Microfinance Organization Credo Joins AccessGroup

Date: 
07 Nov 2014

VisionFund International (VisionFund), Access Microfinance Holding AG (AccessHolding), responsAbility Investments AG (responsAbility), and Triodos Investment Management BV (Triodos) announced the sale of VisionFund’s MFI in Georgia, Credo, LLC (Credo). The institution was sold to a consortium of social impact investors comprising AccessHolding and funds managed or advised by responsAbility and Triodos. The transaction was approved by the National Bank of Georgia

"Credo and the AccessGroup make an exceptionally good fit in terms of our corporate culture, customer orientation, and our general approach to doing business. We are impressed with the management and staff of Credo, and will work together to take the institution to the next level in terms of products, services, and distribution channels. We are also very pleased to be able to complete this landmark transaction together with responsAbility and Triodos. Both are longstanding strategic partners of the AccessGroup with vast industry experience and commitment to very similar values," said Thomas Engelhardt, Chairman of the AccessHolding Management Board.

"The sale of Credo is in line with VisionFund’s strategy, announced in 2011, in which we pledged to refocus our resources in Africa, Asia, and Latin America in order to improve the lives of 3.5 million children annually by 2015. Credo has been a pioneering MFI in VisionFund’s network. With experienced, loyal, and motivated management, it has grown rapidly in size and quality, whilst providing customer focused innovation and outstanding customer service. We wish the management and staff of Credo and their new owners every success as they continue to grow and develop the business to achieve Credo’s social mission of making a wider range of financial services accessible to the poor in Georgia," said Scott Brown, President and CEO of VisionFund.

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Country: 
Germany