MASSIF | Dutch Government Fund | Dutch Development Bank



Focuses on small businesses and micro-entrepreneurs, women and youth entrepreneurs, as well as supporting innovations in inclusive business.

We manage the MASSIF fund on behalf of the Dutch government. MASSIF reaches out to end-beneficiaries through financing local financial intermediaries and institutions that can contribute to their development. 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.

Investment focus

MASSIF provides access to financial services such as bank accounts, savings products and loan products for micro-, small- and medium-sized entrepreneurs. Supporting these entrepreneurs is key in creating job opportunities and better livelihoods for the Base of the Pyramid (BoP) to support their families. MASSIF has four investment themes within a selected set of mostly low and lower-middle income countries supporting:


Within a selected set of mostly low income countries, MASSIF focuses on:

  • The Unbanked: Micro, Small and Medium Enterprises (MSMEs) in least financially penetrated and fragile countries
  • Agriculture and Rural Livelihoods: Small businesses in rural areas and agricultural value chain to improve the livelihoods in these communities
  • Women-owned businesses and youth entrepreneurs: Creating opportunities and promoting gender equality
  • Innovations in Inclusive Business: Access to basic Goods and Services

Financing possibilities

MASSIF invests through a variety of instruments from seed capital, local currency debt and mezzanine structures to direct equity and investment funds. MASSIF also offers capacity development grants to strengthen the organizational capabilities of its investees.