Amsterdam, 30 September 2014 – Medical Credit Fund is honored to announce that it has been selected as first runner-up for the SME Finance Innovation Award 2014. This prize recognizes successful innovations targeting SMEs in emerging markets.
The award ceremony was held during the third FMO Exchange on the Future of Banking (28-30 September 2014) in Rotterdam, the Netherlands. Over 300 top executives of financial institutions from more than 60, mostly emerging market, countries are attending.
The SME Finance Innovation Award recognizes and promotes successful financial innovation practices targeting small and medium-sized enterprises (SMEs) in developing countries and emerging markets. SMEs in these countries often lack the necessary access to financial services. In total, 34 financial institutions from around the world submitted an application. The prize was initiated by three European development finance institutions: the German DEG, a subsidiary of the German development bank KfW, the Dutch development bank FMO and PROPARCO, a subsidiary of the French Development Agency dedicated to financing the private sector.
Medical Credit Fund managing director Monique Dolfing-Vogelenzang, who also participated in the conference: ‘This recognition is another important vote of confidence in our approach to achieving inclusive healthcare in Africa by strengthening health SME’s. With our partners in Africa, we are more motivated than ever to further improve access to credit for clinics so that they can invest in their business and improve healthcare services for their patients.’
The first prize was awarded to Banco BAC San Jose, who have developed software and data processing to speed up the process of credit approval and reduce costs. The Indian financial institution IFMR Capital, which has designed different financial products that enable risk transfer from small finance institutions to strong investors. Congratulations to both parties!