Jasiri Gender Bond

The Jasiri Gender Bond is an innovative financial instrument launched by NMB Bank in Tanzania to provide capital and resources to women-led SMEs and MSMEs, bridging the gender finance gap through inclusive capital market mechanisms.

• Launched in February 2022 and listed on the Dar Es Salaam Stock Exchange, the Jasiri Gender Bond mobilised USD 32 million with an oversubscription of 197%. The investor base was predominantly retail (99%), with women making up 52% of investors, and a split between Tanzanian (69%) and foreign (31%) investors.
• The bond provided capital to over 200 SMEs and 3,000 MSMEs. Eligibility was extended to enterprises owned at least 50% by women, those with 30-50% women in their workforce, or those with at least 30% women in key management roles, as well as men-owned enterprises producing goods and services that benefit women.
• The bond's proceeds, totalling TZS 74.2 billion, were fully allocated to women-owned or -controlled enterprises in less than a year, beating the planned 18-month timeline. These funds provided loans at a competitive interest rate of 14%, which is lower than the market average of 19%.
• FSD Africa supported the initiative by providing technical assistance for NMB Bank’s Social Bond Framework and helping obtain a Second Party Opinion from Morningstar Sustainalytics. Additionally, the bond collaborated with the African Guarantee Fund to help women entrepreneurs overcome collateral challenges.
• The bond had a significant regulatory and international impact: it was the first Sub-Saharan Bond listed on the Luxembourg Green Exchange in March 2023. In Tanzania, the Capital Markets and Securities Authority (CMSA) adopted International Capital Markets Association (ICMA) guidelines to facilitate the bond, laying the groundwork for local ESG product guidelines.

APA

FSD Africa (2023). Jasiri Gender Bond. https://fsdafrica.org/wp-content/uploads/2025/05/FSD-Africa-Jasiri-Gender-Bond-Impact-story-28.02.24.pdf

Chicago

FSD Africa. Jasiri Gender Bond. 2023. https://fsdafrica.org/wp-content/uploads/2025/05/FSD-Africa-Jasiri-Gender-Bond-Impact-story-28.02.24.pdf.

Wikipedia

{{cite report |author=FSD Africa |title=Jasiri Gender Bond |date=March 2023 |url=https://fsdafrica.org/wp-content/uploads/2025/05/FSD-Africa-Jasiri-Gender-Bond-Impact-story-28.02.24.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{fsdafrica2023jasiri, author = {{FSD Africa}}, title = {{Jasiri Gender Bond}}, institution = {FSD Africa}, year = {2023}, month = mar, url = {https://fsdafrica.org/wp-content/uploads/2025/05/FSD-Africa-Jasiri-Gender-Bond-Impact-story-28.02.24.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }