November 28, 2023
Norfund invests hRD$569 million (USD 10 million) in Banco Múltiple Ademi, aimed at benefiting its diverse client portfolio, predominantly comprised of micro, small, and medium-sized enterprises (MSMEs) in the Dominican Republic.
The strategic alliance reflects a commitment to supporting the growth and dynamism of MSMEs.
Andrés Bordas, the Executive President of Banco Ademi, emphasized the significance of the collaboration, stating, “Thanks to this agreement with Norfund, microentrepreneurs will be able to continue to grow and strengthen micro and small businesses in the Dominican Republic, which is our mission as a bank.”
The Norfund team, present at the agreement’s signing, acknowledged Banco Múltiple Ademi as a key player in providing credit and savings products to the base of the pyramid, fostering financial inclusion in the Dominican Republic.
Highlighting the importance of capital access for economic growth and job creation, Norfund emphasized the crucial role of Banco Ademi.
“In the Dominican Republic, financial inclusion is low, at 56%, and the country has a high percentage of its workforce dedicated to informal activities, according to the Global Alliance for Financial Inclusion. This makes the development role of entities like Ademi even more important, especially given the complement of financial education and customer protection principles that the Bank is committed to providing to its customer base,” says Norfund Investment Director Heidi Achong.
About Banco Múltiple Ademi
Banco Múltiple Ademi was founded in 1983 by Don Camilo LLuberes Henríquez as the Association for the Development of Microenterprises, Inc. (Ademi). It later evolved into Ademi Development Bank Ademi, S.A. in 1997, and transformed into Banco de Ahorro y Crédito Ademi in 2005. Establishing itself as the largest savings and loan bank in the country, particularly in the microbusiness segment, the entity transitioned to Banco Múltiple Ademi in 2013, becoming the sole specialized microfinance institution in the Dominican Republic.