{"id":572,"date":"2021-04-29T13:49:03","date_gmt":"2021-04-29T11:49:03","guid":{"rendered":"https:\/\/norfund.wpenginepowered.com\/annualreport-2020\/?page_id=572"},"modified":"2023-06-05T13:29:44","modified_gmt":"2023-06-05T11:29:44","slug":"financial-inclusion","status":"publish","type":"page","link":"https:\/\/reports.norfund.no\/annualreport-2022\/development-mandate\/investment-areas\/financial-inclusion\/","title":{"rendered":"Financial Inclusion"},"content":{"rendered":"\n<p class=\"has-ingress-font-size\">By investing in banks, microfinance and other financial institutions, Norfund contributes to increased financial inclusion and in particular to more jobs in small and medium sized companies.&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-group alignfull has-gray-light-background-color has-background is-layout-flow\"><div class=\"wp-block-group__inner-container\">\n<h2 class=\"has-text-align-center wp-block-heading\" id=\"h-key-achievements-in-2022\">Key achievements in 2022<\/h2>\n\n\n\n<div class=\"wp-block-norfund-key-figures alignfull has-gray-light-background-color has-background alternative-style\"><div class=\"block-inner\"><div class=\"norfund-key-figure-item\" data-key=\"0\"><div class=\"norfund-key-figure-alt-style\"><div class=\"norfund-key-figure-number\">1,809<\/div><div class=\"norfund-key-figure-number-unit\">MNOK<\/div><\/div><div class=\"norfund-key-figure-number-bar\"><div class=\"norfund-key-figure-number-bar-progress\" data-number=\"100\"><\/div><\/div><p class=\"norfund-key-figure-text\">committed <\/p><\/div><div class=\"norfund-key-figure-item\" data-key=\"1\"><div class=\"norfund-key-figure-alt-style\"><div class=\"norfund-key-figure-number\">8.9<\/div><div class=\"norfund-key-figure-number-unit\">million<\/div><\/div><div class=\"norfund-key-figure-number-bar\"><div class=\"norfund-key-figure-number-bar-progress\" data-number=\"100\"><\/div><\/div><p class=\"norfund-key-figure-text\">new clients served<\/p><\/div><div class=\"norfund-key-figure-item\" data-key=\"2\"><div class=\"norfund-key-figure-alt-style\"><div class=\"norfund-key-figure-number\">89<\/div><div class=\"norfund-key-figure-number-unit\">BNOK<\/div><\/div><div class=\"norfund-key-figure-number-bar\"><div class=\"norfund-key-figure-number-bar-progress\" data-number=\"100\"><\/div><\/div><p class=\"norfund-key-figure-text\">increase in lending to clients<\/p><\/div><\/div><\/div>\n<\/div><\/div>\n\n\n<div class=\"norfund-faq is-questions-closed wp-block-teft-faq\">\n<div class=\"wp-block-teft-faq is-questions-closed\">\n\t\t<div class=\"wp-block-teft-faq-item wp-block-teft-faq-item\">\n\t\t\t<h3 class=\"teft-faq__question\">\n\t\t\t\t<button class=\"teft-faq__question-button\"><\/button>\n\t\t\t<\/h3>\n\t\t\t<p class=\"teft-faq__description\"><\/p>\n\t\t\t<p class=\"teft-faq__answer\"><\/p>\n\t\t<\/div>\n\n\n\t\t<div class=\"wp-block-teft-faq-item wp-block-teft-faq-item\">\n\t\t\t<h3 class=\"teft-faq__question\">\n\t\t\t\t<button class=\"teft-faq__question-button\"><\/button>\n\t\t\t<\/h3>\n\t\t\t<p class=\"teft-faq__description\"><\/p>\n\t\t\t<p class=\"teft-faq__answer\"><\/p>\n\t\t<\/div>\n\n\n\t\t<div class=\"wp-block-teft-faq-item wp-block-teft-faq-item\">\n\t\t\t<h3 class=\"teft-faq__question\">\n\t\t\t\t<button class=\"teft-faq__question-button\"><\/button>\n\t\t\t<\/h3>\n\t\t\t<p class=\"teft-faq__description\"><\/p>\n\t\t\t<p class=\"teft-faq__answer\"><\/p>\n\t\t<\/div><\/div>\n<\/div>\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-strategic-ambitions\">Strategic ambitions<\/h2>\n\n\n\n<p>Norfund has defined two ambitions for its direct investments in financial institutions  for the strategy period 2019 &#8211; 2022:<\/p>\n\n\n\n<ul><li>Offer financial services to 15 million new clients<\/li><li>Extend 130 billion NOK more in loans to clients <\/li><\/ul>\n\n\n\n<p>Both of these targets were reached with good margin.<\/p>\n\n\n<div class=\"pdf-page-break\"><\/div>\n\n\n<h3 class=\"has-text-align-center wp-block-heading\" id=\"h-accumulated-achievements-2019-2022\">Accumulated achievements 2019 \u2013 2022<\/h3>\n\n\n\n<div class=\"wp-block-columns alignwide is-layout-flex wp-container-4\">\n<div class=\"wp-block-column is-layout-flow\">\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"756\" src=\"https:\/\/reports.norfund.no\/wp-content\/uploads\/sites\/5\/2023\/06\/New_uniqe_clients..-1024x756.png\" alt=\"\" class=\"wp-image-7934\" srcset=\"https:\/\/reports.norfund.no\/annualreport-2022\/wp-content\/uploads\/sites\/5\/2023\/06\/New_uniqe_clients..-1024x756.png 1024w, https:\/\/reports.norfund.no\/annualreport-2022\/wp-content\/uploads\/sites\/5\/2023\/06\/New_uniqe_clients..-300x221.png 300w, https:\/\/reports.norfund.no\/annualreport-2022\/wp-content\/uploads\/sites\/5\/2023\/06\/New_uniqe_clients..-768x567.png 768w, https:\/\/reports.norfund.no\/annualreport-2022\/wp-content\/uploads\/sites\/5\/2023\/06\/New_uniqe_clients..-1536x1134.png 1536w, https:\/\/reports.norfund.no\/annualreport-2022\/wp-content\/uploads\/sites\/5\/2023\/06\/New_uniqe_clients..-2048x1512.png 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow\">\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"756\" src=\"https:\/\/reports.norfund.no\/wp-content\/uploads\/sites\/5\/2023\/06\/Increase_in_outstanding...-1024x756.png\" alt=\"\" class=\"wp-image-7935\" srcset=\"https:\/\/reports.norfund.no\/annualreport-2022\/wp-content\/uploads\/sites\/5\/2023\/06\/Increase_in_outstanding...-1024x756.png 1024w, https:\/\/reports.norfund.no\/annualreport-2022\/wp-content\/uploads\/sites\/5\/2023\/06\/Increase_in_outstanding...-300x222.png 300w, https:\/\/reports.norfund.no\/annualreport-2022\/wp-content\/uploads\/sites\/5\/2023\/06\/Increase_in_outstanding...-768x567.png 768w, https:\/\/reports.norfund.no\/annualreport-2022\/wp-content\/uploads\/sites\/5\/2023\/06\/Increase_in_outstanding...-1536x1134.png 1536w, https:\/\/reports.norfund.no\/annualreport-2022\/wp-content\/uploads\/sites\/5\/2023\/06\/Increase_in_outstanding...-2048x1512.png 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group alignwide is-layout-flow\"><div class=\"wp-block-group__inner-container\"><\/div><\/div>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-investments-and-results-in-2022\">Investments and Results in 2022<\/h2>\n\n\n\n<p>Norfund is invested directly in 74 financial institutions (FI), ranging from regional banking groups and funds that invest in banks to local microfinance institutions.<\/p>\n\n\n\n<div class=\"wp-block-norfund-key-figures alignfull alternative-style\"><div class=\"block-inner\"><div class=\"norfund-key-figure-item\" data-key=\"0\"><div class=\"norfund-key-figure-alt-style\"><div class=\"norfund-key-figure-number\">1,809<\/div><div class=\"norfund-key-figure-number-unit\">MNOK<\/div><\/div><div class=\"norfund-key-figure-number-bar\"><div class=\"norfund-key-figure-number-bar-progress\" data-number=\"100\"><\/div><\/div><p class=\"norfund-key-figure-text\">committed in 2022<\/p><\/div><div class=\"norfund-key-figure-item\" data-key=\"1\"><div class=\"norfund-key-figure-alt-style\"><div class=\"norfund-key-figure-number\">10,786<\/div><div class=\"norfund-key-figure-number-unit\">MNOK<\/div><\/div><div class=\"norfund-key-figure-number-bar\"><div class=\"norfund-key-figure-number-bar-progress\" data-number=\"100\"><\/div><\/div><p class=\"norfund-key-figure-text\">committed in total FI portfolio<\/p><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-group alignfull has-green-light-background-color has-background is-layout-flow\"><div class=\"wp-block-group__inner-container\">\n<h2 class=\"wp-block-heading\" id=\"h-impact-during-the-strategy-period-2019-2022\">Impact during the strategy period 2019-2022<\/h2>\n\n\n\n<p><strong>32.1 million new clients provided with financial services during the strategy period<\/strong><\/p>\n\n\n\n<p><strong>195.9 billion NOK increased loans to clients during the strategy period<\/strong><\/p>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-teft-link-list\"><div class=\"teft-link-list__items\">\n<div class=\"wp-block-teft-link-list-item\"><a class=\"teft-link-list-item__holder\" href=\"https:\/\/reports.norfund.no\/annualreport-2022\/development-mandate\/impact-development-mandate\/access-to-finance\/\"><div class=\"teft-link-list-item__content\"><div class=\"teft-link-list-item__content-inner\"><div class=\"teft-link-list-item__content-wrapper\"><h3 class=\"teft-link-list-item__title\">Read more about the impact of access to finance<\/h3><\/div><\/div><\/div><\/a><\/div>\n<\/div><\/div>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-investments-per-region\">Investments per region<\/h2>\n\n\n\n<p>In 2022, a total of 15 commitments were signed with financial institutions in Sub-Saharan Africa, Asia and Latin America.&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-group alignwide is-layout-flow\"><div class=\"wp-block-group__inner-container\">\n<div class=\"wp-block-columns alignwide is-layout-flex wp-container-9\">\n<div class=\"wp-block-column is-layout-flow\">\n<h3 class=\"has-text-align-center wp-block-heading\" id=\"h-investments-per-region-in-2022\">Investments per region in 2022<\/h3>\n\n\n<script type=\"text\/javascript\">\ngoogle.charts.load(\"current\", {packages:[\"corechart\"]});\n\nif ( screen.width < 800 ) {\n\tgoogle.charts.setOnLoadCallback( () => {\n\t\tdrawChartdonutfiinvestmentsperregion20226aee2076b5f21( 'bottom', 12, 12 );\n\t} );\n} else {\n\tgoogle.charts.setOnLoadCallback( () => {\n\t\tdrawChartdonutfiinvestmentsperregion20226aee2076b5f21( 'right', 15, 17 );\n\t} );\n}\n\nfunction drawChartdonutfiinvestmentsperregion20226aee2076b5f21( customLegendPosition, customFontSize, customSliceFontSize ) {\n\tlet data = google.visualization.arrayToDataTable([\n\t['Navn', 'Verdi'],['Africa', 792],['Asia', 79],['Latin America', 939]\t]);\n\n\t\tlet options = {\n\t\tpieSliceText: 'percentage',\n\t\tpieSliceTextStyle: {\n\t\t\tfontSize: customSliceFontSize,\n\t\t\tbold: true,\n\t\t},\n\t\tpieHole: 0.6,\n\t\tslices: [{\"color\":\"#375172\"},{\"color\":\"#7594BC\"},{\"color\":\"#6169AD\"}],\n\t\t\t\tlegend: {\n\t\t\t'position': 'bottom',\n\t\t\t'alignment': 'center',\n\t\t\ttextStyle: {\n\t\t\t\tfontSize: customFontSize,\n\t\t\t}\n\t\t},\n\t\tchartArea: { 'width': '100%', 'height': '80%' },\n\t\t\t\tfontName: 'Merriweather Sans',\n\t};\n\n\tlet chart = new google.visualization.PieChart(document.getElementById('donutfiinvestmentsperregion20226aee2076b5f21'));\n\n\t\n\tchart.draw(data, options);\n}\n\nwindow.addEventListener( 'resize', () => {\n\tif ( screen.width < 800 ) {\n\t\tdrawChartdonutfiinvestmentsperregion20226aee2076b5f21( 'bottom', 12, 12 );\n\t} else {\n\t\tdrawChartdonutfiinvestmentsperregion20226aee2076b5f21( 'right', 15, 17 );\n\t}\n} );\n\n<\/script>\n<style>\n#donutfiinvestmentsperregion20226aee2076b5f21 svg g path {\n\tstroke-width: 4;\n}\n\n@media screen and (min-width: 800px) {\n\t#donutfiinvestmentsperregion20226aee2076b5f21 {\n\t\twidth: 100%;\n\t\tmin-height: 500px;\n\t}\n}\n<\/style>\n\n<div id=\"donutfiinvestmentsperregion20226aee2076b5f21\"><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow\">\n<h3 class=\"has-text-align-center wp-block-heading\" id=\"h-total-portfolio-per-region\">Total portfolio per region<\/h3>\n\n\n<script type=\"text\/javascript\">\ngoogle.charts.load(\"current\", {packages:[\"corechart\"]});\n\nif ( screen.width < 800 ) {\n\tgoogle.charts.setOnLoadCallback( () => {\n\t\tdrawChartdonutfitotalportfolioperregion20226aee2076c27bb( 'bottom', 12, 12 );\n\t} );\n} else {\n\tgoogle.charts.setOnLoadCallback( () => {\n\t\tdrawChartdonutfitotalportfolioperregion20226aee2076c27bb( 'right', 15, 17 );\n\t} );\n}\n\nfunction drawChartdonutfitotalportfolioperregion20226aee2076c27bb( customLegendPosition, customFontSize, customSliceFontSize ) {\n\tlet data = google.visualization.arrayToDataTable([\n\t['Navn', 'Verdi'],['Africa', 5485],['Asia', 2075],['Latin America', 3227]\t]);\n\n\t\tlet options = {\n\t\tpieSliceText: 'percentage',\n\t\tpieSliceTextStyle: {\n\t\t\tfontSize: customSliceFontSize,\n\t\t\tbold: true,\n\t\t},\n\t\tpieHole: 0.6,\n\t\tslices: [{\"color\":\"#375172\"},{\"color\":\"#7594BC\"},{\"color\":\"#6169AD\"}],\n\t\t\t\tlegend: {\n\t\t\t'position': 'bottom',\n\t\t\t'alignment': 'center',\n\t\t\ttextStyle: {\n\t\t\t\tfontSize: customFontSize,\n\t\t\t}\n\t\t},\n\t\tchartArea: { 'width': '100%', 'height': '80%' },\n\t\t\t\tfontName: 'Merriweather Sans',\n\t};\n\n\tlet chart = new google.visualization.PieChart(document.getElementById('donutfitotalportfolioperregion20226aee2076c27bb'));\n\n\t\n\tchart.draw(data, options);\n}\n\nwindow.addEventListener( 'resize', () => {\n\tif ( screen.width < 800 ) {\n\t\tdrawChartdonutfitotalportfolioperregion20226aee2076c27bb( 'bottom', 12, 12 );\n\t} else {\n\t\tdrawChartdonutfitotalportfolioperregion20226aee2076c27bb( 'right', 15, 17 );\n\t}\n} );\n\n<\/script>\n<style>\n#donutfitotalportfolioperregion20226aee2076c27bb svg g path {\n\tstroke-width: 4;\n}\n\n@media screen and (min-width: 800px) {\n\t#donutfitotalportfolioperregion20226aee2076c27bb {\n\t\twidth: 100%;\n\t\tmin-height: 500px;\n\t}\n}\n<\/style>\n\n<div id=\"donutfitotalportfolioperregion20226aee2076c27bb\"><\/div>\n<\/div>\n<\/div>\n<\/div><\/div>\n\n\n<div class=\"pdf-page-break\"><\/div>\n\n\n<div class=\"wp-block-group alignfull has-green-light-background-color has-background is-layout-flow\"><div class=\"wp-block-group__inner-container\">\n<h2 class=\"wp-block-heading\"><strong>Challenging macro environment<\/strong><\/h2>\n\n\n\n<p>Increased interest rates and sovereign risk are the main trends that affected the FI markets in our countries and posed challenges during 2022. For the banks we are invested in and for Norfund\u2019s return, increased interest rates have positive effects short-term. However, in the medium-term, we are more concerned about the asset quality and the loan growth of the banks we are invested in. The increased interest rates combined with high levels of government debt in our investment countries, lead to increased default risk. For example, Sri Lanka defaulted on its foreign debt in April 2022, where we are invested in NDB Bank, which suffered as a consequence of the default. The government in Ghana also defaulted on its debt in December 2022, which may result in knock-on effects on businesses and banks\u2019 balance sheets going forward.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Myanmar<\/strong>&nbsp;<\/h2>\n\n\n\n<p>A challenge during 2022 was the economic situation in Myanmar, precipitated by the military coup early in 2021. Economic development started to slow in 2021, and due to the continued economic slowdown, there have not been any new investments in the area in 2022.&nbsp;Norfund maintains three investments in the country with Yoma Bank and the microfinance institutions Myanmar Finance and Advans Myanmar, trying to operate in a very complicated commercial and regulatory environment.<\/p>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-group alignfull has-gray-light-background-color has-background is-layout-flow\"><div class=\"wp-block-group__inner-container\">\n<h2 class=\"has-text-align-center wp-block-heading\" id=\"h-highlights-of-2021\">Highlights of 2021<\/h2>\n\n\n\n<div class=\"wp-block-norfund-key-figures alignfull alternative-style\"><div class=\"block-inner\"><div class=\"norfund-key-figure-item\" data-key=\"0\"><div class=\"norfund-key-figure-alt-style\"><div class=\"norfund-key-figure-number\">12<\/div><div class=\"norfund-key-figure-number-unit\"><\/div><\/div><div class=\"norfund-key-figure-number-bar\"><div class=\"norfund-key-figure-number-bar-progress\" data-number=\"100\"><\/div><\/div><p class=\"norfund-key-figure-text\">new investee companies<\/p><\/div><div class=\"norfund-key-figure-item\" data-key=\"1\"><div class=\"norfund-key-figure-alt-style\"><div class=\"norfund-key-figure-number\">3<\/div><div class=\"norfund-key-figure-number-unit\"><\/div><\/div><div class=\"norfund-key-figure-number-bar\"><div class=\"norfund-key-figure-number-bar-progress\" data-number=\"100\"><\/div><\/div><p class=\"norfund-key-figure-text\">follow-on investments<\/p><\/div><\/div><\/div>\n\n\n\n<p>The FI loan portfolio developed positively in 2022, with 11 new loans of a total of USD 151.5 million, in addition to the previous portfolio. Despite covid-effects and a challenging macro environment, the FI loan portfolio only has four non-performing loans out of a total of 55 loan engagements.<\/p>\n\n\n\n<h2 class=\"is-style-line wp-block-heading\"><strong>Large investment in Banco BDI<\/strong><\/h2>\n\n\n\n<p>In 2022, the largest single investment was in Banco BDI in the Dominican Republic. Norfund completed a USD 17.8 million equity investment, which is equivalent to a 20% stake as of December 2022. BDI is a family-owned local bank that offers finance solutions to SMEs. It was founded in 1974 and is currently the 10th largest bank out of 17 in the country, and one of a few banks with SMEs as its main focus. As of December 2022, BDI has a strong brand recognition through a network of 22,718 customers served by 355 employees and 11 branches across the country. This was Norfund\u2019s first investment in the Dominican Republic.<\/p>\n\n\n\n<h2 class=\"is-style-line wp-block-heading\"><strong>First investment in Democratic Republic of the Congo (DRC)<\/strong><\/h2>\n\n\n\n<p>Norfund completed a USD 6.75 million investment in CRDB, which will be used to establish CRDB Bank DRC S.A in Lubumbashi, the Democratic Republic of Congo. It will be a banking subsidiary of CRDB Bank Plc., the second largest bank in Tanzania, which sees a business opportunity on increased trade between Tanzania and DRC. CRDB will be the majority shareholder (55%) and Norfund (22.5%) and IFU (22.5) as the minority strategic investors. DRC is the country with the lowest banking penetration in Africa, making this a highly additional investment. The investment from Norfund will be used for capital expenditures, licenses, and initial operating costs. The bank is at end of year 2022 waiting to receive the necessary banking licenses in order to start operations.<\/p>\n\n\n\n<h2 class=\"is-style-line wp-block-heading\"><strong>FinTech<\/strong>&nbsp;<\/h2>\n\n\n\n<p>Access to high quality, affordable financial services is essential for social and economic development, gender equality, resilience, and livelihoods. Unfortunately, globally around <a href=\"https:\/\/www.worldbank.org\/en\/news\/feature\/2022\/07\/21\/covid-19-boosted-the-adoption-of-digital-financial-services#:~:text=Reaching%20the%201.4%20billion%20people%20who%20remain%20unbanked&amp;text=These%20people%20are%20hardest%20to,go%2C%20much%20more%20is%20needed.\">1.4 billion people are unbanked<\/a>. It is also a gender issue: women are disproportionately affected: 74% of men and 68% of women in developing countries have account ownership.<\/p>\n\n\n\n<p>While many individuals may not have access to financial services, many more have mobile phone access, making this a useful tool to bridge this gap. FinTech can increase the breadth of available financial services. Our mandate is to increase financial inclusion, making FinTech a natural area of interest for Norfund.&nbsp;&nbsp;<\/p>\n\n\n\n<p>In 2022, two commitments were made in this area:&nbsp;<\/p>\n\n\n\n<ul><li>Norfund committed EUR 10 million to Wave Money, a digital payments company in West Africa. The investment is part of a syndicated loan led by IFC, of a total of up to EUR 90 million. Norfund\u2019s senior secured loan will support the company\u2019s growth and promote access to affordable financial services for low-income households in Norfund core countries.<\/li><li>Norfund committed USD 8 million to Integra Partners Fund II, which was launched in 2021. The main investment thesis to drive access and affordability for financial services and insurance in South-East Asia. Norfund\u2019s investment will provide capital to early growth stage fintech companies and hence improve access to financial services for underserved population in Norfund core countries in Asia.<\/li><\/ul>\n<\/div><\/div>\n\n\n<div class=\"pdf-page-break\"><\/div>\n\n\n<h2 class=\"wp-block-heading\" id=\"h-financial-inclusion-portfolio\">Financial Inclusion portfolio<\/h2>\n\n\n<div class=\"norfund-advanced-table-block-container\"><div class=\"norfund-advanced-table-block-container-inner\"><table><thead><tr class=\"\"><th class=\"is-chars\">Investment<\/th><th class=\"is-chars\">Country<\/th><th class=\"is-chars\">Investment year<\/th><th class=\"is-chars\">Sector<\/th><th class=\"is-chars\">Instrument<\/th><th class=\"is-chars\">Ownership share<\/th><th class=\"is-chars\">Domicile<\/th><th class=\"is-chars\">Committed (MNOK)<\/th><\/tr><\/thead><tbody><tr class=\"regular\"><td class=\"is-chars\">Arise B.V.<\/td><td class=\"is-chars\">Regional<\/td><td class=\"is-num\">2016<\/td><td class=\"is-chars\">Banking<\/td><td class=\"is-chars\">Equity<\/td><td class=\"is-num\">33%<\/td><td class=\"is-chars\">Netherlands<\/td><td class=\"is-num\">2835.8<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">NorFinance AS<\/td><td class=\"is-chars\">Regional<\/td><td class=\"is-num\">2013<\/td><td class=\"is-chars\">Banking<\/td><td class=\"is-chars\">Equity<\/td><td class=\"is-num\">50%<\/td><td class=\"is-chars\">Norway<\/td><td class=\"is-num\">502.5<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Yoma Bank Limited<\/td><td class=\"is-chars\">Myanmar<\/td><td class=\"is-num\">2019<\/td><td class=\"is-chars\">Banking<\/td><td class=\"is-chars\">Equity<\/td><td class=\"is-num\">11%<\/td><td class=\"is-chars\">Myanmar<\/td><td class=\"is-num\">294.9<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">AfricInvest Financial Inclusion Vehicle (FIVE)<\/td><td class=\"is-chars\">Regional<\/td><td class=\"is-num\">2018<\/td><td class=\"is-chars\">Banking<\/td><td class=\"is-chars\">Equity<\/td><td class=\"is-num\">21%<\/td><td class=\"is-chars\">Mauritius<\/td><td class=\"is-num\">273.6<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Mutual Trust Bank Limited<\/td><td class=\"is-chars\">Bangladesh<\/td><td class=\"is-num\">2019<\/td><td class=\"is-chars\">Banking<\/td><td class=\"is-chars\">Loans Equity<\/td><td class=\"is-num\">10%<\/td><td class=\"is-chars\">Bangladesh<\/td><td class=\"is-num\">264.2<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Banco Promerica Costa Rica<\/td><td class=\"is-chars\">Costa Rica<\/td><td class=\"is-num\">2018<\/td><td class=\"is-chars\">Banking<\/td><td class=\"is-chars\">Loans<\/td><td class=\"is-chars\">N\/A<\/td><td class=\"is-chars\">Costa Rica<\/td><td class=\"is-num\">229.2<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Banco Promerica Guatemala<\/td><td class=\"is-chars\">Guatemala<\/td><td class=\"is-num\">2016<\/td><td class=\"is-chars\">Banking<\/td><td class=\"is-chars\">Loans<\/td><td class=\"is-chars\">N\/A<\/td><td class=\"is-chars\">Guatemala<\/td><td class=\"is-num\">226.7<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">LAAD<\/td><td class=\"is-chars\">Regional<\/td><td class=\"is-num\">2004<\/td><td class=\"is-chars\">Other financial services<\/td><td class=\"is-chars\">Loans<\/td><td class=\"is-chars\">N\/A<\/td><td class=\"is-chars\">Netherlands Antilles<\/td><td class=\"is-num\">226.7<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">NMI Fund IV<\/td><td class=\"is-chars\">Global<\/td><td class=\"is-num\">2018<\/td><td class=\"is-chars\">Microfinance<\/td><td class=\"is-chars\">Funds<\/td><td class=\"is-num\">25%<\/td><td class=\"is-chars\">Norway<\/td><td class=\"is-num\">216<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Access Bank (Ghana) Plc<\/td><td class=\"is-chars\">Ghana<\/td><td class=\"is-num\">2022<\/td><td class=\"is-chars\">Banking<\/td><td class=\"is-chars\">Loans<\/td><td class=\"is-chars\">N\/A<\/td><td class=\"is-chars\">Ghana<\/td><td class=\"is-num\">197.1<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Banco Cuscatlan El Salvador<\/td><td class=\"is-chars\">El Salvador<\/td><td class=\"is-num\">2022<\/td><td class=\"is-chars\">Banking<\/td><td class=\"is-chars\">Loans<\/td><td class=\"is-chars\">N\/A<\/td><td class=\"is-chars\">El Salvador<\/td><td class=\"is-num\">197.1<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Ficohsa Honduras<\/td><td class=\"is-chars\">Honduras<\/td><td class=\"is-num\">2012<\/td><td class=\"is-chars\">Banking<\/td><td class=\"is-chars\">Loans<\/td><td class=\"is-chars\">N\/A<\/td><td class=\"is-chars\">Honduras<\/td><td class=\"is-num\">197.1<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Hattha Bank Plc<\/td><td class=\"is-chars\">Cambodia<\/td><td class=\"is-num\">2007<\/td><td class=\"is-chars\">Microfinance<\/td><td class=\"is-chars\">Loans<\/td><td class=\"is-chars\">N\/A<\/td><td class=\"is-chars\">Cambodia<\/td><td class=\"is-num\">197.1<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">LAFISE NICARAGUA<\/td><td class=\"is-chars\">Nicaragua<\/td><td class=\"is-num\">2014<\/td><td class=\"is-chars\">Banking<\/td><td class=\"is-chars\">Loans<\/td><td class=\"is-chars\">N\/A<\/td><td class=\"is-chars\">Nicaragua<\/td><td class=\"is-num\">197.1<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Banco Promerica El Salvador<\/td><td class=\"is-chars\">El Salvador<\/td><td class=\"is-num\">2015<\/td><td class=\"is-chars\">Banking<\/td><td class=\"is-chars\">Loans<\/td><td class=\"is-chars\">N\/A<\/td><td class=\"is-chars\">El Salvador<\/td><td class=\"is-num\">187.3<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">BDI<\/td><td class=\"is-chars\">Dominican Republic<\/td><td class=\"is-num\">2022<\/td><td class=\"is-chars\">Banking<\/td><td class=\"is-chars\">Equity<\/td><td class=\"is-num\">20%<\/td><td class=\"is-chars\">Dominican Republic<\/td><td class=\"is-num\">184.3<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">NMI Fund III<\/td><td class=\"is-chars\">Global<\/td><td class=\"is-num\">2013<\/td><td class=\"is-chars\">Microfinance<\/td><td class=\"is-chars\">Funds<\/td><td class=\"is-num\">26%<\/td><td class=\"is-chars\">Norway<\/td><td class=\"is-num\">165.6<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Prasac Microfinance Institution Plc.<\/td><td class=\"is-chars\">Cambodia<\/td><td class=\"is-num\">2013<\/td><td class=\"is-chars\">Microfinance<\/td><td class=\"is-chars\">Loans<\/td><td class=\"is-chars\">N\/A<\/td><td class=\"is-chars\">Cambodia<\/td><td class=\"is-num\">157.7<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">The Co-operative Bank of Kenya Limited<\/td><td class=\"is-chars\">Kenya<\/td><td class=\"is-num\">2022<\/td><td class=\"is-chars\">Banking<\/td><td class=\"is-chars\">Loans<\/td><td class=\"is-chars\">N\/A<\/td><td class=\"is-chars\">Kenya<\/td><td class=\"is-num\">157.7<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Fedecredito<\/td><td class=\"is-chars\">El Salvador<\/td><td class=\"is-num\">2016<\/td><td class=\"is-chars\">Microfinance<\/td><td class=\"is-chars\">Loans<\/td><td class=\"is-chars\">N\/A<\/td><td class=\"is-chars\">El Salvador<\/td><td class=\"is-num\">149.5<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">CRDB Tanzania- AFDB CRP<\/td><td class=\"is-chars\">Tanzania<\/td><td class=\"is-num\">2022<\/td><td class=\"is-chars\">Banking<\/td><td class=\"is-chars\">Loans<\/td><td class=\"is-chars\">N\/A<\/td><td class=\"is-chars\">Tanzania<\/td><td class=\"is-num\">147.9<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Ecobank Transnational Incorporated (ETI)<\/td><td class=\"is-chars\">Regional<\/td><td class=\"is-num\">2021<\/td><td class=\"is-chars\">Banking<\/td><td class=\"is-chars\">Loans<\/td><td class=\"is-chars\">N\/A<\/td><td class=\"is-chars\">Togo<\/td><td class=\"is-num\">147.9<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Equity Bank<\/td><td class=\"is-chars\">Regional<\/td><td class=\"is-num\">2019<\/td><td class=\"is-chars\">Banking<\/td><td class=\"is-chars\">Loans<\/td><td class=\"is-chars\">N\/A<\/td><td class=\"is-chars\">Kenya<\/td><td class=\"is-num\">147.9<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Sathapana<\/td><td class=\"is-chars\">Cambodia<\/td><td class=\"is-num\">2008<\/td><td class=\"is-chars\">Banking<\/td><td class=\"is-chars\">Loans<\/td><td class=\"is-chars\">N\/A<\/td><td class=\"is-chars\">Cambodia<\/td><td class=\"is-num\">147.9<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Kandeo Fund 3 Debt<\/td><td class=\"is-chars\">Regional<\/td><td class=\"is-num\">2021<\/td><td class=\"is-chars\">Microfinance<\/td><td class=\"is-chars\">Funds<\/td><td class=\"is-num\">8%<\/td><td class=\"is-chars\">Canada<\/td><td class=\"is-num\">147.1<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Banco BDF<\/td><td class=\"is-chars\">Nicaragua<\/td><td class=\"is-num\">2017<\/td><td class=\"is-chars\">Banking<\/td><td class=\"is-chars\">Loans<\/td><td class=\"is-chars\">N\/A<\/td><td class=\"is-chars\">Nicaragua<\/td><td class=\"is-num\">135.5<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Banco Atlantida S.A.<\/td><td class=\"is-chars\">Honduras<\/td><td class=\"is-num\">2022<\/td><td class=\"is-chars\">Banking<\/td><td class=\"is-chars\">Loans<\/td><td class=\"is-chars\">N\/A<\/td><td class=\"is-chars\">Honduras<\/td><td class=\"is-num\">132<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Quona Inclusion Fund III<\/td><td class=\"is-chars\">Global<\/td><td class=\"is-num\">2021<\/td><td class=\"is-chars\">Investment funds<\/td><td class=\"is-chars\">Funds<\/td><td class=\"is-num\">5%<\/td><td class=\"is-chars\">Cayman Islands<\/td><td class=\"is-num\">127.3<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Wave Mobile Money S.A.\/Wave C\u00f4te d&#039;Ivoire S.A.<\/td><td class=\"is-chars\">Senegal<\/td><td class=\"is-num\">2022<\/td><td class=\"is-chars\">Other financial services<\/td><td class=\"is-chars\">Loans<\/td><td class=\"is-chars\">N\/A<\/td><td class=\"is-chars\">Senegal<\/td><td class=\"is-num\">126.2<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">National Development Bank<\/td><td class=\"is-chars\">Sri Lanka<\/td><td class=\"is-num\">2021<\/td><td class=\"is-chars\">Banking<\/td><td class=\"is-chars\">Equity<\/td><td class=\"is-num\">10%<\/td><td class=\"is-chars\">Sri Lanka<\/td><td class=\"is-num\">120.6<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">First National Bank Ghana<\/td><td class=\"is-chars\">Ghana<\/td><td class=\"is-num\">2020<\/td><td class=\"is-chars\">Banking<\/td><td class=\"is-chars\">Loans<\/td><td class=\"is-chars\">N\/A<\/td><td class=\"is-chars\">Ghana<\/td><td class=\"is-num\">118.3<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">CIFI<\/td><td class=\"is-chars\">Regional<\/td><td class=\"is-num\">2004<\/td><td class=\"is-chars\">Other financial services<\/td><td class=\"is-chars\">Equity<\/td><td class=\"is-num\">34%<\/td><td class=\"is-chars\">Panama<\/td><td class=\"is-num\">116.2<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Banco Ficohsa Nicaragua S.A.<\/td><td class=\"is-chars\">Regional<\/td><td class=\"is-num\">2022<\/td><td class=\"is-chars\">Banking<\/td><td class=\"is-chars\">Loans<\/td><td class=\"is-chars\">N\/A<\/td><td class=\"is-chars\">Nicaragua<\/td><td class=\"is-num\">98.6<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">FCMB<\/td><td class=\"is-chars\">Nigeria<\/td><td class=\"is-num\">2019<\/td><td class=\"is-chars\">Banking<\/td><td class=\"is-chars\">Loans<\/td><td class=\"is-chars\">N\/A<\/td><td class=\"is-chars\">Nigeria<\/td><td class=\"is-num\">98.6<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">MI BANCO<\/td><td class=\"is-chars\">El Salvador<\/td><td class=\"is-num\">2022<\/td><td class=\"is-chars\">Banking<\/td><td class=\"is-chars\">Loans<\/td><td class=\"is-chars\">N\/A<\/td><td class=\"is-chars\">El Salvador<\/td><td class=\"is-num\">98.6<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Finsocial<\/td><td class=\"is-chars\">Colombia<\/td><td class=\"is-num\">2022<\/td><td class=\"is-chars\">Other financial services<\/td><td class=\"is-chars\">Loans<\/td><td class=\"is-chars\">N\/A<\/td><td class=\"is-chars\">Colombia<\/td><td class=\"is-num\">98.4<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Bayport Mozambique<\/td><td class=\"is-chars\">Mozambique<\/td><td class=\"is-num\">2022<\/td><td class=\"is-chars\">Microfinance<\/td><td class=\"is-chars\">Loans<\/td><td class=\"is-chars\">N\/A<\/td><td class=\"is-chars\">Mozambique<\/td><td class=\"is-num\">96.8<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Evolution Credit Limited<\/td><td class=\"is-chars\">South Africa<\/td><td class=\"is-num\">2009<\/td><td class=\"is-chars\">Other financial services<\/td><td class=\"is-chars\">Loans Equity<\/td><td class=\"is-num\">12%<\/td><td class=\"is-chars\">South Africa<\/td><td class=\"is-num\">95.9<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">LOCFUND NEXT, L.P.<\/td><td class=\"is-chars\">Regional<\/td><td class=\"is-num\">2020<\/td><td class=\"is-chars\">Microfinance<\/td><td class=\"is-chars\">Funds<\/td><td class=\"is-num\">29%<\/td><td class=\"is-chars\">Canada<\/td><td class=\"is-num\">93<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Accion Quona Inclusion Fund LP<\/td><td class=\"is-chars\">Global<\/td><td class=\"is-num\">2019<\/td><td class=\"is-chars\">Investment funds<\/td><td class=\"is-chars\">Funds<\/td><td class=\"is-num\">5%<\/td><td class=\"is-chars\">Cayman Islands<\/td><td class=\"is-num\">84.1<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Desyfin<\/td><td class=\"is-chars\">Costa Rica<\/td><td class=\"is-num\">2011<\/td><td class=\"is-chars\">Other financial services<\/td><td class=\"is-chars\">Loans Equity<\/td><td class=\"is-num\">23%<\/td><td class=\"is-chars\">Costa Rica<\/td><td class=\"is-num\">82.8<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">ARREND Central America<\/td><td class=\"is-chars\">Regional<\/td><td class=\"is-num\">2015<\/td><td class=\"is-chars\">Other financial services<\/td><td class=\"is-chars\">Loans Equity<\/td><td class=\"is-num\">22%<\/td><td class=\"is-chars\">Guatemala<\/td><td class=\"is-num\">79.2<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Integra Partners Fund II LP<\/td><td class=\"is-chars\">Regional<\/td><td class=\"is-num\">2022<\/td><td class=\"is-chars\">Fintech fund<\/td><td class=\"is-chars\">Equity<\/td><td class=\"is-num\">10%<\/td><td class=\"is-chars\">Singapore<\/td><td class=\"is-num\">78.8<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Softlogic Life<\/td><td class=\"is-chars\">Sri Lanka<\/td><td class=\"is-num\">2020<\/td><td class=\"is-chars\">Other financial services<\/td><td class=\"is-chars\">Loans<\/td><td class=\"is-chars\">N\/A<\/td><td class=\"is-chars\">Sri Lanka<\/td><td class=\"is-num\">73.9<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Banco BCT<\/td><td class=\"is-chars\">Costa Rica<\/td><td class=\"is-num\">2019<\/td><td class=\"is-chars\">Banking<\/td><td class=\"is-chars\">Loans<\/td><td class=\"is-chars\">N\/A<\/td><td class=\"is-chars\">Costa Rica<\/td><td class=\"is-num\">73.9<\/td><\/tr><\/tbody><\/table><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>By investing in banks, microfinance and other financial institutions, Norfund contributes to increased financial inclusion and in particular to more jobs in small and medium sized companies.&nbsp; Key achievements in 2022 Strategic ambitions Norfund has defined two ambitions for its direct investments in financial institutions for the strategy period 2019 &#8211; 2022: Offer financial services [&hellip;]<\/p>\n","protected":false},"author":11,"featured_media":7439,"parent":6510,"menu_order":2,"comment_status":"closed","ping_status":"closed","template":"","meta":{"norfund_header_layout":"hero","norfund_header_layout_image_id":7439,"norfund_header_layout_image_focal_point_x":0.5,"norfund_header_layout_image_focal_point_y":0.5,"norfund_header_layout_suptitle":"","norfund_header_layout_subtitle":"Development Mandate","norfund_header_layout_title":"Financial Inclusion","teft_cards_image_id":7439,"teft_cards_image_focal_point_x":0.5,"teft_cards_image_focal_point_y":0.5,"teft_cards_title":"Financial Inclusion","teft_cards_excerpt":""},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Financial Inclusion | Annual Report 2022<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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