Accion, the esteemed global non-profit organization with a legacy spanning over six decades, is making waves once again with the launch of the Accion Digital Transformation Fund (ADTx), boasting an impressive $152.5 million in capital.
This visionary initiative is poised to drive digital transformation across the financial landscape, particularly targeting small businesses currently marginalized from mainstream financial services.
Since its inception in 1961, Accion has been a stalwart in championing financial inclusion for the nearly two billion individuals left behind by traditional banking systems. Their mission is clear: to empower the underserved, including women, smallholder farmers, and small business owners, through responsible digital financial solutions. Through their tireless efforts, over 350 million people have gained access to vital financial services, thanks to the support provided to over 230 financial institutions operating in 75 countries.
Now, with the unveiling of the ADTx fund under the stewardship of Accion Impact Management, millions more stand to benefit from integration into the digital economy. Leveraging Accion’s unparalleled expertise in bolstering financial institutions, the fund aims to inject vitality into companies serving micro, small, and medium-sized businesses across key regions such as Africa, South and Southeast Asia, and Latin America.
Michael Schlein, President and CEO of Accion, underscored the critical importance of leveraging third-party capital to tackle the daunting challenge of global poverty. He emphasized Accion’s unwavering commitment to providing accessible, customer-centric financial solutions to those left behind by traditional banking systems.
The ADTx fund boasts an impressive lineup of limited partners, including notable entities such as the Dutch entrepreneurial development bank FMO, the Austrian development bank OeEB, and financial heavyweights like Mastercard, IDB Invest, International Finance Corporation (IFC), and Swedfund, the Swedish development finance institution. With such esteemed partners on board, the fund is poised to make up to twelve strategic investments, further propelling the digital transformation agenda forward.
As Accion continues to pave the way for inclusive financial systems, the launch of the ADTx fund marks a pivotal moment in the organization’s storied history, reaffirming its commitment to driving positive change and fostering economic empowerment on a global scale.