ResponsAbility Global Microfinance Fund (rAGMF), a microfinance investment vehicle (MIV) managed by responsAbility Social Investments of Switzerland, recently loaned USD 5 million to Chase Bank of Kenya. ResponsAbility SICAV Mikrofinanz-Fonds (rAMF), another MIV managed by responsAbility Social Investments, disbursed a loan of USD 1.25 million to the Kenya Women Finance Trust (KWFT), a microfinance institution exclusively serving women. Lastly, rAMF disbursed USD 1.25 million in debt to FINCA Microfinance Holding (FMH), which was founded in 2011 as a subsidiary of Foundation for International Community Assistance (FINCA) International Incorporated. FINCA International is a US-based, nonprofit microfinance organization that provides financial services to poor families in 21 countries through a network of locally managed institutions. It reports total assets of USD 496 million as of December 2010.
As of 2011, KWFT had total assets of USD 201 million, a gross loan portfolio of USD 135 million, 279,850 borrowers with USD 83.3 million in deposits, return on assets (ROA) of 1.2 percent and return on equity (ROE) of 12.21 percent. As of the same period, Chase Bank of Kenya reported total assets of KES 36.5 billion (USD 425 million), a gross loan portfolio of KES 18.14 billion (USD 211 million), KES 24.82 billion (USD 289 million) in deposits, ROE of 20.28 percent and ROA of 1.64 percent. Financial data on FMH is unavailable, however, it reports that it is expected to receive USD 74 million in capital investments from socially responsible investment institutions over three years.
By Sarah Benali, Research Associate
About Kenya Women Finance Trust (KWFT)
Kenya Women Finance Trust is a microfinance institution based in Nairobi, Kenya, that was founded in 1982. According to the nonprofit, US-based data provider Microfinance Information Exchange (MIX), KWFT had total assets of USD 235 million, a gross loan portfolio USD 152 million, 413,000 borrowers, return on assets (ROA) of 1.60 percent and return on equity (ROE) of 12.22 percent as of 2010. Total deposits are reported at USD 83.3 million and 565, 049 depositors as of 2011.
About FINCA Microfinance Holding (FMH)
FMH, a for-profit subsidiary of nonprofit FINCA International Incorporated, was founded in Washington, DC, in June 2011. It leverages the funding of socially responsible partners with the aim of providing services to low-income people so they can increase their employment, incomes and standards of living. Financial data on FMH is currently unavailable from the Microfinance Information Exchange (MIX) or other standard data sources. As of 2012, FMH reports that it is expected to receive USD 74 million in capital investments over three years.
About Chase Bank of Kenya
Chase Bank is a privately owned bank that was incorporated in Kenya in 1996. Chase Bank focuses on the small and medium-sized enterprise (SME) market. As of December 2011, it reported total assets of KES 36.5 billion (USD 425 million), a gross loan portfolio of KES 18.14 billion (USD 211 million), KES 24.82 billion (USD 289 million) in deposits, a return on equity (ROE) of 20.28 percent and return on assets (ROA) of 1.64 percent.
About ResponsAbility Social Investments
ResponsAbility Social Investments AG is a Swiss investment company whose products aim to enable investors to earn a financial return while assisting people in emerging markets to access information and markets in sectors such as microfinance, small and medium-sized enterprise (SME) financing, fair trade and independent media. As of September 2011, responsAbility reported total assets under management of approximately USD 1 billion. responsAbility is backed by Swiss financial institutions and a social venture capital company as founders and shareholders including Baumann & Cie, Banquiers, Credit Suisse, Raiffeisen Schweiz, Swiss Re, Bank Vontobel AG as well as George Avenue.
About ResponsAbility SICAV Mikrofinanz-Fonds (rAMF)
Mikrofinanz-Fonds is a microfinance investment vehicle (MIV) that was launched in 2007, is managed by responsAbility Social Investments AG of Switzerland and is funded by German financial institutions Bank im Bistum Essen and Stadtsparkasse Dusseldorf. It invests in short- to medium-term income-bearing debt securities of microfinance institutions (MFIs). As of 2012, the fund holds a label from the Luxembourg Fund Labeling Agency (LuxFLAG), an organization that investigates whether investment vehicles actually support the microfinance sector. Mikrofinanz-Fonds reported to the US-based nonprofit Microfinance Information Exchange (MIX) fund assets of USD 141 million in 2011.
About ResponsAbility Global Microfinance Fund (rAGMF)
ResponsAbility Global Microfinance Fund (rAGMF) is a microfinance investment vehicle (MIV) managed by responsAbility Social Investments AG of Switzerland that invests in microfinance institutions (MFIs) and other MIVs, mostly through short to medium-term debt securities. rAGMF also invests up to 10 percent of its assets in the equity of MFIs. As of 2012, the fund holds a label from the Luxembourg Fund Labeling Agency (LuxFLAG), an organization that investigates whether investment vehicles actually support the microfinance sector. rAGMF reported to the US-based nonprofit Microfinance Information Exchange (MIX) fund assets of USD 532 million in 2011.
Sources and Additional Resources:
Information submitted by responsAbility to MicroCapital.
[1] MicroCapital.org story, January 18, 2012, “FINCA International Launches For-Profit Subsidiary: FINCA Microfinance Holding LLC,” https://www.microcapital.org/microcapital-brief-finca-international-launc…
MicroCapital Universe Profile: FINCA Microfinance Holding
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=FINCA+Microfinance+Holding+%28FMH%29
MicroCapital Universe Profile: Kenya Women Finance Trust (KWFT) https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Kenya+Women+Finance+Trust+%28KWFT%29
MicroCapital Universe Profile: Chase Bank of Kenya https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Chase+Bank+of+Kenya
MicroCapital Universe Profile: ResponsAbility Social Investments https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility
MicroCapital Universe Profile: ResponsAbility Global Microfinance Fund (rAGMF) https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility+Global+Microfinance+Fund+%28rAGMF%29
MicroCapital Universe Profile: ResponsAbility SICAV Mikrofinanz-Fonds (rAMF) https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility+Mikrofinanz-Fonds
MicroCapital Universe Profile: FINCA International Inc https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=FINCA+International
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