FMO, together with Triodos Investment Management joined anchor investor and global nonprofit Accion to support microfinance institution Financiera FAMA ("FAMA") in its efforts to provide microfinance services to financially underserved families and entrepreneurs in Nicaragua.
FAMA will use the new capital to reach more clients and deliver a broader suite of financial products and services to the tens of thousands of Nicaraguan families and entrepreneurs with scarce resources.
"We believe everyone should have access to the financial services and education they need to succeed," said Victor M. Telleria G., General Manager of FAMA. "We are grateful to Fundacion FAMA and Accion for their longstanding support of our work, and are please to welcome Triodos Investment Management and FMO as our shareholders. With their resources and expertise, we will be able to reach more people throughout Nicaragua with a broader suite of financial services."
Today, FAMA serves more than 58,000 borrowers and provides loans as low as USD 500.
"FAMA continues to be a leader in providing important pathways for underserved entrepreneurs, families and individuals to improve their lives," said Michael Schlein, President and CEO of Accion. "We are pleased to support FAMA's efferts to provide that opportunity to even more families and businesses in Nicaragua with additional capital and expanded service offerings."
"FAMA has poven its ability to adapt to a changing landscape and continue pursuing its mission," added John Fisher, Chief Investment Officer at Accion. "Its substantial reach to more than 58,000 borrowers and plans to offer new services position the company well to respond to today's increasingly digital financial services landscape." Accion has supported FAMA with capital and advisory services since it began operations in 1991.
"We are very excited to be a shareholder of FAMA and further strengthen our long-term partnership with the organisation. FAMA is a real leader in providing financial services to Nicaragua's micro entrepreneurs. We are very much looking forward to being part of FAMA's continuing journey to expand its outreach, to share our sustainable banking knowledge and expertise, and to have a real impact on financial inclusion in Nicaragua," said David Harleman, Regional Manager Latin America at Triodos Investment Management.
"Our longstanding relationship with FAMA as debt and technical assistance provider dates from 2007. We are very pleased to further deepen this relationship as a shareholder together with Accion, Triodos Investment Management, Fundacion FAMA and the other local shareholders," said Remko Konijn, FMO Senior Investment Officer, "We are impressed with the accomplishments of the company during the last 25 years. With the new shareholder's composition, we all contribute to a strong foundation for the future so that FAMA can continue to make a difference in the financial inclusion of Nicaraguans."