Country Cambodia
Year invested 2013

AMK is one of the largest and most recognised rural servicing finance institutions in Cambodia. AMK works with over 524,000 clients, is known for its deep rural outreach, high levels of client satisfaction, flexible product offerings and high operational efficiency.  It has evolved from a credit-heavy MFI to a more complete bank for the poor that now offers deposits and remittances at competitive rates.

Country Burkina Faso
Year invested 2009

Year of exit 2022

ACEP Burkina is the second-largest microfinance institution in Burkina Faso by portfolio size (Gross loan portfolio of EUR 41.7 million as of December 2021) and offers a broad range of financial solutions, including loans, deposit accounts, money transfer services to SMEs, institutions and net-worthy individuals. The company serves over 32,000 customers. ACEP’s main focus are micro, small and medium enterprises.

Read more about the exit

Country Rwanda
Year 2012

Unguka Bank is a dynamic microfinance bank that was founded by a group of local university students. Unguka serves more than 30,000 clients and operates through 18 branches and 2 outlets. It is present in 3 provinces, as well as Kigali City and 13 districts.

Country Colombia
Fund RIF I
Year invested 2009
Year of exit 2017

Crezcamos a leading rural microfinance institution providing financial products and services to MSME entrepreneurs. Incofin made its first equity infusion in 2009 when Crezcamos was a microfinance institution in its early stages. At the time of closing, Crezcamos was one of the leading rural microfinance institutions in Colombia in terms of profitability and social performance, managing a loan portfolio of COP 260,000 million (approx. USD 90 million) and providing financial products and services to more than 110,000 micro and small entrepreneurs in Colombia, through a network of over 60 branches.

Key achievements:

  • Incofin IM led the efforts of professionalizing the corporate governance of the company and the roll out of Crezcamos’ successful rural expansion
  • As the first international shareholder, Incofin IM played a catalytic role in attracting new equity investors and debt funders to Crezcamos.
  • Incofin IM implemented a number of effective operational support (TA) projects focused on sophisticating different areas of the company
Crezcamos Pre Post
Borrowers 5.205 104.175
Personnel 49 1.122
Branches 3 63


In May 2017 Rural Impulse Fund and Rural Impulse Fund II, both funds managed/advised by Incofin IM, jointly sold their entire 55.2% participation in Crezcamos, via a MBO transaction to the founder and general manager of the company, Mauricio Osorio.

Country Bolivia
Year invested 2007
Year of exit 2016

Banco FIE is one of the leading banks in Bolivia, with core activities in micro-lending, savings products, money transfers, social security payments, tax coverage, and facilitation of remittances. It contributes to the improvement of the economic conditions in rural zones, by promoting food security and sovereignty for the Bolivian people.

Key achievements:

  • Incofin has supported the organization to become one of the leading financial institutions of Bolivia.
  • The first equity investment was made in 2007 when Banco FIE was still a Non-Bank Financial Institution (NBFI) with a loan portfolio of over USD 150 million.
  • At closing, Banco FIE managed a loan portfolio of USD 1.2 billion and provides diverse financial products and services to more than 1.3 million micro and small entrepreneurs in the country through a nationwide network of over 150 branches and 300 customer service points.
  • Incofin has assisted Banco FIE over these last 9 years; from its transformation process to become a licensed bank to creating value for its stakeholders by balancing financial and social returns.


In September 2016 Impulse Microfinance Investment Fund, a fund advised by Incofin IM, sold its entire participation in the Bank, while Incofin cvso, another fund advised by Incofin IM, sold just under approximately half of its 10.5% in Banco FIE to other shareholders of the Bank.

Country Peru
Fund CVSO, Volksvermogen, RIF
Year invested 2003
Year of exit 2017

Financiera Confianza operates as a financial institution and offers SME and agricultural credit services, property services, personal and mortgage loans, savings products, CTS account, time deposits and insurance products. Today Financiera Confianza has a nationwide coverage and almost half a million customers.

Key achievements:

Incofin IM has played a key role in:

  • Growing the company from a small MFI in a remote Andean corner to a recognized leader in rural finance
  • Maintaining the MFI’s focus on rural outreach
  • Professionalizing the MFI, including introducing SPM practices
  • Identifying a strategic partner and structuring the merger during the time when global the financial crisis stopped most of M&A activity
Financiera Confianza Pre Post
Borrowers 4.900 220.000
Depositors 0 450.000
Branches 4 149
Loan portfolio USD Mn 8 500
Personnel 40 2.137



In May 2017 all 3 funds advised by Incofin IM made a full exit via a share sale to the majority shareholder of the company,which is a strategic investor that was brought on board in 2011.