51552 - Accial DFS Fund

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Summary of Investment Information

Project Number

51552

Company Name

ACCIAL CAPITAL MANAGEMENT LLC

Date SPI Disclosed

Apr 13, 2026

Country

World Region

Region

Global

Projected Board Date

May 11, 2026

Environmental Category

FI-2 - Limited

Status

Pending Approval

Last Updated Date

Apr 13, 2026

Department

WBG Prosperity

Industry

Funds

Sector

Other Non-Private Equity Fund

Project Description

The proposed investment consists of up to US$25 million financing in the form of a senior loan from IFC’s own account, into a digital debt fund, the Accial Credit Impact Fund (“the Fund”) to be managed by Accial Capital Management LLC (the “Fund Manager” or “Accial”). The Fund is targeting to close for US$200 million, and the loan will have a 6-year tenor with principal to be repaid in the last year of investment. Finally, IFC will act as the anchor for other debt investors into the Fund.

The Fund will finance impact driven financial technology companies that lend directly to micro, small and medium enterprises (“MSMEs”) and individuals across Emerging Markets and Developing Economies (“EMDEs”), with approximately 60% of capital targeting MSMEs and 40% individuals for productive purposes. In addition, at least 20% of the Fund’s use of proceeds will be directed toward women-led MSMEs and female borrowers. The focus will primarily be on Latin America, East and Central Asia regions. Accial has a solid track record of over 7 years providing debt to emerging market companies, with over US$200 million in assets under management through 2 investment funds.

Sponsor / Cost / Location

Development Impact

Project Outcomes Stakeholder effects - increased access to finance for MSMEs, including WMSMEs: By supporting Accial in providing debt financing to FinTechs who, in turn, on lend to MSMEs and WMSMEs in EMDEs, the Project is expected to support increasing access to finance for these underserved end beneficiaries. Stakeholder effects – increased access to finance for individuals: By supporting the responsible delivery of financial health products and services for retail clients (e.g., loans for emergencies, education, healthcare, home improvement, savings, insurance, financial education, etc.), the Project is expected to increase access to finance for individuals, enhance their ability to manage daily cash flows, and strengthen preparedness for financial shocks. Market Outcomes Competitiveness: FinTech lenders have been a key driver of financial inclusion globally. The lack of funding opportunities, however, is a significant obstacle to their further growth. The Project is expected to promote market competitiveness in fintech lending by demonstrating Accial’s unique business model, which combines greater transparency of its exposure (i.e., end-beneficiaries) with impact by leveraging a technologically driven data platform. The Project intends to demonstrate the business model and encourage replication.

Financial Additionality Resource Mobilization: IFC’s investment in the senior debt tranche and its active and direct role as an anchor investor is expected to help mobilize US$50-75 million by instilling confidence and attracting more investors, who might be reluctant to assume the underlying risk without IFC’s participation. By providing a six-year US$25 million loan in the senior tranche of a debt fund and acting as an anchor investor IFC will enable the fund to reach its target fund size and deploy medium-term loans of up to five years to fintechs in EMDEs who will on lend to MSMEs and individuals. Non-Financial Additionality Knowledge, innovation, and capacity building: IFC will support Accial in improving its impact reporting on financial wellbeing of end-beneficiaries. Through an advisory engagement, IFC will support the Fund to design and implement 2-3 surveys to capture key data insights measuring the financial health building habits of individuals who obtain financial services from the fintechs that Accial lends to. Standard Setting: IFC will support the Fund in improving its ESMS through the implementation of enhanced ESMS procedures, including ensuring that all relevant E&S requirements are cascaded to end-borrowers, developing a supply chain approach for agribusinesses and solar transactions; and training the relevant staff to address the ESMS enhancements.

Indicator	Metrics	Comments
MSME share of total loan portfolio	%
Number Of Outstanding Loans, Women	number
Number of Outstanding Loans, Individuals	number
Number of Outstanding Loans, MSMEs	number
Number of Outstanding Loans, Women-led MSMEs	number
Value of Outstanding Loans, MSMEs	$
Value of Outstanding Loans, Women	$
Value of Outstanding Loans, Women-led MSMEs	$

E&S Category Rationale / Risks and Mitigation

The proposed project involves a senior loan to ACIF (“the Fund”), managed by Accial. The Fund will provide debt financing to financial technology companies (Fintechs) that lend directly to Micro, Small and Medium Enterprises (MSMEs) and individuals in emerging markets such as Mexico, followed by Colombia, Indonesia, Singapore, Vietnam, the Philippines, and El Salvador. Fintech services include SME factoring, leasing, working capital, Buy Now Pay Later (BNPL), payroll, cellphone financing, trade financing (including agricultural commodities), solar leasing for small off-grid equipment, payments, medical financing, and consumer loans.

The environmental and social (E&S) risks and impacts associated with the supported portfolio relate to the Fund’s capacity to assess and cascade the E&S requirements to the Fintech level. This includes the development of adequate Environmental and Social Management System (ESMS) frameworks, including policies, procedures, and capacity to manage E&S risks associated with MSME lending. Typical risks within the supported portfolio include labor and working conditions and supply chain management. Few sub projects may also pose potential biodiversity risks associated with commodities trading. Based on these factors, the Project has been categorized as FI-2 under IFC’s Sustainability Policy.

Applicable E&S requirements include IFC’s Exclusion List, host-country laws, implementation of IFC Performance Standards 1 and 2, and appointment of a E&S Officer. Investments in coal-related activities, K–12 education, non-RSPO palm oil, high-risk double intermediation, or Category A activities will be excluded. With respect to labor and working conditions, PS 2 requirements are relevant to the Fund’s own workforce as well as contracted staff.

Accial maintains an Environmental and Social Management System (ESMS), last updated in October 2025. The ESMS is operational and includes procedures for screening Fintech companies against its exclusion list, assessing responsible lending practices, and evaluating ESG factors, incorporating selected IFC Performance Standards elements such as labor and occupational health and safety.

The ESMS covers the full investment cycle; screening, due diligence, deal execution (governance, review, and approvals) as well as monitoring and reporting. Consideration of applicable environmental, health, and safety regulations is embedded in the due diligence process for all Fund investments. Gender and governance policies are also reflected in the investment process. However, the ESMS does not clearly articulate how the Fund’s E&S requirements are expected to be adopted and implemented at the Fintech level. In addition, while an ESG Officer has been designated by the Fund Manager, this role is not exclusively dedicated to E&S risk management, which may limit the effectiveness of ESMS implementation and oversight at the sub-borrower level.

To strengthen the ESMS, enhancements will include mechanisms to cascade requirements down to sub-projects and define E&S approaches for solar and agricultural financing where applicable. In terms of E&S capacity, the Fund will designate a dedicated E&S officer with clear responsibility and authority to design, implement, and operate the ESMS. This role will include responsibility for supporting Fintech sub borrowers in implementing the Fund’s E&S requirements, ensuring that applicable E&S standards and actions are effectively cascaded to sub projects, and providing guidance and oversight throughout implementation. IFC will review the first three E&S due diligence reports to validate the Fund Manager’s capacity to implement the enhanced ESMS and manage E&S risks. Additionally, the Fund will submit an Annual Environmental Performance Report to IFC and maintain an External Communication mechanism.

S.no	Title	Anticipated Completion Date
1	ESMS Enhancement	06/17/2026
2	E&S Capacity	06/17/2026
3	E&S Training Plan	09/17/2026
4	Enhancements HR policies	09/17/2026

Contacts

For Inquiries About the Project, Contact

Accial Capital Management LLC
Jared Miller
CEO
+51965408927
jared.miller@accialcapital.com
801 Brickell Avenue, 8th floor, FL 33131 Miami, United States
https://accialcapital.com/

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