La Cámara de Microfinanzas, a network of 27 microfinance institutions (MFIs) in Nicaragua that is also known as ASOMIF, recently reported that its members lost USD 30 million during 2018. Among the reasons cited for the decline are the country’s political unrest that began in April 2018 and the related government plans to increase taxes. The losses follow a profit of USD 13 million reported for 2017.
Also during 2018, investments in the member MFIs fell by USD 100 million, contributing to 118,000 fewer clients being served, a drop of 21 percent from 2017.
The US-based nonprofit Microfinance Information Exchange reports data from 22 MFIs in Nicaragua since 2017. These MFIs had an aggregate loan portfolio of USD 522 million. Twenty of these MFIs report the number of clients they serve, totaling 342,000. Only one of the institutions accepts deposits.
Sources and Additional Resources
Havana Times article
https://havanatimes.org/?p=15209
La Cámara de Microfinanzas (Nicaragua)
https://asomif.org
MIX Market profile on Nicaragua
https://www.themix.org/mixmarket/countries-regions/nicaragua
Did you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at http://www.microcapital.org/products-page/.
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