Annual Reports

Annual Report 2016 Cover

Annual Report 2016 Download Report

During 2016 has undoubtedly been a turbulent year with a market downturn of a magnitude not witnessed since the Fund’s inception. Despite a challenging investment environment, REGMIFA was able to successfully continue with the pursuit of its dual mission of financial sustainability and social outreach, disbursing USD 30 million across 27 transactions and notably adding eight new partner institutions to its portfolio. First time investments in Sierra Leone, Niger and Burkina Faso, categorized as least developed countries according to the UN Human Development Index ranking, attest to the Fund’s strong adherence to its stated mission of providing additional financing to the MSME sector in underserved markets. Financially, the attractiveness of a blended financial structure in adverse conditions was clearly demonstrated, with the first loss C-Share layer acting as a valuable buffer and remaining available for the Fund’s future growth, representing a solid 50.2% of the capital structure at year’s end..

Annual Report 2015 Cover

Annual Report 2015 Download Report

During 2015, REGMIFA proved its resilience in a challenging context marked by macroeconomic and political challenges in several of the region’s key countries. It is a sign of versatility that the Fund nevertheless invested USD 55.7 million, bringing the net portfolio size to USD 128.4 million, which allowed it to reach out to over 190,000 borrowers. Four new Partner Lending Institutions joined the portfolio, of which two were categorized as Tier 2 (total assets below USD 30 million) and two as Tier 3 (total assets below USD 10 million), demonstrating a clear deepening of the Fund’s stated developmental objective of increasing its outreach to smaller and less developed PLIs not commonly served by existing microfinance funders. At year end, the Fund is diversified across 18 countries and 49 Partner Lending Institutions.

RegmifA_AR14

Annual Report 2014 Download Report

During 2014, REGMIFA’s financial support is estimated to have reached out to more than 192,820 end borrowers in 18 countries, contributing to employment and income creation in sub-Saharan Africa. Geographic outreach was strengthened through a first-time investment in Mali, increasing the number of countries represented in the Fund’s portfolio to 18. Most notably, during 2014, REGMIFA recorded the addition of 18 new Partner Lending Institutions (PLIs) to its portfolio to end the year with 53 financed institutions across its target region...

Annual Report 2013Download Report

In 2013, REGMIFA continued its strong growth momentum, enlarged its social and developmental impact, and consolidated its leading position among the largest regional debt microfinance investment funds in the sub-Saharan Africa region thanks to the continually increasing trust placed by the partner lending institutions (PLIs) on REGMIFA as a reliable investment partner.

During the year, REGMIFA crossed the USD 100 million mark and invested a total of USD 52.2 million, closing 2013 with total assets of USD 128 million. Its outstanding portfolio of USD 104.3 million was distributed in 12 currencies along 37 institutions and 17 different countries. Compared to 2012, the portfolio registered a net growth of 33.8%.

Annual Report 2012

2012 has been a year in which REGMIFA reaffirmed its visibility and distinguished itself as a respected market player with exceptional performance and significant gains in efficiency, both in the Fund and the TA Facility.

Compared to 2011, investment activity reached USD 78 million and the Fund disbursed a total of USD 49.5 million, gaining a net portfolio growth of USD 34.5 million and adding 7 PLIs and 1 country to the portfolio.

Annual Report 2011

The REGMIFA 2011 Annual Report portrays a year of strengthening for the Fund during which it and the Technical Assistance Facility sizably increased their operations and consolidated their visibility and profile as respected market players despite the unfavorable and challenging environment conditions.

As reported on the following pages, while fulfilling its social and development mission, REGMIFA closed the year with a gross asset value of USD 60.8m, a net growth of USD 27m - which brought the portfolio to the level of over USD 43m, and a positive financial performance in line with the sustainability return goals set up by the Fund’s stakeholders.

Annual Report 2010

REGMIFA was successfully launched in 2010. The Fund invested in nine institutions from Kenya, Ghana, Tanzania, Senegal, Nigeria and Cameroon, leading to an investment portfolio of USD 16.3 million by end of year.
REGMIFA’s social mission is at the core of the initiative. The Fund could claim a strong outreach in 2010 with estimated 37,696 MSME clients financed, of which 87.5% have their own micro-enterprises. Women were the main beneficiary of these investments, representing 74% of the client base.

During 2015, REGMIFA proved its resilience in a challenging context. It is a sign of versatility that the Fund not only maintained its solid base of investments but grew the portfolio by net USD 12.1 million in a complicated environment, marked by dropping oil prices, macroeconomic challenges in several of the region’s countries reaching Partner Lending Institutions and their clients, and increasing hedging costs given uncertainty and heightened currency volatility.

During the year, the Fund invested USD 55.7 million, bringing the net portfolio size to USD 128.4 million, which allowed it to reach out to over 190,000 borrowers. Four new Partner Lending Institutions joined the portfolio, of which two were categorized as Tier 2 (total assets below USD 30 million) and two as Tier 3 (total assets below USD 10 million), demonstrating a clear deepening of the Fund’s stated developmental objective of increasing its outreach to smaller and less developed PLIs not commonly served by existing microfinance funders. At year end, the Fund is diversified across 18 countries and 49 Partner Lending Institutions.