ResponsAbility Social Investments, a Swiss microfinance investment manager, has reached investment deals with Advans Cameroun, a microfinance institution (MFI) based in Cameroon, and Promotion of Rural Initiative and Development Enterprises Limited (PRIDE), an MFI based in Tanzania. The responsAbility Global Microfinance Fund (rAGMF), which is managed by responsAbility Social Investments, loaned Advans Cameroun the local-currency equivalent of USD 937,112. rAGMF loaned PRIDE USD 500,000.
Founded in 2007, Advans Cameroun is a microfinance institution (MFI) operating in Cameroon as a member of the Advans SA group of financial institutions, which is registered in Luxembourg. Advans’ MFIs in Cameroon, Ghana, Tanzania, Democratic Republic of the Congo and Cambodia serve approximately 245,000 loan clients with 61 branches and an outstanding loan portfolio of approximately EUR 55 million (USD 75.7 million) as of 2010. As of December 2011, Advans Cameroun reports to the US-based nonprofit Microfinance Information Exchange (MIX) a gross loan portfolio of USD 19.7 million, 9,089 active borrowers, total deposits of USD 8.1 million, and approximately 21,000 depositors. PRIDE reported to MIX total assets of USD 36.9 million, a gross loan portfolio of USD 37.0 million and approximately 100,000 active borrowers as of 2011
As of September 2011, responsAbility reported total assets under management of approximately USD 1 billion including USD 532 million managed by rAGMF.
By Brett Cohen, Research Associate
About Promotion of Rural Initiative and Development Enterprises (PRIDE)
Promotion of Rural Initiative and Development Enterprises Limited (PRIDE) is a microfinance institution that provides credit to micro- and small-scale entrepreneurs in Tanzania. Founded in January 1994, PRIDE uses a “modified Grameen” methodology whereby borrowers form groups within which each member guarantees all other group members’ loans. PRIDE offers loans that range in value from TZS 50,000 (USD 36) to TZS 100 million (USD 72,700). As of 2011, PRIDE reported to the US-based nonprofit Microfinance Information Exchange (MIX) a gross loan portfolio of USD 37.0 million, and approximately 100,005 active borrowers.
About Advans Cameroun
Advans Cameroun is a microfinance institution (MFI) operating in Cameroon as a member of the Advans SA group of financial institutions, which is registered in Luxembourg. Advans Cameroun has offered credit and savings services to micro-, small and medium-sized enterprises (MSMEs) since it began operations in 2007. As of December 2011, Advans Cameroun reports to the US-based nonprofit Microfinance Information Exchange (MIX) a gross loan portfolio of USD 19.7 million, 9,089 active borrowers, total deposits of USD 8.1 million and approximately 21,100 depositors.
About Advans SA
Advans SA SICAR (Advans SA) is a venture capital company that is registered in Luxembourg and managed by Horus Development Finance of France. The mission of Advans is to broaden access to financial services for micro-, small and medium-sized enterprises (MSMEs) in emerging economies. Its modus operandi is to invest as lead shareholder in the creation of financial institutions. In addition to equity and debt funding to microfinance institutions (MFIs), Advans SA provides technical assistance to MSMEs to promote sustainable and profitable operations. Advans’ MFIs in Cameroon, Ghana, Tanzania, Democratic Republic of the Congo and Cambodia serve approximately 245,000 loan clients with 61 branches and an outstanding loan portfolio of approximately EUR 55 million (USD 75.7 million) as of 2010. Advans SA plans to establish 6 or 7 new MFIs in Africa, Asia and the Middle East by 2013. Among these is La Fayette Microfinance Bank, which plans to open its doors in late 2012, Advans Cote d’Ivoire which began operating in early 2012, and Advans Pakistan which was incorporated in early 2012. Advans SA HOLDS A LABEL FROM LuxFLAG, an organization that certifies that microfinance vehicles actually invest in the microfinance sector, as of 2012.
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.
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: PRIDE Tanzania
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=PRI…
MicroCapital Universe Profile: Advans SA
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Adv…
MicroCapital Universe Profile: Advans Cameroun
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Adv…
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
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