To boost access to financing for Nicaragua’s MSMEs, MicroVest announced an investment in Financiera FAMA, one of the leading microfinance institutions in the country. MicroVest’s $4.5 million investment seeks to expand access to responsible financing for underserved entrepreneurs in Nicaragua, while helping FAMA meet growing demand for capital from its borrower base, the majority of whom are female (70%).
Founded in 1991, FAMA offers a variety of financial products that include microfinance, SME, housing finance (for microentrepreneurs who run their businesses from their homes), consumer, vehicle, home improvement loans, among others. In addition to its core loan products, the company recently introduced other products and services like remittance processing, currency exchange services, micro medical insurance, funeral expenses insurance and payment processing of utilities (gas, water and other utilities).
This is MicroVest’s fourth loan cycle with Financiera FAMA.