ResponsAbility Social Investments, a Swiss microfinance investment manager, has reached four investment deals with micro banks in Kenya and Peru. Two loans each were disbursed to Rafiki Deposit Taking Microfinance, a Kenya-based microfinance institution (MFI), and to Mibanco, a private Peruvian bank that aims to assist the development of micro- and small enterprises (MSEs).
ResponsAbility SICAV Mikrofinanz-Fonds (rAMF), a microfinance investment vehicle (MIV) managed by responsAbility Social Investments, invested the local-currency equivalent of USD 1.5 million in Mibanco and USD 1.5 million in Rafiki. The responsAbility Global Microfinance Fund (rAGMF), an MIV also managed by responsAbility Social Investments, reached loan agreements with Mibanco for the local-currency equivalent of USD 6.0 million and with Rafiki for USD 1.0 million.
As of June 30, 2011, Mibanco reported to the Microfinance Information Exchange (MIX), the US-based nonprofit data provider, total assets of USD 1.75 billion, a gross loan portfolio of USD 1.41 billion, return on assets (ROA) of 1.23 percent, return on equity (ROE) of 14.4 percent and 420,000 active borrowers. Mibanco also reported total deposits of USD 1.27 billion and 263,000 depositors. Rafiki DTM is a wholly-owned subsidiary of Kenya’s Chase Bank, a private bank with 19 branches across the country and a network of automated teller machines (ATMs). Rafiki DTM aims to grow from 2 branches to nine during 2012. Rafiki DTM does not report to the US-based nonprofit Microfinance Information Exchange (MIX), and financial information on the organization is otherwise unavailable.
As of September 2011, responsAbility reported total assets under management of approximately USD 1 billion. rAGMF reported fund assets of USD 532 million, and Mikrofinanz-Fonds reported fund assets of USD 141 million in 2011.
By Brett Cohen, Research Associate
About Mibanco
Mibanco, created in 1998, is a private Peruvian bank that aims to assist the development of micro- and small enterprises (MSEs). Its strategy is to target markets “where demand for micro-credit is highest and supply weakest”, mainly focusing on the Lima and Callao area. Mibanco offers both credit and savings products and employs both individual and solidarity group lending methodologies. Loans are offered for working capital and fixed asset purchases. Loan sizes range from the equivalent of USD 100 to USD 100,000, with loan terms of 3 to 60 months and interest rates ranging from 25 percent to 50 percent per year. As of June 30, 2011, Mibanco reported to the Microfinance Information Exchange (MIX), the US-based nonprofit data provider, total assets of USD 1.75 billion, a gross loan portfolio of USD 1.41 billion, return on assets (ROA) of 1.23 percent, return on equity (ROE) of 14.4 percent and 420,000 active borrowers. Mibanco also reported total deposits of USD 1.27 billion and 263,000 depositors.
About Rafiki Deposit Taking Microfinance
Rafiki Deposit Taking Microfinance (Rafiki DTM) is a Kenya-based microfinance institution (MFI) that aims to empower youth to achieve social and economic freedom in Africa. Rafiki DTM was established in 2011 and has one branch each in Nairobi and Mumbasa. Products offered include savings, loans, banker’s checks and M-pesa retail and money transfer. The MFI plans to open seven more branches in 2012. Rafiki DTM is a wholly-owned subsidiary of Kenya’s Chase Bank, a private bank with 19 branches across the country and a network of automated teller machines (ATMs). Financial information is not available for Chase Bank. Rafiki DTM does not report to the US-based nonprofit Microfinance Information Exchange (MIX), and financial information on the organization is otherwise unavailable.
About ResponsAbility
Founded in 2003, 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 The responsAbility Global Microfinance Fund (rAGMF)
The responsAbility Global Microfinance Fund (rAGMF) is a microfinance investment vehicle (MIV) managed by Switzerland’s responsAbility Social Investments 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 microfinance 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.
About ResponsAbility Mikrofinanz-Fonds
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 microfinance 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.
Sources and Additional Resources
MicroCapital.org story, May 25, 2012: “MICROCAPITAL BRIEF: ResponsAbility Reaches Deals Totaling $7m with Microfinance Institutions KWFT, MicroCred Ivory Coast, PRIDE”
https://www.microcapital.org/microcapital-brief-responsability-reaches-de…
MicroCapital.org story, March 14, 2012: “MICROCAPITAL BRIEF: responsAbility Invests $2m in Jordan’s Middle East Micro Credit Company (MEMCC), Palestine for Credit and Development (FATEN),”
https://www.microcapital.org/microcapital-brief-responsability-invests-2m…
MicroCapital universe Profile: ResponsAbility
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=res…
MicroCapital Universe Profile: ResponsAbility Global Microfinance Fund
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=res…
MicroCapital Universe profile: Mikrofinanz-Fonds https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=res…
MicroCapital Universe Profile: Mibanco
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Mib…
MicroCapital Universe Profile: Rafiki Deposit Taking Microfinance
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Raf…
Browse the MicroCapital Universe and add your entry to the wiki athttps://www.microcapital.org/microfinanceuniverse/
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