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NMI names Arthur Sletteberg Managing Director

Pressemeldinger   •   mai 23, 2014 12:14 CEST

The Norwegian Microfinance Initiative (NMI), a global microfinance investor, today announced that Arthur Sletteberg will join the Company as Managing Director on August 1, 2014.

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NMI FUND III KS INVESTS USD 4.7 MILLION THROUGH A SHARE ISSUE IN SATIN CREDITCARE NETWORK LIMITED (“SATIN”)

Pressemeldinger   •   apr 03, 2014 15:09 CEST

The funding from NMI will contribute towards further branch expansion into underpenetrated regions in the poor, Northern part of India in order to reach more clients. Furthermore, the funding will contribute towards developing more products to enhance the quality of life for the clients, especially in the area of sanitation and health.

Knut Frigaard, Investment Director, NMI AS said: “We have been impressed by the leadership and growth of Satin. We are enthusiastic about investing in the underpenetrated Northern region of India in order to reach more of the unbanked population in the rural areas. We look forward to developing new, innovative product solutions that will further positively impact the quality of life for the clients, especially in the health and sanitation field.”

Mr. HP Singh, Chairman cum Managing Director, Satin said, “We are very pleased to welcome NMI as a long term partner to Satin. Satin is the clear market leader in North India and has emerged as one of the strongest national level MFIs in the recent past. With this round of capital infusion, we are well poised to become one of the top 4 MFIs in India in terms of diversification and scale. We are confident that we will be able to expand and provide a range of financial services to the underserved population of the country.”

Satin is structured as a Non-Banking Financial Company and was founded in 1990 by its current Managing Director, Mr. H.P. Singh, with the aim of providing small-scale, “doorstep” credit and savings services to shopkeepers and petty traders in Delhi’s market places. In 2008, the Company made the strategic decision to diversify its client base and launched Joint Liability Group (JLG) operations.

As at 2014, the Company had more than 550,000 borrowers and a Gross Loan Portfolio of more than USD 120 million. Satin is focused on the highly underpenetrated and populous northern states of India. The vision of Satin is “to provide easy doorstep service to its low-income customers who lack access to funds from other financial institutions at affordable rates within the least possible time.”


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.

The funding from NMI will contribute towards further branch expansion into underpenetrated regions in the poor, Northern part of India in order to reach more clients. Furthermore, the funding will contribute towards developing more products to enhance the quality of life for the clients, especially in the area of sanitation and health.

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NMI INVESTMENT DIRECTOR DELIVERS PRESENTATION AT THE 10TH GLOBAL MICROFINANCE FORUM

Nyheter   •   mar 24, 2014 15:16 CET

NMI AS was invited to deliver a key message speech at the 10th Global Microfinance Forum held 20th & 21st March 2014 in Vienna, Austria.During the Session on Responsible Practices to Improve Microfinance Performance, Investment Director at NMI, Njord Andrewes, gave a presentation entitled "Balancing Financial and Social Returns at NMI". In his speech he addressed (i) how to implement a balanced financial and social return objective for all key stakeholders; (ii) what role good corporate governance and effective use of technical assistance can play to enhanced both the social performance and financial performance of microfinance institutions; and (iii) how mixed equity/debt funds allow investors to be flexible in the financial products offered- allowing for financial products tailored to the needs of MFIs, are valuable in developing strategic long-term relationships with partner MFIs, and ultimately benefit the end-clients.

The conference was well attended and received very positive feedback.


NMI AS was invited to deliver a key message speech at the 10th Global Microfinance Forum held 20th & 21st March 2014 in Vienna, Austria.During the Session on Responsible Practices to Improve Microfinance Performance, Investment Director at NMI, Njord Andrewes, gave a presentation entitled "Balancing Financial and Social Returns at NMI".

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NMI FRONTIER FUND AND NMI FUND III INVEST USD 8 MILLION IN KENYA WOMEN FINANCE TRUST DTM LTD, AFRICA’S LARGEST REGULATED WOMEN-ONLY FINANCIAL INSTITUTION

Pressemeldinger   •   mar 18, 2014 15:20 CET

NMI along with Incofin Rural Impulse Fund II announce a significant equity boost through a Ksh 1.37 Billion (approximately USD 16 million) capital infusion in Kenya Women Finance Trust (KWFT) DTM.

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  • Pressekontakt
  • Managing Director
  • Interim Managing Director and CFO for NMI
  • otepstzhinmdfo@nmigjddmizwcro.no
Ole Sandsbraaten is the Interim Managing Director and CFO for NMI. Mr.... Vis mer

Om The Norwegian Microfinance Initiative

NMI Overview

The Norwegian Microfinance Initiative ("NMI") was established in 2008 as a cooperation between the public authorities and private investors in Norway. Norfund, the Norwegian Development Finance Institution, represents the Government of Norway, and the private investors consist of DNB Livsforsikring, Ferd, KLP and Storebrand. The Mission of NMI is to contribute to the empowerment of poor people and to the creation of jobs, wealth and economic social sustainability in developing countries by investing in and supporting Microfinance Institutions ("MFIs").

NMI consists of NMI AS and the NMI Funds (NMI Global Fund, NMI Frontier Fund and NMI Fund III). All of the Funds are established under Norwegian law as limited partnerships. The NMI Global Fund invests in more mature and larger MFIs primarily through Microfinance Investment Vehicles ("MIVs") investing in Asia, Africa, and Latin America. The NMI Frontier Fund invests in young and emerging MFIs primarily through direct investments in MFIs in Sub-Saharan Africa and South Asia. NMI Fund III invests in MFIs that have reached financial sustainability or have good prospects for attaining financial sustainability within the next several years and focuses its investments in Sub Saharan Africa and South – South-East Asia. NMI AS was established as a private limited company to act as the General Partner for the NMI Funds.

The total Partnership Capital for the NMI Funds is 782 million NOK (approximately USD 130 million), consisting of 360 million NOK for the NMI Global Fund , 240 million NOK for the NMI Frontier Fund and NOK 182 million for NMI Fund III. The Global Fund and Frontier Fund are fully invested and ended their investment period in October 2013. The 5 year investment period for NMI Fund III ends June 2018.

The NMI Funds seek to balance a long-term positive social and economic impact with fair financial returns. NMI also seeks to build institutional and human capacity in young and emerging MFIs in which the NMI Funds invest. This capacity building assistance will be provided generally on a grant basis through the NMI Professional Assistance Facility. Further, the NMI Funds emphasize utilizing local currency when making direct investments in MFIs. To help manage and limit potential losses from such local currency investments, the NMI Frontier Fund and NMI Fund III may receive "first loss support" under certain circumstances through a special facility and funding provided by the Government of Norway through Norfund.

At 31 December 2013, the NMI Funds had made 23 investments. Eleven of these were MIV investments and twelve were direct MFI investments. These investments together reached close to 220 MFIs in 43 countries, as set forth in Figure 1.

At 31 December 2013, these MFIs had more than 27 million customers and a Gross Loan Portfolio of more than USD 7 billion. Of these customers, approximately 92% were women and approximately 83% lived in rural areas. Approximately 94% of the loans disbursed by these MFIs were reportedly used for income generating purposes.

As set forth in Figure 2, the NMI Fund investments were distributed in a balanced fashion among Asia, Latin America, and Africa, and about 63% of the portfolio was allocated to Debt investments while 37% was allocated to Equity investments.

Adresse

  • The Norwegian Microfinance Initiative
  • Akersgaten 20, 4th Floor
  • 0158 Oslo
  • Norway