Abler Nordic has teamed up with EDFI MC and IDH Farmfit Fund in a USD 6.26 million investment in Agora Microfinance Zambia
This press release is published by Abler Nordic. Read the original release here: https://www.ablernordic.com/news/empowering-rural-zambians-equity-investments-from-/
IDH Farmfit Fund, Abler Nordic and EDFI Management Company have joined forces in a strategic equity investment of ZMW 172,962,000 (~USD 6.26 million) in Agora Microfinance Zambia (AMZ) to support rural financial inclusion and sustainable development in Zambia. This investment will help AMZ expand its operations, including transforming into a deposit-taking microfinance institution.
Established in 2011 to improve financial access in rural Zambia, AMZ serves over 150,000 clients across Zambia's 10 provinces, focusing primarily on smallholder farmers and small traders. The institution operates through a network of 40 branches, reaching remote and underserved areas often neglected by other financial institutions.
AMZ's commitment to social impact has been recognized by 60 Decibels, ranking it as the 3rd best Microfinance Institution in Africa in the Microfinance Social Impact Awards. By 2030, AMZ aims to create 600 direct jobs, double the number of beneficiaries, and grow the agriculture-related portfolio by 400%.
This investment demonstrates the IDH Farmfit Fund's commitment to advancing financial inclusion for smallholder farmers and will contribute to strengthening Agora's operations.
With most rural households in Zambia involved in smallholder farming, this investment in Agora will enable these farmers to invest further in their businesses and farms, improving their food security through improved productivity and yields, enhancing their resilience to the adverse effects of climate change.