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
10 January, 2015: Fusion Microfinance Pvt. Ltd., a portfolio microfinance company in the NMI Frontier Fund, was named Microfinance India’s Organization of the Year (Medium & Small).
Microfinance India is a national level advocacy platform, initiated by ACCESS Development Services, spurned off to ACCESS-ASSIST, to engage various stakeholders and develop a comprehensive vision for the entire sector. This award aims to recognize and encourage smaller and upcoming MFOs, who have demonstrated the potential for growth and have exhibited the ability to establish strong processes along with efficient operations. NMI invested roughly 3 million dollars in February 2013, client outreach has grown almost 400% since NMIs initial investment.
22 December 2014: Varanasi-based microfinance institution Utkarsh has raised $21 million (Rs 132 crore) in a fresh round of funding from Lok Capital and Commonwealth Development Corporation (CDC), as more risk capital investors return to a once-embattled sector. Existing investors NMI Frontier Fund KS, IFC and Aaviskar also participated in the funding.