news - Evaluation MASSIF: meaningful contribution to financial inclusion


Evaluation MASSIF: meaningful contribution to financial inclusion

April 8, 2021

Every five years, the Dutch government commissions an external evaluation of MASSIF. This is required under its general policies on evaluation, and is aimed at both accountability and learning.

The evaluation was conducted by SEO Amsterdam Economics and covered the period 2015-2019.

FMO manages the MASSIF fund on behalf of the Dutch Government. MASSIF's objective is to increase access to financial services for micro-, small- and medium-sized entrepreneurs. With the fund, we can invest early on, taking high risks and by doing so, catalyze new investors into the financial inclusion space, which includes FMO.

FMO is  pleased with the results confirming that MASSIF is additional to the commercial market and Development Financial Institutions’ capital, including FMO's, and mobilizes other investors by reducing the companies’ perceived or actual risks. Also the finding confirming that the fund is managed in an efficient manner is very pleasing. Furthermore, we appreciate the conclusions that the capacity development projects financed through MASSIF offered significant non-financial value by positively impacting the companies and end-beneficiaries.

Of course we can always do better! We welcome the recommendation to further improve the existing results framework and impact measurement that we agreed with the Ministry of Foreign Affairs.  Together we will discuss further how to improve and move forward.

A second objective of the evaluation was to assess whether the B-CD fund was effectively and efficiently used. In 2015, the Ministry provided FMO with a EUR 4.95 million grant to support its Capacity Development (CD) programme with funding for 'Green' and 'Gender' projects. The evaluation concludes that the CD fund was an effective instrument to encourage FMO to do more 'gender' and 'green' capacity development projects.  

Read here the MASSIF evaluation report (pdf)

Read here the B-CD evaluation report (pdf)

Read here FMO's management letter (pdf) 

A new customer in 2020

In 2020, MASSIF provided a €3 million loan facility to Alliance de Crédit et d'Epargne pour la Production Burkina Faso (ACEP BF). This transaction will support on-lending to micro, small and medium sized enterprises and will help improve access to finance in Burkina Faso, a fragile country with a large financially underserved population. The loan comes at an important time as microfinance institutions weather difficult market conditions following the COVID-19 outbreak. The funds will allow ACEP BF to maintain sufficient liquidity while continuing its support to micro-entrepreneurs and SMEs in their recovery. Read here more about ACEP BF

Below one of their customers, Ms. Sylla Awa is an entrepreneur marketing food products in Burkina Faso.


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