Accion’s Digital Transformation Fund wins $15mln commitment

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Accion‘s Digital Transformation Fund has won a $15 million commitment from a Scandinavian development finance institution. The non-profit investor’s planned $150 million fund is being backed by Swedfund in what appears to be the first investment in an Accion vehicle by the DFI. The fund’s investment thesis – backing microfinance institutions in developing countries and their digital transformation plans – is a key plank in Swedfund’s efforts to improve financial inclusion in emerging markets.

“Cost, distance, and lack of documentation are some of the main reasons for not having a bank account in developing countries,” said Jane Niedra, Swedfund’s Head of Financial Inclusion in the statement announcing the investment. “Digitalisation is a tool to increase outreach and create impact.”

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