Agora Microfinance N.V.

Agora Microfinance N.V.

Holding Company

Agora Microfinance N.V. (AMNV) is the principal investment vehicle through which the Agora Group makes its investments. The holding company is governed by its Supervisory Board and managed by its Management Board. Our team profile shows the composition of these two bodies.

AMNV is primarily an equity investor with a focus on Sub-Saharan Africa. Its strategy involves taking substantial positions in high-promise microfinance institutions and assisting them in becoming high-impact and sustainable institutions. Its primary mode of achieving this so far has been the creation of greenfield operations.


AMNV was created in 2011 by its founders Tanmay Chetan and Gerhard Bruckermann. Its first flagship investment was in AMK MFI Plc (AMK) in Cambodia (2012-2020). During this period, it helped AMK grow an operation reaching 120,00 clients at the beginning, to almost 1 million clients today, while expanding its financial services to include loans, savings, insurance, agent-banking, and mobile money/bill payments. At present, AMK works with 4,000 staff and 6,000 mobile agents to offer a full range of financial services to all parts of Cambodia and is widely recognised as one of the most socially impactful microfinance operations in the market.

During its early years, AMNV also created two greenfield operations, in India and Zambia. Both of these operations are ongoing, and AMNV continues to provide strategic and capital support to the investees. Together, the two greenfield operations reach approximately 200,000 clients through a range of financial products and employ about 500 staff.

In 2018-19, AMNV also initiated a debt facility by acquiring Moringaway, a Mauritius-based company. Moringaway provides tailored debt to microfinance institutions with the goal of lowering the cost of funds for rural finance providers, through better currency risk-sharing options. Please find more information on Moringaway here.

Further information: The latest Annual Report of AMNV can be accessed here.


We have created two market leaders in the last 10 years, in Cambodia and Zambia. Both the institutions, AMK and AMZ  have demonstrated strong financial and social performance. They reach all parts of the country and work with unbanked populations in some of the remotest corners of their markets.

Current Activities

We are now expanding our equity portfolio to other markets, especially in southern Africa. Please find more information on our current initiatives here.