by Elizabeth Littlefield

ING Microfinance: “A Billion to Gain? – The Next Phase”

Integrated Regional Information Networks: “Senegal: On the Make with Microfinance”

MicroCapital.org News Wire: Nigeria: United Bank for Africa Invests $25m to Open Microfinance Bank

MicroCapital.org Paper Wrap-Up: ING Report States that Global Banks Doubled Microfinance Loans Last Year

Morgan Stanley: Microfinance Institutions Group

United Bank for Africa Group Plc (UBA): Home, About, 2007 Annual Report

United Bank for Africa Group Plc (UBA) Press Release: “UBA Launches N3BN Microfinance Bank”

Vanguard: “UBA Launches Micro-Finance Bank”

First established in 1987 in Dhaka, Citi Bangladesh provides corporate and investment banking services under the umbrella of Citigroup, an American bank engaged in commercial and retail banking, private banking, asset management and investment banking.  2007 financial statements show that Citi Bangladesh had total assets of BDT 31.9 billion (approximately USD 475.1 million).  Citi Bangladesh also reported a return on assets of 2.13 percent.

Citi’s microfinance division, Citi Microfinance, was established in 2005 as a London-based business unit to increase access to financial services in numerous countries.  Citi Microfinance is working with various MFIs to provide services such as financial products, financing, individual lending, access to local capital markets, foreign exchange and interest rate hedging, remittances and insurance.  In 2006, Citi Bangladesh worked with Boston-based investment firm RSA Capital and development banks KfW Entwicklungsbank (KfW) of Germany and The Netherlands Development Finance Company (FMO) to provide the Bangladesh Rural Advancement Committee (BRAC), the world’s largest “national non-governmental organization” (NGO), with BDT 12.6 billion (approximately USD 180 million) in financing.  MicroCapital reported on the transaction in its monitor.

ASA is an MFI based in Dhaka, Bangladesh and established in 1979, with its microfinance division starting in 1991.  ASA provides microfinance services by extending loans to micro-entrepreneurs and by providing technical and financial assistance to numerous MFIs and financial services institutions in Bangladesh.  The 2006 financial data provided by the Microfinance Information Exchange (MIX) shows that ASA had total assets of USD 355.3 million and a gross loan portfolio of USD 305.3 million.  At the end of 2006, ASA’s return on assets was 14.4 percent, and its return on equity was 26.08 percent.  ASA has 5.2 million active borrowers with 79.3 percent of these borrowers being women.  MicroCapital recently reported on ASA’s historic equity offering of USD 150 million, which ASA will use to target funds at MFIs outside of Bangladesh.

Additional Resources:

All Headline News: “Citibank Provides $10 Million To Bangladesh Microfinance” by Siddique Islam

ASA: Home, Global Micro Finance, Profile

Bangladesh Rural Advancement Committee (BRAC): Home

Bangladesh Rural Advancement Committee (BRAC) Press Release: “BRAC Launches World’s First Micro-credit Securitisation”

Citigroup: Home, Citibank Bangladesh, About Citibank Bangladesh, 2007 Citibank Bangladesh Financial Statements, Citi Microfinance, About Citi Microfinance, Citi Microfinance Initatives

Citigroup Press Release: “Bangladesh: Citibank Provides USD10 Million Credit Facility to ASA”

KfW Entwicklungsbank: Home

MicroCapital.org Article: World’s First Microcredit Securitization: $180 Million Deal Between Bangladesh Rural Advancement Committee, RSA Capital, Citigroup, Netherlands Development Finance Company, and KfW Entwicklungsbank

MicroCapital.org Article: Bangladesh-based ASA to Allocate Funds from Historic $150m Equity Deal Toward Microlending Outside Bangladesh

MicroCapital.org Article: ING Review of Citigroup’s Microfinance Activities and Its Syndicated Loan Securitizations for Compartamos, SKS Microfinance, and BRAC

MIX Market: Profile for ASA

RSA Capital: Home

The Netherlands Development Finance Company (FMO): Home

Microfinance banks (MFBs) are usually required to obtain approval from the CBN before starting operations in another state.  According to the Microfinance Policy, Regulatory and Supervisory Framework for Nigeria, written by the CBN, MFBs wishing to start operations in a new state must have satisfactorily covered two-thirds of the local government areas (LGAs) of the previous state they were operating in.  In addition, MFBs must have approximately USD 172,332 in free funds to start a new branch in another state.  According to the CBN, these regulations are in place to ensure full spread of the microfinance market across Nigeria and to avoid concentration of MFBs in areas where a large number of financial institutions already exist.  MicroCapital recently reported on the Nigerian government’s concern about the higher distribution of MFBs in the south and the limited outreach of MFBs in the north.

The IMFB website states that it was founded and incorporated in 2006 by a “group of investors”, after being granted approval by the CBN.  No further information is available about the identity of these investors.  IMFB is the first microfinance bank (MFB) in Nigeria and started with an initial share capital of approximately USD 2.2 million, which has most recently increased to approximately USD 17.2 million.  The bank’s primary goal is to provide unbanked individuals and small and medium enterprises (SMEs) with access to financial services.  Currently, IMFB operates 8 branches and 37 business offices in three Nigerian states, and hopes to expand its operations to include 7 more branches by September.

According to the most recent financial data provided by the Microfinance Information Exchange (MIX), IMFB has total assets of USD 22.5 million with a gross loan portfolio of USD 7.0 million.  At the end of 2007, IMFB had 8,641 active borrowers, and average loan balance per borrower was USD 816.  Simon Akinteye, managing director and chief executive officer of IMFB, hopes that the bank’s customer base will grow by 5,000 individuals per week before the end of July this year.

Additional Resources:

AllAfrica.com: “Nigeria: CBM Grants IMFB State Status”

Central Bank of Nigeria (CBN): Home, About, Microfinance Policy, Regulatory and Supervisory Framework for Nigeria

Integrated Microfinance Bank Limited (IMFB): Home, About, Branches

MicroCapital.org Article, May 2008:  Central Bank of Nigeria Warns of Mission Drifting by Microfinance Institutions

MIX Market: Profile for IMFB

U.S. Department of State: Nigeria

Individual beneficiaries will receive between GHS 1,000 (approximately USD 1,025) and GHS 2,500 (approximately USD 2,562) and will pay an interest rate equal to the Bank of Ghana prime rate of 16 percent plus another 2.5 percent.  Groups will receive GHS 2,500 (approximately USD 2,562) to GHS 20,000 (approximately USD 20,500) and pay a 10 percent interest rate.  In addition, groups will be given a month grace period and only those individuals involved in agriculture ventures will be given a year’s grace period on interest payments. 

The loans will be given to individuals and groups of all trades who need financial assistance to start or expand their businesses.

The Ghanaian government established MASLOC in 2004 to manage the government’s micro and small credit programs.  The Centre was created as part of the Ghana Poverty Reduction Strategy, a policy agenda for poverty reduction and economic growth laid out by the Ghanaian government and the World Bank, a development organization providing financial and technical support to developing nations.  MASLOC recently loaned GHS 18.3 million (approximately USD 18.8 million) to 30,000 beneficiaries.  Lawrence Prempeh, the chief executive officer (CEO) of MASLOC, revealed that his organization plans to loan another GHS 37 million (approximately USD 37.9 million) to 127,000 beneficiaries in the coming future.

Additional Resources:

AllAfrica.com: “MASLOC Disburses GHS 18.3 million to 30,000 Beneficiaries” by Michael Boateng

Bank of Ghana Press Release: “Monetary Policy Committee Press Release May 2008″

“Ghana Poverty Reduction Strategy: An Agenda for Growth and Prosperity”, World Bank and Government of Ghana: February 2003

MicroCapital.org Article, June 2008: The Government of Ghana Loans GHS 300,000 (USD 303,797) to Entrepreneurs in Upper West Region through MASLOC, the Micro-finance and Small Loans Centre

Modern Ghana: “About 3,500 People to Benefit From MASLOC – Prempeh”, by GNA

The Statesman: “$50m Boost for Average Ghanaian”, by Ayuure Kapini Atafori

World Bank: Home

The theme of the meeting was “Developing Cooperation Within the WSBI Network”, and one of the major agenda points of the meeting was to encourage WSBI members to cooperate with international organizations, governments and other members to improve microfinance services.  This is to include the sharing of WSBI and KFSB members’ experiences and best practices in the area of microfinance for the purpose of developing innovative business models.  WSBI President, Jose Antonio Olavarrieta added that, “Korea should share its best practices with members of the WSBI networks to define what would be the most appropriate and adapted microfinance model for Korean savings banks”.  Olavarrieta also believes a closer link between Korean banks and MFIs will provide both parties with mutual benefits – MFIs would have access to deposit facilities, liquidity management services and emergency credit lines while banks would expand their client base and operations through the MFI network.

The Seoul Resolution also calls for the Korea Federation of Savings Banks (KFSB), a nonprofit organization, to work with the WSBI to revitalize microfinance in Korea.  Seok-Won Kim, Chairman and CEO of KFSB, says that his organization will “establish various microfinance systems, in collaboration with the Korean government.  These projects will include the recovery of credit-defaulters and the enlargement of small loans for individuals of low or poor credit.  Mr. Kim also added that the Korean government is in the process of launching an initiative called New Start 2008 Project, which will bail out credit delinquents, struggling self-employed individuals, small business owners and farmers in debt.

The WSBI, founded in 1994 in Belgium from the now-dissolved International Savings Bank Institute, is a nonprofit association composed of retail and savings banks around the world.  WSBI acts as a resource for its members in their development stage and encourages cooperation and sharing of best practices among its members.  WSBI reported in 2006 that it represents 2353 financial intermediaries, and its member savings banks have total assets that amount to more than EUR 8.1 trillion (USD 9.6 trillion).

Founded in 1973, KFSB was established as the National Association of Credit Unions to help its members develop into sound financial institutions.  KFSB provides its members with financial and information technology support, conducts research on the improvement of savings banks and helps operate the reserves of savings banks, amongst various other financial services.  There are currently over 100 members in KFSB’s network, with combined total assets of USD 61 billion.

Additional Resources:

Korea.net: “Lee Unveils Revival Program for the Underprivileged”

Korea Development Bank: “Savings Banks Focus on Underprivileged”

Korea Federation of Savings Banks: Home, Missions, History

The Korea Times: “Microfinance Key to Sustainable Development” by Kim Jae-kyoung

The Korea Times: “Global Savings Bankers Call for Inclusive Financial System”

MicroCapital.org News Wire: Korea: Korea Federation of Savings Banks Head Endorses Microfinance Ahead of World Savings Banks Institute Meeting

MicroCapital.org News Wire: World Savings Bank Institute Chief Advices Korea to Boot Microfinance

World Savings Bank Institute (WSBI): Home, History, Introducing WSBI, Key Statistics

World Savings Bank Institute (WSBI) Press Release: “WSBI Calls for Enhanced Business Cooperation and Supporst Korean Savings Banks In Their Efforts to Develop Microfinance”

Dexia Microcredit Fund is a Luxembourg-based commercial investment fund launched in 1998 to invest specifically in microfinance institutions (MFIs).  Dexia Microcredit was launched by Dexia Banque Internationale, a retail bank formed in 1996 by the merger of Crédit Communal de Belgique and Crédit Local de France.  The fund was created to provide investors with both a socially responsible investment opportunity and an attractive investment return.  The 2008 financial data provided by the Microfinance Information Exchange (MIX) shows that Dexia Microcredit has total assets of USD 298.5 million with USD 284.9 million being allocated towards microfinance investments.  Dexia Microcredit fund is currently active in 19 nations and finances 30 MFIs.

FDL Nitlapán is a Nicaraguan MFI that started in 1992 under Nitlapán, a research and development institution founded at the Central American University in 1990.  In addition to financial services, FDL Nitlapán also offers its clients advisory services regarding the production and administrative aspects of microenterprises’ business projects.  As of 2007, FDL Nitlapán had a loan portfolio of USD 53.4 million and a client base of 72,000.  This organization does not report to the MIX Market and no other financial information is available regarding FDL Nitlapán.

Mikrofin is a for-profit, micro-credit company founded in 1997 and based in Bosnia and Herzegovina.  The company originated from World Bank Local Initiatives, a microenterprise lending project supported by the Bosnian government and the World Bank, a development organization providing financial and technical support to developing nations. Mikrofin was created to promote self-employment and lower unemployment in post-war Bosnia.  At the end of 2007, Mikrofin reported total assets of USD 151.7 million and a gross loan portfolio of USD 143.2 million.  The company’s return on assets was 4.9 percent, and its return on equity was 21.68 percent, as reported by the MIX.  At the end of 2007, Mikrofin had 51,508 borrowers with the average loan per borrower being USD 2,780.

Founded in 1992 and based in Nicaragua, FAMA was created with the support of ACCION International, a nonprofit organization founded in 1961, which mainly operates in South America.  FAMA still remains under the ACCION network.  According to the 2007 financial data provided by the MIX, FAMA had total assets of USD 33.9 million and a gross loan portfolio of USD 31.4 million.  Its most recent return on assets was 3.65 percent while its return on equity was 11.01 percent.  At the end of 2007, FAMA had 42,918 active borrowers and claimed female micro-entrepreneurs to be its main clients, with 72.7 percent of borrowers being women.

Additional Resources:

ACCION International: Home, History, FAMA – Fundación para el Apoyo a la Microempresa

Dexia: Dexia Microcredit Fund, Home, About

FAMA: Home

FDL Nitlapán: Home, Financial Data

Mikrofin: Home, About

MIX Market: Profile for Dexia Microcredit Fund

MIX Market: Profile for FAMA

MIX Market: Profile for Mikrofin

Nitlapán: Home

Revista Envio (Central American University): The IDB Reward the FDL for Excellence

World Bank: World Bank Local Initatives, Home

Founded in 1997, Cordaid is a Dutch Catholic foundation that supports 1,000 development and welfare organizations in 40 countries.  Cordaid also provides emergency aid, health care and poverty alleviation through participation and entrepreneurship programs for isolated and disadvantaged members of society.  Its microfinance unit was started in 2000 when Cordaid realized the need for more specialized financial services in serving disadvantaged individuals.

The most recent financial data provided by the Microfinance Information Exchange (MIX) shows at the end of 2004, Cordaid had total assets of USD 63.5 million with USD 35.4 million allocated to microfinance investments.  As of 2004, the microfinance arm of Cordaid held 90 active investments, with 25 percent of investments in Latin America and the Caribbean and 23 percent of investments in South Asia.

FINCA Honduras, founded in 1989, is a chapter of FINCA, a network of associations that provides financial services to low-income entrepreneurs.  FINCA was founded in 1984 under the village banking method, which encourages poor individuals to form financial support groups and allows them access to working capital using the group as collateral for the loans.  FINCA Honduras provides village banking services as well as individual loans to micro-entrepreneurs. 

According to 2007 financial data provided by the MIX, FINCA Honduras had total assets of USD 7.7 million and a gross loan portfolio of USD 6.6 million.  At the end of 2007, the microfinance institution had 22,194 active borrowers and claimed female micro-entrepreneurs to be its main clients, with 81.3 percent of borrowers being women.  FINCA Honduras also reported a return on assets of 3.86 percent and a return on equity of 11.58 percent in 2007.

Additional Resources:

CGAP (Consultative Group to Assist the Poor): Home, List of Recent Transactions – April 2008

Cordaid: Home, About,  Emergency Aid and Reconstruction, Entrepreneurship, Health and Well-Being, Participation

FINCA: Home, About, History, Microfinance and Village Banking, FINCA Honduras

MIX Market: Profile for FINCA Honduras

MIX Market: Profile for FINCA

MIX Market: Profile for Cordaid

Dexia Microcredit Fund is a Luxembourg-based commercial investment fund launched in 1998 to refinance MFIs.  Dexia Microcredit was launched by Dexia Banque Internationale, a retail bank formed in 1996 by the merger of Crédit Communal de Belgique and Crédit Local de France.  The fund was created as a socially responsible investment opportunity for investors while providing them with an attractive investment return.  The 2008 financial data provided by the Microfinance Information Exchange (MIX) shows that Dexia Microcredit has total assets of USD 298.5 million with USD 284.9 million allocated towards microfinance investments.  Dexia Microcredit fund is currently active in 19 nations and finances 30 MFIs.

Founded in 2000, BTFF is an MFI based in Kyrgyzstan and created by ACDI/VOCA, an economic development organization specializing in agriculture business systems, and Swiss CARITAS, a Catholic relief and development organization.  BTFF was formed to allow micro, small and medium enterprises access to financial services and products after Kyrgyzstan’s independence.  The most recent financial data provided by the MIX shows BTFF had total assets of USD 34.7 million at the end of 2007.  The MFI’s return on assets was 5.68 percent, and its return on equity was 23.31 percent.  BTFF had 10,695 active borrowers at the end of 2007.

FinDev, an Azerbaijani MFI, was founded in 1997 by Oxfam GB, the United Kingdom subsidiary of Oxfam International, a confederation of non-governmental organizations (NGOs) founded in 1995 with the purpose of reducing poverty.  FinDev was started after a survey conducted by Oxfam GB revealed a lack of financial resources for individuals disadvantaged by war and economic decline.  According to the 2007 financial data provided by the MIX, FinDev had total assets of USD 4.2 million and a gross loan portfolio of USD 4.0 million.  Its return on assets was 15.68 percent, and its return on equity was 45.24 percent.  At the end of 2007, FinDev had 4,725 active borrowers.

AMK is a Cambodian MFI that originated from the savings and credit development work done by Concern Worldwide, an NGO dedicated to humanitarian efforts and poverty alleviation.  The savings and credit program from which AMK is created was founded in 1999, but AMK did not become an independent organization until 2003.  The most recent financial data from the MIX shows AMK had total assets USD 12.3 million at the end of 2007, with a gross loan portfolio of USD 10.3 million.  The MFI had a return on equity of 24.71 percent and a return on assets of 8.64 percent.  As of 2007, AMK had 120,111 active borrowers, with 84.5 percent of these borrowers being women.

Additional Resources:

ACDI/VOCA: Home, About

Angkor Microfinance Kampuchea: Home, History

Bai Tushum: Home, History

Concern Worldwide: Home, About

Dexia: Dexia Microcredit Fund, Home, About

MIX Market: Profile for Dexia Microcredit Fund

MIX Market: Profile for FinDev

MIX Market: Profile for AMK

MIX Market: Profile for BTFF

Oxfam International: Home, Oxfam GB, About

Swiss Caritas: Home