Incofin is pleased to announce a new investment in Nicaragua as the portfolio manager of the Global Gender-Smart Fund (GGSF). The investment will be made in Banco Ficohsa Nicaragua. 

Investment details 

With a USD 10 million, 3-year debt facility, Banco Ficohsa Nicaragua will provide accessible loans to small and medium-sized enterprises (SMEs), with a dedicated focus on women entrepreneurs. The funding will not only strengthen the local economy but also help bridge the gender gap in Nicaragua’s business landscape by supporting women entrepreneurs with the financial tools and resources they need to thrive. 

Leadership insights 

Rubén Buitrago, General Manager of Banco Ficohsa Nicaragua, shares: 

“At Banco Ficohsa Nicaragua, we understand the pivotal role that small and medium-sized enterprises play in driving national economic growth. By joining forces with Incofin, we reaffirm our commitment to providing financial resources and specialized advisory services to elevate Nicaraguan women entrepreneurs, equipping them with the tools they need to lead and expand their businesses. We are not merely providing loans but creating an enabling environment where they can flourish, scale their ventures, and make a lasting impact on society.” 

Cecilia Delgado, Senior Investment Manager at Incofin Investment Management, states: 

“It is crucial for the financial sector to champion initiatives that amplify the role of women in the economy. Incofin believes in the power of female entrepreneurship, and we are delighted to partner with Banco Ficohsa Nicaragua. We look forward to investing in women-led businesses, creating meaningful social and economic transformation, particularly for underserved women entrepreneurs.” 

Commitment to gender equality 

At Incofin, we believe that investing in women-led businesses is essential for sustainable and inclusive economic growth. According to international studies, enterprises led by women drive innovation, provide quality employment opportunities, and spur community development—yet many women entrepreneurs face barriers in accessing financing and training. 

Banco Ficohsa Nicaragua is committed to closing these gaps through initiatives such as its “Mujeres Adelante” program, launched in 2022. This program is designed to develop and promote financial products and services tailored to women’s needs.  

Through both capital and strategic support, Banco Ficohsa Nicaragua and Incofin are helping the country’s business sector grow and showing their commitment to equal opportunities. By investing in Nicaraguan women entrepreneurs, we are investing in the future of Nicaragua. 

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About the Global Gender-Smart Fund (GGSF) 

The Global Gender-Smart Fund (GGSF) is the world’s largest gender-lens investment fund. Its strategy aims to address the USD 1.7 trillion gender credit gap by providing responsible financial services to underserved women, as well as women-owned and women-led businesses in developing markets. GGSF seeks to improve livelihoods, promote women’s leadership, and enhance gender balance within financial institutions. 

About Banco Ficohsa Nicaragua 

Banco Ficohsa Nicaragua is part of Grupo Financiero Ficohsa, a leading financial group known for its dedication to innovation, customer service, and social responsibility. The Bank’s commitment to gender equality is reflected in its specialized programs and financial solutions designed for women entrepreneurs, enabling them to grow their businesses and positively impact their communities. 

About Incofin 

Incofin Investment Management is an impact-driven fund management company specializing in emerging markets. Headquartered in Belgium and with offices worldwide, Incofin focuses on inclusive financial services, agri-food value chains, and clean water investments. Incofin manages approximately USD 1.1 billion in assets, backed by a diverse investor base comprising development banks, institutional investors, family offices, and private individuals. 

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For media inquiries, please contact: 

Shonan Kothari 

press@incofin.com

7 February 2025 – Incofin is pleased to announce an investment in Türkiye as the portfolio manager of the Global Gender-Smart Fund (GGSF), a pioneering initiative dedicated to promoting gender equality through financial support for institutions committed to this mission. This investment is being made in our long-standing partner, Şekerbank T.A.Ş. 

Established in 1953, Şekerbank has a strong legacy of fostering sustainable economic growth and financial inclusion. Known as the “Sustainable Bank of Türkiye,” Şekerbank has been instrumental in supporting women entrepreneurs, particularly in rural areas, through tailored financial products and advisory services. 

With this USD 15 million, 3-year debt facility, Incofin is reinforcing its commitment to empowering women micro-entrepreneurs and women-led and women-owned MSMEs in Türkiye. Given Şekerbank’s deep rural outreach, the facility will primarily benefit underserved women entrepreneurs in rural areas, helping to bridge the financial inclusion gap. 

Leadership Insights 

Ms. Aybala Şimşek, CEO of Şekerbank, shares: 

“Şekerbank’s commitment to social and environmental impact has been instrumental in building strong, long-standing partnerships with development-based international financial institutions. In 2024, alongside our solid financial performance, this dedication also played a key role in securing further long-term, ESG-based foreign funding. With this agreement with the Global Gender-Smart Fund of a USD 15 million loan, we will increase financial support to SMEs and micro-enterprises within our women’s banking initiatives, reflecting our commitment to empowering women’s active participation in the economy. I extend my sincere gratitude to all involved, and particularly to Incofin Investment Management, for their efforts in making this agreement a success.” 

Mr. Geert Peetermans, Co-CEO of Incofin, states:  

“As Incofin, we have been working with Şekerbank since 2020. We have been always delighted by the quality of our cooperation and by the constant improvements achieved by the bank management both on efficiency and ESG areas. We strongly believe in the power of entrepreneurship, and we are proud to support their vision.”    

About the Global Gender-Smart Fund (GGSF) 

The Global Gender-Smart Fund (GGSF) is the world’s largest gender-lens investment fund. Its strategy aims to address the USD 1.7 trillion gender gap by providing responsible financial services to underserved women, women-owned, and women-led businesses in developing markets. GGSF seeks to improve livelihoods, promote women’s leadership, and enhance gender balance within financial institutions. 

About Şekerbank 

Şekerbank is a commercial bank with deep roots in rural Türkiye, serving agricultural producers, SMEs, and underserved communities. With a mission centered on “community banking” and sustainability, Şekerbank has earned recognition as a leader in social and environmental banking practices. The bank plays a vital role in Türkiye’s agricultural supply chain and focuses on sustainable agriculture, energy efficiency, and inclusive finance for women. 

About Incofin 

Incofin Investment Management is an impact-driven fund management company specializing in emerging markets. Headquartered in Belgium with offices worldwide, Incofin focuses on investments in inclusive financial services, agri-food businesses, and safe water companies. It currently manages assets worth USD 1.4 billion, with a diverse investor base that includes development banks, institutional investors, family offices, and private individuals. 

For media inquiries, please contact:  

Shonan Kothari  

Email: press@incofin.com 

Incofin has successfully exited its investment in Microfinanciera Fundeser in Nicaragua through two of its funds: Rural Impulse Fund II (RIF II) and agRIF. Both stakes were sold to Inversiones Tres Lagos S.L., a subsidiary of Grupo Atlántida, one of the largest Central American financial groups. 

RIF II divested its 10.5% equity participation in Fundeser, an investment made in 2014 to support the institution’s growth in Nicaraguan microfinance. During this time, Fundeser’s assets grew up to USD 49 m as of November 2024, positioning it as a leading microfinance institution in the country. 

agRIF’s investment was made five years ago through the capitalization of subordinated debt, providing additional resources to help Fundeser strengthen its financial capacity and extend its reach in underserved rural markets. 

Throughout their involvement, both funds provided more than financing. Incofin actively supported Fundeser through technical assistance programs critical to its strategic development and operational success. 

This exit underscores Incofin’s commitment to advancing financial inclusion in rural areas while ensuring Fundeser’s continued growth under the stewardship of Grupo Atlántida, a regional financial powerhouse with a strong track record in microfinance. 

About Incofin 

Incofin Investment Management is an impact investment fund management company for emerging markets. It is headquartered in Belgium and has offices worldwide. It focuses on investments in inclusive financial services, agri-food businesses, and safe water companies, with assets under management of €1.3 billion. Its investor base comprises development banks, institutional investors, family offices and private individuals. 

About mentioned Incofin funds

Rural Impulse Fund II is a EUR 120 million fund launched in 2010. The fund focuses on alleviating poverty in rural areas by investing in microfinance institutions that play a transformative role in underserved regions. 

agRIF is an impact fund launched in 2015, with USD 150 million under management. The fund invests in financial institutions and intermediaries that serve the agricultural sector and rural economies, promoting sustainable growth and financial inclusion. 

About Fundeser 

Microfinanciera Fundeser is a Nicaraguan institution with an outstanding track record in the microfinance sector, recognized for its commitment to local economic development. With a loan portfolio of USD 40.5 million, of which more than 60% is in rural areas, Microfinanciera Fundeser serves 16,839 clients through a wide network of branches with a presence in 14 of 17 departments of Nicaragua and a diversified portfolio. of products designed to support micro and small businesses with accessible financial solutions. 

About Grupo Atlántida 

The Grupo Financiero Atlántida is a solid financial organization recognized for its leadership in the financial sector, with more than 112 years of experience and presence in El Salvador, Honduras, Nicaragua, Panama, Ecuador and Spain. Through its strategic vision it has gained international credentials throughout a portfolio of more than 4 million clients in 6 countries, 24 companies, more than US$21 billion in assets under management and more than 6 000 employees. The Group is committed to the growth and development of the markets in which it participates through activities in key economic sectors such as banking, insurance, pensions, leasing, brokerage, investments, among others.  

For media inquiries, please contact: 

Shonan Kothari 

Email: press@incofin.com 

14 November 2024 – Incofin, a global impact investor known for supporting innovative solutions in emerging markets, has committed EUR 3 million to SPOUTS International (SPOUTS), a pioneering East African social enterprise. This investment, from Incofin’s Water Access Acceleration Fund (W2AF), aims to help SPOUTS expand its clean water initiatives across East Africa and its carbon credit program.

Founded in 2014, SPOUTS manufactures and distributes ceramic water filters under the brand Purifaaya. Designed to provide an affordable, safe drinking water solution, these filters eliminate the need to boil water—a common practice in Africa that depends heavily on firewood and charcoal. By reducing reliance on these traditional fuels, Purifaaya’s locally-made filters help conserve natural resources, decrease household costs, and significantly lower carbon emissions.

Today, SPOUTS reaches more than 740,000 people accessing around 1.3 million litres of safe drinking water per day, and it has averted 1 million tons of carbon emissions. The investment from Incofin will enable SPOUTS to grow its reach and advance its unique carbon credit initiative. Since 2019, SPOUTS has achieved Gold Standard certification, quantifying emissions reductions from the Purifaaya filters. These verified carbon credits are sold to organizations aiming to offset their carbon footprint, creating an additional revenue stream that allows SPOUTS to expand safe drinking water access, while supporting global climate objectives.

“Incofin is proud to partner with SPOUTS, a team that has shown remarkable dedication to bringing safe drinking water to the underserved. Through this collaboration, we aim to expand our reach across the region, providing vital access to safe drinking water. We envision communities becoming healthier and more economically resilient—where children can focus on learning, mothers on livelihoods, and families on building a brighter future. One little step towards a future where access to clean water is a right, not a privilege,” says Wanjiru Waithaka, Regional Director Equity Africa.

“Spouts’ innovative approach to carbon credits, which also engages and benefits local communities including women, is very much aligned with W2AF’s impact ambitions on climate and gender. It shows that water access (SDG 6) is at the nexus of SDG 5 (gender equality) and SDG 13 (climate action),” says Aparna Pittie, Deputy Fund Manager, W2AF.

SPOUTS International CEO, Daniel Yin, expressed excitement about the partnership: “Incofin’s investment is a pivotal moment for SPOUTS. It will allow us to double our reach in the next 5 years. We look forward to our collaboration as we enter this new phase of growth and impact.”

About Incofin & its W2AF fund

Incofin is a global impact investment firm focused on financial inclusion, agribusiness, and water access solutions across emerging markets. By investing in impact-driven businesses, Incofin helps to create meaningful and sustainable benefits for underserved communities.

In 2023, Incofin ventured into the drinking water sector, and it is now actively deploying the Water Access Acceleration Fund (W2AF). This is a blended impact fund dedicated to improving access to clean water for underserved communities in Africa and Asia. It supports businesses that provide sustainable and scalable water access solutions.

Through W2AF, Incofin supports drinking water access for lower income populations, reinforcing community resilience and environmental sustainability.

Learn about the fund’s diverse private and public investors here & here.

For more information and interview requests, please contact: Shonan Kothari, press@incofin.com