Incofin Investment Management signed a multi-million dollar debt investment in EFC Uganda Limited through its agro-focused fund agRIF. USD 1 Million has recently been disbursed.

EFC Uganda is one of the fastest-growing microfinance institutions in Uganda. Shem Kakembo, EFC Uganda’s Managing Director said: “We are grateful to Incofin for their confidence and belief in our business. Their cooperation and investment in EFC Uganda is an important milestone for our company.  I am positive that they will add considerable value to our business and that together we should be able to ensure our continued profitable growth combined with a focus to redefine our social impact mission and culture as we make a tangible difference in the lives of our entrepreneurial clients.

Myrtho Vlastou, Debt Director Africa at Incofin noted: “We are happy to have inaugurated this partnership with EFC Uganda, a company that has demonstrated its high growth potential and capacity to empower MSMEs in Uganda with qualitative services. Driven by the opportunity to make a difference beyond investment, Incofin will also support EFC Uganda in strengthening its social performance management.

Licensed and supervised by the Bank of Uganda, EFC Uganda is committed to contributing to the development of Uganda’s private sector by providing financial services for the underserved MSME segment comprising micro, small and medium-sized enterprises. EFC Uganda is driven by its mission of offering financial services to MSMEs on a sustainable basis while contributing to the country’s goals of wealth creation and poverty reduction.

Edward Burbidge, CEO of I&M Burbidge Capital – the lead transaction advisor said: “We are pleased to have advised on this transaction for our client, EFC Uganda. It is a fantastic business with enormous potential. We are delighted to have arranged financing with Incofin.









Incofin IM, together with Triodos Investment Management, BlueOrchard, Developing World Markets, Microvest, Oikocredit, responsAbility, Triple Jump and Symbiotics signed a Memorandum of Understanding (MoU) for coordination in response to COVID-19 to support the microfinance sector.


Together, these nine investment originators and fund managers in impact investing have about USD 15 billion of assets under management in financial inclusion, invested in more than 80 emerging and frontier markets across Africa, Asia, Eastern Europe, the Middle East, the Caucasus, Central Asia and Latin America.

Measures taken locally to reduce the spread and impact of COVID-19 can affect clients, operations and liquidity of Microfinance and SME finance institutions. The Memorandum aims to coordinate efforts in the provision of ongoing refinancing in a responsible manner, thereby enabling these institutions to adequately respond to temporary changes in business conditions.

The MoU notably emphasises: “Microentrepreneurs and SMEs will form a vital basis for social and economic recovery. Supporting Financial Inclusion and preservation of the strong foundations that have been built over recent years is therefore of vital importance. This calls for enhanced cooperation within our sector. We have learned from previous experience that through transparency and close cooperation we can best help our partners and our own organizations through challenging times.”

The MoU is not legally binding but forms a strong basis for coordination over the coming months, with pragmatism, transparency and tolerance as key principles. The MoU also serves as a basis for dialogue with other stakeholders, such as multilateral and development finance banks and policy makers.

The signatories welcome additional impact fund managers to join the initiative in the coming weeks, as many have expressed interest. Strong alignment among market protagonists is the best possible way to safeguard the interests of impact investing, and ultimately the social impact and benefits that the sector offers to low income households and small businesses in low- and medium-income economies.