Member of the month – April 2016: Norwegian Microfinance Initiative (NMI)

NABA’s Member of the month is Norwegian Microfinance Initiative (NMI).

Norwegian Microfinance Initiative, through NMI Fund III KS, has provided a senior loan of USD 2 million to Pride Microfinance Ltd. PRIDE is one of the larger microfinance institutions in Tanzania with a network of 71 branches that covers almost all districts. By end 2015, PRIDE served about 150,000 clients, of which one third is located in rural areas. The average outstanding loan is about USD 240.

The institution applied end 2015 for a micro bank license in order to be able to offer more services and products to its clientele and widen its funding base.

About Norwegian Microfinance Initiative

NMI was established in 2008 as a partnership between the public sector and private investors. Norfund, the Norwegian Investment Fund for Developing Countries, represents the Norwegian State. The private investors are DNB, Ferd, KLP, and Storebrand. NMI’s overall goal is to strengthen the position of the poor in developing countries by helping to create jobs and prosperity on a sustainable basis. This is done by investing in and supporting MFIs. NMI consists of NMI AS and NMI Funds (NMI Global Fund, NMI Frontier Fund and the NMI Fund III). NMI AS was established as a Norwegian corporation, as a general partner and portfolio manager for NMI funds. All funds have been established in accordance with Norwegian law.

Source: http://www.nmimicro.no/