Goodwell West Africa Microfinance Development Company I

Goodwell West Africa Microfinance Development Company I (GWAMDC) is a business development company for the microfinance sector in Nigeria and Ghana.

Goodwell West Africa I invests in entrepreneurial microfinance organizations on a socially and commercially sustainable basis. It is managed by a joint venture partnership between the Goodwell team, Alitheia Capital in Nigeria and JCS Investments in Ghana.

GWAMDC had its final closing in June 2013 and raised EUR 12 million from investors. Investors in GWAMDC are Goodwell Microfinance Development Company II, KfW and NMI.

Microfinance in the Anglophone West African countries of Nigeria and Ghana is beginning to emerge as a viable, prosperous, and growing industry. Of those living below the poverty line, the majority remain financially excluded, producing a massive potential demand for microfinance. In spite of the eager market, microfinance has been relatively slow to take hold in West Africa in comparison with similar regions elsewhere in Africa, Latin America or Asia. The sector in this region is now catching up rapidly. The combination of recently found political stability, market potential, entrance of international microfinance networks and increased experimentation in institutional products and services has started to attract the interest of commercial investors.

Penetration is estimated at less than 20%. The region is estimated to require around USD 500 mln of fresh equity capital and over USD 1 bln of debt in the coming years, the vast majority of it in Nigeria.

Management Board

  • Wim van der Beek
  • Nousrath Bhugeloo
  • Lone Søndergaard
  • Devananda Naraidoo
  • Veronika Quinzler
  • Alexandra Schaapveld

Investment committee

  • Wim van der Beek
  • Nousrath Bhugeloo
  • Ben Zwinkels

For a summary of our track record please follow this link.



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