The Dutch entrepreneurial development bank, FMO, has pledged a significant $10 million to the Regional MSME Investment Fund for Sub-Saharan Africa (REGMIFA) to bolster assistance for micro, small, and medium-sized enterprises (MSMEs) in the region.
Strengthening Financial Inclusion Strategies
REGMIFA is strategically partnering with a range of financial institutions, including microfinance entities, emerging fintech startups, and medium-sized banks, to enhance access to financial resources for MSMEs and households with lower to middle incomes.
Targeting Underserved Markets
FMO’s investment aims to extend REGMIFA’s outreach to underserved financial institutions and markets, with a particular focus on countries like Niger, Angola, and Mali.
Promoting Gender Equality and Financial Inclusion
Juan Jose Dada Ortiz, FMO’s director of financial institutions, underlined the investment’s alignment with the institution’s commitment to advancing gender equality and broader financial inclusion. Supporting REGMIFA is viewed as a strategy to empower female entrepreneurs and drive economic progress in the region.
Fostering Innovation and Resilience
Laure Wessemius-Chibrac, chairwoman of REGMIFA’s board, expressed excitement over the partnership with FMO, recognizing the investment’s potential to fuel innovation and strengthen the resilience of African entrepreneurs. The collaboration is expected to bring positive impacts to communities across the region.
The investment from FMO reaffirms its dedication to promoting sustainable development and economic growth in Sub-Saharan Africa.