Accion FI Fund (IFC-36362)

  • Africa
  • East Asia and Pacific
  • Latin America and Caribbean
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Oct 26, 2015
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Accion Frontier Inclusion Fund L.P.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 15.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 31, 2018

Disclosed by Bank Sep 21, 2015

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

This project finances an equity commitment in Accion Frontier Inclusion Fund LP to expand the financial inclusion of the under and unbanked population in Africa, Asia and Latin America.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Accion Frontier Inclusion Fund LP (Accion) is a private equity fund that seeks to make equity or equity-equivalent investments in early- and growth-stage companies that develop or provide products, services, or technology. It will be managed by Quona Capital Management Ltd., an exempted company with limited liability organized under the laws of the Cayman Islands. Accion's investment manager will be 100% owned by the four principals/investment directors who have worked together at Accion International. The investment manager’s principals are primarily based in Washington, D.C. and Bangalore, India, and spend significant time in the regions on which Accion is focused. Accion's general partner, Accion Frontier Inclusion Fund GP, LLC is 100% owned by Accion International, a Delaware, US based LLC. Accion's general partner will primarily operate out of Washington, D.C., USA.

Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Accion Frontier Inclusion Fund LP is a private equity fund that seeks to make equity or equity-equivalent investments in early- and growth-stage companies that develop or provide products, services or technology to expand the financial inclusion of the under and unbanked population in Africa, Asia and Latin America.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Monica Brand
1101 15th Street NW, Suite 400
Washington, DC USA 20005
Tel: +1 202.393.5113 x1621

Jonathan Whittle
1105 15th Street NW, Suite 400
Washington, DC USA 2005
Tel: + 1202.393.5113 x1635

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at You can learn more about the CAO and how to file a complaint at

How it works

How it works