The Norwegian Microfinance Initiative (NMI), a partnership between the Norwegian public and private sectors that provides assistance for microfinance institutions (MFIs) in developing countries, recently loaned KES 325 million (approximately USD 4.03 million) to Kenya Women Finance Trust – Deposit Taking Microfinance (KWFT- DTM), a microfinance institution based in Nairobi, Kenya, and UGX 1.25 billion (approximately USD 548,000) to the Uganda Finance Trust (UFT), an MFI in Kampala, Uganda, to support microenterprises.
The funding for this loan originated from the Frontier Fund of the NMI, which makes direct investments in young and emerging MFIs in Sub-Saharan Africa and South Asia.
According to the Microfinance Information Exchange (MIX), the microfinance information clearinghouse, KWFT- DTM?reported a gross loan portfolio of USD 134.2 million, total assets of 194.5 million and 334,188 active borrowers in 2009, while the UFT reported a gross loan portfolio of USD 14.8 million, total assets of USD 19.7 million, and 20,175 active borrowers in the same year.
About Kenya Women Finance Trust – Deposit Taking Microfinance (KWFT- DTM):
The Kenya Women Finance Trust – Deposit Taking Microfinance (KWFT- DTM) was established in 1982 and provides microfinance services exclusively to women clients. According to the Microfinance Information Exchange, the MIX Market, the microfinance information clearinghouse, as of 2009 KWFT- DTM had a gross loan portfolio of USD 134.2 million, total assets of USD 194.5 million and 334,188 borrowers.
About the Uganda Finance Trust (UFT):
The Uganda Finance Trust (UFT) is a microfinance institution formed in 1984 (formerly Uganda Women’s Finance Trust) and is based in Kampala, Uganda. UFT provides microinsurance and microcredit services to low- income groups. According to the Microfinance Information Exchange (MIX), the microfinance information clearinghouse, in 2009 UFT reported a gross loan portfolio of USD 14.8 million, total assets of USD 19.7 million and 20,175 active borrowers.
About the Norwegian Microfinance Initiative (NMI):
The Norwegian Microfinance Initiative (NMI) is a strategic partnership between the Norwegian public and private sectors that invests in and provides technical support for microfinance institutions (MFIs) in developing countries. The mission of NMI is “to contribute to the empowerment of poor people and to the creation of jobs, wealth, and economic and social sustainability in developing countries by investing in and supporting MFIs.” NMI will make its investments through two investment funds: NMI Global Fund, which supports the expansion of MFIs that already have large and sustainable operations, and NMI Frontier Fund, which supports emerging MFIs in Sub-Saharan Africa and South Asia. As of October 2010, NMI’s website claims that its investors have committed NOK 600 million (equivalent to USD 100 million) to the NMI Global Fund and the NMI Frontier Fund. NMI does not report data to Microfinance Information Exchange (MIX), the microfinance information clearinghouse.
By Trevor Kwong, Research Assistant
Sources and Additional Resources:
[1] Source: NMI Press Release: NMI Frontier Fund Commits USD 4.0 Million to Kenya Women Finance Trust to Support Transforming Microfinance Institution:
[2] Source: NMI Press Release: NMI Frontier Fund Provides USD 1.0 Million Senior Loan to Uganda Finance Trust to Support Micro-entrepreneurs in Uganda:
[3] MicroCapital Universe: Kenya Women Finance Trust:
[4] MicroCapital Universe: Norwegian Microfinance Initiative (NMI):
[5] MicroCapital Universe: Uganda Finance Trust (UFT):
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Uganda+Finance+Trust+%28UFT%29
[6] MICROCAPITAL BRIEF: Central Bank of Kenya (CBK) Licenses Kenya Women Finance Trust (KWFT) as Deposit Taking Microfinance Institution (MFI):
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/tiki-index.php
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