Agents for Impact (AFI), a Germany-based investing company, recently informed MicroCapital that it has disbursed a loan of EUR 5 million (USD 5.5 million) to Digamber Capfin Limited, a microfinance institution (MFI) serving rural women in India, on behalf of Invest in Visions (IIV). AFI also lent an additional USD 2.5 million on behalf of IIV to Imon International, a Tajikistan-based microfinance bank.
Established in 1995, Digamber offers both group and individual loans from 200 branches in nine states, employing 2,100 people, as of an undisclosed date. As of the quarter ending June 2022, Digamber reported return on assets of 1.5 percent and return on equity of 7.1 percent. As of March 2022, Digamber had a gross loan portfolio of INR 74 billion (USD 910 million) outstanding to approximately 400,000 customers.
Imon was created in 1999 by the National Association of Business Women of Tajikistan and US-based NGO Mercy Corps to empower female entrepreneurs. The institution offers “conventional banking products (loans, deposit and current accounts, money transfer and FX [foreign exchange] transactions)” to households as well as micro-, small, and medium-sized enterprises (MSMEs). The MFI received a license from the National Bank of Tajikistan to operate as a microcredit deposit-taking organization in 2013 and became independent of Mercy Corps shortly thereafter. As of March 2023, Imon reported loans and leases of TJS 1.29 billion (USD 118 million), savings deposits of TJS 128 million (USD 11.6 million) and total assets of TJS 1.57 billion (USD 143 million). During 2021, Imon generated return on assets of 1.9 percent and return on equity of 10 percent. The MFI has 131 offices, approximately 1,500 employees, and 48,000 borrowers.
Launched in 2006, IIV manages “investments in sustainable agriculture, social enterprises and social impact lending.” The firm created its primary product, IIV Mikrofinanzfonds, in 2011 to invest in MSMEs via intermediaries in developing countries. It does this mainly via “small and medium-sized MFIs, particularly in rural areas.” The minimum investment in the fund is EUR 100 (USD 113). As of March 2023, IIV Mikrofinanzfonds reports a volume of EUR 880 million (USD 969 million).
AFI was founded in 2018 and is dedicated to forming investor partnerships that foment progress toward the UN Sustainable Development Goals. AFI does not disclose the volume of its operations.
By Rohit Dayanand, Research Associate
Sources and Additional Resources
Direct contact with AFI
Digamber homepage
https://www.digamberfinance.com/
Digamber June 2022 financial results
https://www.digamberfinance.com/images/uploadimage/Financial-Results-June-2022.pdf
Imon homepage
https://imon.tj/
Imon International 2021 Investor Report
https://imon.tj/upload/general/IMON%20Presentation%20for%20investors%20311221%20En.pdf
IIV monthly report
https://fondswelt.hansainvest.com/uploads/documents/fs_retail/2023Maerz_Factsheet_R_Class_EN.pdf
Previous MicroCapital brief on AFI and IIV
https://www.microcapital.org/microcapital-brief-agents-for-impact-loans-15m-in-local-currency-to-mbk-ventura-of-indonesia-for-group-microfinance-loans-for-women/
Previous MicroCapital brief on IMON
https://www.microcapital.org/microcapital-brief-agents-for-impact-loans-3m-from-invest-in-visions-to-imon-international-for-microfinance-in-tajikistan-2/
Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Download a sample at https://www.microcapital.org/products-page/.
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