Accion, FMO, and Triodos Investment Management Form Consortium for Financial Inclusion in Myanmar

Date: 
29 Apr 2015

Accion, FMO, and Triodos Investment Management announced their plans to invest in and expand Dawn Microfinance, an MFI established and operating in Myanmar.  The investment will amount to USD 6.85 million and will be used to establish the newly incorporated MFI as a premier institution that can serve as a model for the country’s nascent microfinance industry and influence the development of the sector. After the investment, Accion will hold 40% of the new company and will serve as the operating partner. FMO and funds managed by Triodos Investment Management will each hold 30%. Dawn was established as a program of Save the Children, and the latter will remain a strategic partner, with a role in governance. With a shared commitment to improving financial inclusion in Myanmar, the consortium members seek to rapidly increase the MFI’s outreach, as well as its product diversification. The consortium intends to strengthen Dawn’s operations by seconding senior staff, implementing new training and coaching programs, developing a wider range of products and services, establishing new HR and IT systems and internal controls, and prioritizing customer education and protection.

“We are thrilled to enter Myanmar and to grow and expand financial inclusion. In so doing, we can help the country emerge from decades of isolation and build a vibrant, inclusive economy. The demand for financial services throughout the country is booming and we believe we can help meet those needs. Over our history, we have helped to build 64 MFIs in 32 countries and we are excited to bring that experience to Myanmar. Our goal is to provide many more entrepreneurs and families with the financial tools they need to realize their economic potential," said Accion CEO and President Michael Schlein. "With this joint investment we are very much looking forward to being part of Dawn’s development and journey to expand its outreach. By doing so we can make a substantial contribution to improving financial inclusion in Myanmar,” said Femke Bos, Fund Manager, Triodos Microfinance Fund.

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Country: 
Myanmar