Accion Unveils $152.5M Fund to Drive Digital Transformation for Small Business Growth – Tech In Africa

[ad_1]

Accion, a global non-profit organization, has introduced the US$152.5 million Accion Digital Transformation Fund (ADTx). This initiative is designed to support financial institutions in addressing the needs of small businesses currently excluded from the financial system by offering growth capital and strategic assistance for digital transformation.

Established in 1961, Accion is dedicated to enhancing the lives of nearly two billion individuals who have been underserved by the global financial system. They achieve this by developing and scaling responsible digital financial solutions targeted at women, smallholder farmers, and small business owners.

These solutions empower individuals to make more informed decisions and lead more fulfilling lives. To date, over 350 million people have benefited as more than 230 financial service firms serving low-income clients in 75 countries have experienced growth.

Millions of small businesses and individuals will be connected to the digital economy through the ADTx fund, managed by Accion Impact Management. This initiative builds on Accion’s extensive global experience in supporting banks and financial organizations.

The primary investment targets will be companies that support micro, small, and medium-sized businesses across Africa, South and Southeast Asia, and Latin America.

“With global poverty rising for the first time in decades, Accion is committed to providing affordable, customer-friendly financial solutions to nearly two billion people who are underserved by the financial system. Leveraging third-party capital is a crucial part of our strategy,” stated Michael Schlein, president and CEO of Accion.

Among the limited partners of the ADTx fund are the Dutch entrepreneurial development bank FMO, the Austrian development bank OeEB, Mastercard, IDB Invest, International Finance Corporation (IFC), and Swedfund, the Swedish development finance institution. The fund anticipates making up to twelve investments.

Source



[ad_2]

Source link