We use existing data in innovative ways to help us better understand the experience of the fund’s beneficiaries.

Enabling Impact

There has been a shift in focus in recent years from general concern about poverty alleviation to a desire for more disciplined measurement of the direct outreach and inclusion of microfinance investments. Microfinance investors have also moved away from a unilateral and simplified view of the sector and have developed a more elaborate understanding of its shared profits and mutual social benefits in the current context of ongoing globalization.

The EMF Microfinance Fund (EMF) has a sustainable investment objective in accordance with Art. 9 Regulation (EU) 2019/2088 (dark green) of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector (the “SFDR”).

In essence, the principal impact that microfinance strives to achieve is to improve the economic wellbeing of microfinance clients: to help them grow their businesses, increase their incomes and create greater economic stability and security.

This has led investors and practitioners to increase the emphasis they put on the level of social responsibility in order to safeguard and ensure long term positive impact and sustainable wealth creation.

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The best practice standards of the Smart Campaign are required for all microfinance institutions we do invest in.

Client Protection Principles – Placing clients first


Responsible financial inclusion encompasses core Client Protection Principles to help financial service providers practice good ethics and smart business. The Client Protection Principles are the minimum standards that clients should expect to receive when doing business with a microfinance financial service provider.

All out investment institutions must be fully transparent in the pricing, terms, and conditions and work with clients to prevent them from borrowing more money than they can repay or using products they do not need. Responsible financial inclusion protects clients, businesses, and the industry as a whole. And therefore, one key criterion of the Enabling Microfinance Fund is that all microfinance institutions in the portfolio must adhere to those best practice standards set by the Smart Campaign.

Client Protection Principles Examples of standards assessed
Principle 1
Appropriate Product Design and Delivery
Products are designed to be appropriate to client needs; client feedback is sought for product design and delivery.
Principle 2
Prevention of Over-indebtedness
Robust processes are used to verify repayment capacity of clients; credit bureau data is checked systematically (when applicable).
Principle 3
The total cost of the loan, including all charges, is communicated to clients both verbally and in writing.
Principle 4
Responsible Pricing
Market-based, non-discriminatory pricing is applied and excessive fees are not charged
Principle 5
Fair and Respectful Treatment of Clients
Clients are informed of their rights; both in-house and third-party collection staff are trained on fair and responsible treatment of clients.
Principle 6
Privacy of Client Data
Client confidentiality is protected with appropriate technology systems.
Principle 7
Mechanisms for Complaint Resolution
Clients are aware of how to submit complaints; the complaints resolution system is active and effective.

The Foundation – A Guarantee for Double Impact

The non-profit Enabling Microfinance Foundation is closely linked to the EMF Microfinance Fund with the target of generating the greatest possible social impact by reducing poverty. While the fund is the main instrument for achieving this goal, this charitable foundation is additionally used to launch new projects to improve the conditions along the microfinance value chain, such as a microfinance training program for women.

Working along this value chain to establish and strengthen financing institutions, the foundation is an important driver of qualitatively and quantitatively sustainable sector development. This dual approach is an important factor in strengthening the sector as a whole, supporting norms and standards to protect the interests of the various stakeholders in this new investment value chain, so as not to introduce counterproductive overflows, misuse or abuse of capital into unaccustomed populations.

The EMF Microfiance Fund in combination with the support work of the Enabling Microfinance Foundation aims to catalyse access to capital where it is needed most by reinforcing the financial intermediation infrastructure and by promoting more inclusive financial policies. At the same time, the Fund demonstrates the commercial viability of investing in micro, small and medium-sized enterprises in low- and middle-income countries and aims to inspire a new generation of investors to address the wider financing gap.

Microfinance Guarantee Fund for African Women


The latest project of the Enabling Microfinance Foundation involves supporting promising women microentrepreneurs in Kenya and Cameroon in obtaining access to microfinancing. The project foresees the establishment of a micro-finance guarantee fund within the structures of two training organisations in Kenya and Cameroon.

This provides women microentrepreneurs with the necessary backing vis-à-vis micro-finance institutions to improve credit terms and thus the economic growth potential of the women. With the Fund, training organisations will collaborate more effectively with MFIs for the benefit of microentrepreneurs, thereby fostering poverty reduction. As such the project is a model for further, similar constellations in other regions.

Enabling Qapital AG
‍Poststrasse 26
6300 Zug

Enabling Qapital AG
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8008 Zurich

Enabling Qapital AG
‍Place du Grand-Mézel 1
1204 Genève

Enabling Microfinance AG
‍Industriering 40
9491 Ruggell
Fürstentum Liechtenstein