Progression Eastern African Microfinance Equity Fund (PEAMEF) is a USD 40m private equity fund that invests in microfinance institutions providing financial services to low and middle income clients in East Africa. The Fund will invest USD 2-5m in businesses whose core activity is to provide access to credit and savings to traditionally unbanked people.
Progression may also invest in institutions that enable or form a critical link in the provision of financial services to the underserved. Local presence and networks, as well as sector-specific expertise and operating experience are important features of Progression. PEAMEF is managed by Progression Capital Africa Ltd., a first-time team with a strong ability to add value to local microfinance institutions. SIFEM’s investment in Progression will support an underserved sector that is important for economic development and is considered as being pro-poor, and will endorse a first-time team.