The Norwegian Microfinance Initiative (NMI) is an innovative strategic partnership between the Norwegian public and private sectors that will invest in microfinance institutions (MFIs) in developing countries and provide professional assistance and technical support for these institutions. The mission of NMI is to contribute to the empowerment of poor people and to the creation of jobs, wealth, and economic and social sustainability in developing countries by investing in and supporting MFIs. Learn more
19 December, 2015: RGVN, a portfolio microfinance company in the NMI Fund III, was named Microfinance India’s Organization of the Year (Medium & Small) by Microfinance India. Microfinance India is a national level advocacy platform, initiated to engage various stakeholders and develop a comprehensive vision for the entire sector. This award aims to recognize and encourage smaller and upcoming microfinance organizations, who have demonstrated the potential for growth and have exhibited the ability to establish strong processes along with efficient operations. Since NMI invested roughly 3 million dollars in RGVN in July 2014, client outreach has grown almost 125% with gross loan portfolio up over 90% since NMIs initial investment.
5 October, 2015: NMI is establishing an office in Nariobi, Kenya and is seeking an Investment Manager for investing and develop Microfinance Institutions in Sub-Saharan Africa.
18 September, 2015: NMI Congratulates Utkarsh Micro Finance Private Limited (“Utkarsh”) and RGVN (North East) Microfinance Limited (“RGVN”) for receiving in-principle approval from the Reserve Bank of India (“RBI”) to set up small finance banks, a new type of bank that the RBI hopes will broaden access to financial services at the lower end of the market. The RBI received 72 applications for small finance banks. RGVN and Utkarsh were two of only ten institutions receiving the approval. The primarily objective of a small finance bank will be to undertake basic banking activities of acceptance of deposits and lending to unserved and underserved sections including small business units, small and marginal farmers, micro and small industries and unorganized sector entities.
5 August, 2015: NMI Fund III announced the disbursement of USD 1.1 Million in the form of a Senior Loan to PT. Bina Artha Ventura (“Bina Artha”). Bina Artha is a fast-growing microfinance institution in Indonesia serving more than 150,000 mostly female clients of which more than 80% live in the rural or semi-rural areas of the island of Java. The Gross Loan Portfolio of Bina Artha is roughly USD 10 million. Targeting the poorer segment of the Indonesian microfinance market, Bina Artha’s average outstanding loan size is USD 80.
Knut Frigaard, Investment Director with NMI, recently wrote a short article about a microfinance client who he met in Tanzania. Please note that this article is in English.