The Dutch entrepreneurial development bank FMO has declared a substantial $10 million contribution to the Regional MSME Investment Fund for Sub-Saharan Africa (REGMIFA). This infusion of capital is set to enhance REGMIFA’s mission to provide crucial support to micro, small, and medium-sized enterprises (MSMEs) throughout the region.
REGMIFA’s strategy involves forming alliances with a variety of financial entities, including microfinance institutions, emerging fintech startups, and medium-sized banks. The goal is to broaden the availability of financial resources to MSMEs and households with low to middle incomes.
The strategic nature of FMO’s investment lies in its potential to facilitate the fund’s outreach to smaller-scale financial institutions and markets that are typically underserved, with a focus on nations such as Niger, Angola, and Mali.
Juan Jose Dada Ortiz, the director of financial institutions at FMO, emphasized the investment’s harmony with the institution’s dedication to promoting gender equality and broader financial inclusion. He highlighted that backing REGMIFA is a means of empowering female entrepreneurs and spurring economic advancement within the region.
Laure Wessemius-Chibrac, who serves as the chairwoman of REGMIFA’s board, welcomed the partnership with FMO with great enthusiasm. She noted that the investment is poised to ignite innovation and fortify the resilience of African entrepreneurs, thereby generating a ripple effect of positive outcomes across numerous communities.
The commitment from FMO is a testament to its ongoing efforts to encourage sustainable development and stimulate economic progress across Sub-Saharan Africa.
