MICROCAPITAL BRIEF: Credinka of Peru, Ugafode of Uganda, FACES of Ecuador, Agora Microfinance Zambia, ASDIR of Guatemala Borrow $4m From Triodos Investment Management

Triodos Investment Management, a subsidiary of Dutch Triodos Bank, recently disbursed loans to the following five microfinance institutions: Caja Rural de Ahorra y Credito Quillabamba (Credinka) of Peru, Ugafode Microfinance Limited of Uganda, Fundación de Apoyo Comunitario y Social del Ecuador (FACES) of Ecuador, Agora Microfinance Zambia and Asociación de Desarrollo Integral Rural (ASDIR) of Guatemala. These loans were funded by the following microfinance investment vehicles: the Hivos-Triodos Fund, a collaboration between the Netherlands-based Hivos Foundation and Triodos Bank intended to promote entrepreneurship and microfinance in developing countries; Triodos-Doen, a partnership between Triodos Bank and Amnesty International providing microfinance institutions with funds and equity participation;  Triodos Fair Share Fund, which provides retail investors in the Netherlands the opportunity to assist entrepreneurship in developing countries; and  Triodos Microfinance Fund, a microfinance investment vehicle that provides loans and equity to microfinance institutions (MFIs) in Latin America, Africa, Asia and Eastern Europe. 

Triodos Microfinance Fund and Triodos Fair Share Fund provided loans totaling USD 1.2 million to Credinka. As of 2011, Credinka had total assets of USD 107 million, a gross loan portfolio of USD 88.4 million and 24,598 borrowers. It also reported deposits of USD 83.8 million and 39,490 depositors.                                                                                                                            

Hivos-Triodos Fund and Triodos-Doen provided loans totaling EUR 1 million (USD 1.2 million) to Ugafode. As of 2011, Ugafode reported total assets of USD 3 million, 9 branches and 97 employees. Further financial data on Ugafode is unavailable.                                                 

Hivos-Triodos Fund provided a loan of USD 1 million to FACES, which offers microcredit and non-financial services to agricultural producers and microentrepreneurs in southern Ecuador. As of 2011, FACES reported total assets of USD 10.1 million and a gross loan portfolio of USD 9 million with 7,663 active borrowers. FACES does not accept deposits.

Hivos-Triodos Fund provided loans totaling EUR 400,000 (USD 520,000) to Agora Microfinance Zambia, which started operations in April 2011. AMZ specifically targets low-income rural households through branches in the districts of Mongu and Mumbwa. As of 2011, AMZ had total assets of USD 1.3 million, a gross loan portfolio of USD 705,571 and 4,924 active borrowers. AMZ does not accept deposits.

ASDIR, which targets mainly rural and poor indigenous people, received loans totaling USD 400,000 from Hivos-Triodos Fund and Triodos-Doen.  As of 2011, ASDIR had total assets of USD 9.1 million, a gross loan portfolio of USD 6.8 million with 7, 299 borrowers and return on assets of 1.73 percent. ASDIR does not accept deposits. 

By Chioma Okwudiafor, Research Associate

About Triodos Investment Management
Triodos Investment Management is a subsidiary of Dutch Triodos Bank and specializes in impact investing such as managing direct investments in sectors ranging from sustainable energy infrastructure to microfinance institutions. Triodos Investment Management has total microfinance assets under management of USD 442 million in four different funds: Triodos-Doen Fund, Hivos-Triodos Fund, Triodos Fair Share Fund and Triodos Sicav II-Triodos Microfinance Fund. Combined, these funds provide loans to 95 different institutions in 43 countries, according to its 2011 annual report.

About Caja Rural de Ahorra y Credito Quillabamba (Credinka)
Credinka is a microfinance institution based in Peru. It offers a range of savings, credit card payment and insurance products. For example, It developed a community savings scheme for indigenous Indian communities in the Andes and a savings product for women in the Puno-Cusco corridor. As of 2011, Credinka reported total assets of USD 107 million, A gross loan portfolio of USD 88.4 million with 24,598 borrowers, deposits of USD 83.8 million and 39,490 depositors.

About Ugafode Microfinance Limited (Ugafode)
Founded in 1994, Ugafode was established by a group of local business people, professionals and church leaders under the guidance of African Evangelistic Enterprises, a Uganda-based Christian NGO that caters to development needs of the poor. Ugafode aims to help poor people in Uganda generate self-employment and other income sources by providing microcredit and financial training. Ugafode offers both individual and group loans and invests a significant part of its portfolio in agriculture. Ugafode is an affiliate of US-based nonprofit, Opportunity International. As of 2011, Ugafode reported total assets of USD 3 million. It has 9 branches and 97 employees.

About Fundación de Apoyo Comunitario y Social del Ecuador (FACES)
Founded in 1991, FACES is an MFI which offers microcredit and non-financial services to agricultural producers and micro-entrepreneurs in the southern provinces of Ecuador. It specifically targets women and agricultural producers. FACES also serves families with handicapped members through a special credit product and rehabilitation service. As of 2011, FACES reported total assets of USD 10.1 million, A gross loan portfolio of USD 9 million and  7,663 active borrowers. FACES does not accept deposits.

About Agora Microfinance Zambia (AMZ)
AMZ originated from a partnership between Agora Microfinance LLP and Concern Worldwide to develop greenfields that provide access to finance to the underserved poor. AMZ became a private company limited by shares in May 2010 and a licensed nonbank financial institution (non-deposit-taker) by the Zambian Central Bank in April 2011.AMZ specifically targets low-income rural households, through its branches in the Mongu and Mumbwa districts. Loan clients are typically self-employed or family workers in low-income households engaged in small livelihoods activities, mainly subsistence agriculture, small-scale processing and fishery, as well as in retail trade and services. 99% of them are first-time borrowers.
As of 2011, AMZ reported total assets of USD 1.3 million, gross loan portfolio of USD 705,571 and 4,924 active borrowers. AMZ envisions positive returns by 2012, overall break-even in 2014 and reaching two-digit ROE by 2015.

About Asociación de Desarrollo Integral Rural (ASDIR)
Founded in 1993, ASDIR is a microfinance institution in Guatemala that targets mainly rural and poor indigenous people.  ASDIR offers credit services; as well as other financial services, and non-financial services such as computer trainings, value chain trainings, workshops for young entrepreneurs and financial education programmes. As of 2011, ASDIR had total assets of USD 9.1 million, a gross loan portfolio of USD 6.8 million with 7, 299 borrowers and  return on assets 1.73 percent. ASDIR does not accept deposits.

Sources and Additional Resources:

Triodos Bank Press Release: Additions to our Emerging Markets
http://www.triodos.com/en/about-triodos-bank/news/articles/additions-emergingmarkets-portfolio-nov-2012/

MicroCapital Story:  July 17, 2012, MICROCAPITAL BRIEF: Triodos Bank Loans $3.7m to Prizma of Bosnia and Herzegovina to Expand its Microfinance Operations                   https://www.microcapital.org/microcapital-brief-triodos-bank-loans-3-7m-to-prizma-of-bosnia-and-herzegovina-to-expand-its-microfinance-operations/

MicroCapital Story: October 15, 2011, MICROCAPITAL BRIEF: Triodos Invests in Microfinance Institutions (MFIs) Advans Ghana, KixiCrédito of Angola, TYM Fund of Vietnam, Belarusian Bank for Small Business https://www.microcapital.org/microcapital-brief-triodos-invests-in-microfinance-institutions-mfis-advans-ghana-kixicredito-of-angola-tym-fund-of-vietnam-belarusian-bank-for-small-business/                 

MicroCapital Story: November 30, 2011, MICROCAPITAL BRIEF: Ugafode Receives Microfinance Deposit-Taking Institution License from Bank of Uganda            https://www.microcapital.org/microcapital-brief-Ugafode-receives-microfinance-deposit-taking-institution-license-from-bank-of-uganda/

MicroCapital Universe Profile: Triodos Investment Management
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Tri…

MicroCapital Universe Profile: Hivos-Triodos Fund                                                                                                                    https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Hivos-Triodos+Fund+%28HTF%29

MicroCapital Universe Profile: Triodos-Doen Foundation

https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Tri…

MicroCapital Universe Profile: Triodos Fair Share Fund
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Tri…

MicroCapital Universe Profile: Triodos Microfinance Fund
https://www.microcapital.org/microfinanceuniverse/tiki-index.phppage=Triodos+Microfinance+Fund

MicroCapital Universe Profile: Asociación de Desarrollo Integral Rural (ASDIR) Guatemala
https://www.microcapital.org/microfinanceuniverse/tikiindex.php?page=Asociaci%C3%B3n+de+Desarrollo+Integral+Rural+%28ASDIR%29

MicroCapital Universe Profile: Fundación de Apoyo Comunitario y Social del Ecuador (FACES)
https://www.microcapital.org/microfinanceuniverse/tikiindex.php?page=Fundaci%C3%B3n+de+Apoyo+Comunitario+y+Social+del+Ecuador+%28FACES%29

MicroCapital Universe Profile: Caja Rural de Ahorra y Credito Quillabamba (CREDINKA)
https://www.microcapital.org/microfinanceuniverse/tikiindex.php?page=Caja+Rural+de+Ahorra+y+Credito+Quillabamba+%28CREDINKA%29

MicroCapital Universe Profile: Agora Microfinance Zambia (AMZ)
https://www.microcapital.org/microfinanceuniverse/tikiindex.php?page=Agora+Microfinance+Zambia+%28AMZ%29

MicroCapital Universe Profile: Ugafode Microfinance Limited
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Ugafode+Microfinance+Limited

 

MicroCapital Universe Profile: Opportunity International
https://www.microcapital.org/microfinanceuniverse/tiki-index.phppage=Opportunity+International

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