India’s ICICI Bank announced that it has created a special purpose vehicle aimed at supporting the technological infrastructure for microfinance transactions. Initially a small pilot program, ICICI Bank now provides hardware and software for a network of 65 MFIs. The Bank provides support for microlenders in the form of funding and technological infrastructure; in turn, MFIs distribute the funding in the form of microloans and leverage the technology platform to service the loan. The Bank then receives part of the interest returned on the loan as payment for its investment.
Continue reading “ICICI Bank Brings Microcredit One Step Closer to Investment from the Developed World”
Similar Posts:
- MICROCAPITAL BRIEF: Lidya to Shift from Retail Lending to Providing Fintech Infrastructure
- MICROCAPITAL BRIEF: Lipa Later, Mastercard Partner on Buy Now / Pay Later Services in Africa
- MICROCAPITAL BRIEF: IDB Lab Accepting Applications from Entrepreneurs in Latin America, Caribbean for WeXchange Women STEMpreneurs Competition, Partner of Google for Startups, Through March 31
- SPECIAL REPORT: Positioning MFIs to Access Climate Finance – An Interview with Kwashie Agbitor of Accion
- MICROCAPITAL BRIEF: Akbank Selling $300m in Bonds to DFC, AIIB, IFC – Half to Support Women-owned Businesses in Turkiye
