My name is Vegard and I have been an intern in the Financial Inclusion department at Norfund. In six months, I have learned a lot about development finance, the function of financial institutions, and the importance of access to financial services.
The first weeks
My academic background is from the Norwegian School of Economics, where I completed a double degree in financial economics and international management. I have previously worked in corporate banking in Asia and in real estate across Northern Europe, and I now work with Norfund’s investments in financial institutions, including banks, microfinance institutions, and fintechs, across Africa.
Our first weeks were filled with engaging introductions to Norfund’s work and values, but most importantly, we had the opportunity to meet colleagues from across the organization and hear their inspiring stories during Norfund Week.
Financial Inclusion
My department’s mission is to make financial products and services accessible and affordable for underserved businesses and individuals. More than a billion adults remain unbanked, and our team is working hard to reduce this number. To do so we need to fund financial institutions that in sequence funds underserved individuals and companies in a fair and efficient way. Our job is to identify, analyze, and invest in such institutions.
So far, I have contributed to identifying potential investments by looking into macroeconomic conditions in several African countries, mapping fintechs and banks, and participating in a business development trip to a technology conference in Cape Town, South Africa. While in Cape Town, we also met with existing and potential investees and partners that Norfund invests together with—an excellent opportunity to see firsthand how important this aspect of Norfund’s work is. I also learned a lot from the experienced colleagues I travelled with.
I have also been placed on the team for several ongoing investments, where we dive deeper into the companies’ underlying operations, financials, and risk profiles. As an intern, you effectively take on the role of an analyst, so a solid understanding of financial theory, financial modelling, and accounting is valuable. No two investment projects are the same, especially at Norfund. For anyone interested in the intersection between finance and economics, the Financial Inclusion department is an ideal place to intern.
In addition, I have worked across departments with the other interns on a project examining Norfund’s true currency exposure and the potential use of stablecoins in emerging markets. We learned a great deal through this collaboration and delivered a project that contributed value to the organization.
The internship experience
The best thing about Norfund is the people. There are around 160 inspiring individuals from 33 different nationalities that always want to help. Everyone is striving for the dual mandate of Norfund, and you can really feel that this is what motivates the team here. I think this is quite unique when it comes to private and venture capital. The nature of Norfund’s mandate and mission makes the work varied and you gain experience in a lot of markets, industries, and financial instruments.