The Grameen Credit Agricole (GCA) Foundation, whose head office is in Luxembourg, recently informed MicroCapital that it has lent EUR 700,000 (USD 800,000) in local currency to Uganda Microcredit Foundation (UMF) Limited to support its microfinance activities. Founded in 2008, UMF provides group and individual loans for business, education,
Category: Deals
MICROCAPITAL BRIEF: Group Lender in Pakistan Borrows from C-Quadrat Dual Return Vision Microfinance Fund
An NGO in Pakistan has secured a loan from the Dual Return Vision Microfinance Fund of C-Quadrat Asset Management (AM), a member of the Austria-based C-Quadrat Investment Group. The NGO provides group loans to female microentrepreneurs, including farmers. All of these loans include health and
MICROCAPITAL BRIEF: Incofin Sells Equity Stake in Annapurna Microfinance of India as Asian Development Bank, Bamboo Financial Inclusion Fund, Oikocredit Buy In
Belgium-based Incofin Investment Management recently sold all of its shares in India’s Annapurna Microfinance Private Limited to a group of investors, among whom two have been identified, the Bamboo Financial Inclusion Fund, which is managed by Bamboo Capital Partners, and Dutch cooperative investor Oikocredit. In a separate transaction, the Philippines-based Asian Development Bank paid the rupee-equivalent of
MICROCAPITAL BRIEF: FMO Arranges Syndicated Loan of $162m for Access Bank of Nigeria, Supporting Private Sector, Including MSMEs
The Dutch development bank, which is known by the acronym FMO, recently arranged a syndicated loan of USD 162.5 million for Nigeria-based Access Bank. In addition to FMO, the participating lenders are the BlueOrchard Microfinance Fund, which is managed by BlueOrchard of Switzerland; Dutch cooperative Oikocredit;
MICROCAPITAL BRIEF: Vert Limited of Kenya Borrows $500k from Grameen Credit Agricole Foundation to Support Small-scale Farmers, Fresh Produce Exports
Vert Limited, a Kenyan exporter of vegetables, fruits, herbs, and spices, has borrowed EUR 440,000 (USD 500,000) from the Grameen Credit Agricole (GCA) Foundation, whose head office is in Luxembourg, to support its exports to Europe. Founded in 2000, Vert has approximately 200 employees. The company sources fresh produce from 3,000 smallholder farmers through 60 collection centers. To support these growers, Vert provides technical
SPECIAL REPORT: SAM (African Microfinance Week) Scheduled for October 21-25, 2019, in Ouagadougou, Burkina Faso
Luxembourgish NGO ADA recently announced that the next SAM (Semaine Africaine de la Microfinance) will be held in Ouagadougou, Burkina Faso, from October 21 to 25, 2019. The themes for this fourth SAM include Agricultural Finance; Macro-Level Alignment with the UN Sustainable Development Goals; Digital Finance and Fintech; Cash Transfers; Gender Inequality; and Small & Medium Enterprise Development and Youth Employment. In addition to the conference sessions on October 22 and October 23, there will be an Investor’s Fair, an Innovator’s Fair, “Research Meets Africa” discussions and 20 free
MICROCAPITAL BRIEF: Smart Applications of Kenya Pays OTI $2.75m for MediSmart Medical Information, Insurance Claims Management System
Verdant Capital, a Mauritius-based corporate finance firm operating across Africa, has advised On Track Innovations (OTI), an Israel-based provider of products such as cashless payment systems, on its recent sale of MediSmart, a medical information management platform focused on the East African market. Smart Applications International, a biometric technology firm based in Kenya, paid USD 2.75 million for MediSmart, which has annual revenues of approximately USD 1.5 million. According to Verdant Capital, “By enabling efficient patient identification and claims administration, MediSmart facilitates the broadest possible
MICROCAPITAL BRIEF: Water.org’s WaterEquity Borrows $10.5m from Overseas Private Investment Corporation (OPIC) to Invest in Clean Water, Sanitation
The Overseas Private Investment Corporation (OPIC), the development finance institution of the US government, recently informed MicroCapital that it has loaned USD 10.5 million to WaterCredit Investment Fund 3, which is managed by WaterEquity, a “social impact investment manager” founded by US-based NGO Water.org. WaterEquity, which seeks “to deliver universal access to safe water and sanitation,” was launched in 2016. Since then, it reports having reached 400,000 people via investments in 13 microfinance institutions and
MICROCAPITAL BRIEF: Fintechs QPagos, Suretly Launching Mobile “Crowdvouching” Loan Service in Mexico; Guarantors Offered Commissions up to 25% per Month
QPagos, a US-based electronic payment services provider, and Suretly, a US-based “crowdvouching” platform, recently announced that their joint venture, Suretly Mexico, is about to begin facilitating loans of up to USD 200 to people with “thin” or no credit histories by connecting them with loan guarantors. These guarantors, who can sign up using the Suretly app, can cover up to 10 percent of the loans. The loans in Mexico will be disbursed primarily via Sociedades Financieras de Objeto Múltiple (SOFOMs),
MICROCAPITAL BRIEF: EU, FMO to Guarantee $86m in Lending to Migrants, Women, Youth in Africa, Europe via “Nasira” Program
The EU’s European Commission recently signed a contract with the Dutch development bank, which is known by the acronym FMO, to support FMO’s Nasira guarantee program, which promotes lending to entrepreneurs in Europe and sub-Saharan Africa who represent one or more of the following groups: migrants, women and youth. Nasira guarantees loans by retail financial institutions to micro-, small and medium-sized businesses owned by members of these groups. FMO will also deliver technical assistance to both the financial
MICROCAPITAL BRIEF: Verdant Capital Raises $7m in Debt for Ferme Agro-Pastorale Jambo – Farmer, Miller of Maize Flour in DRC
Verdant Capital, a Mauritius-based corporate finance firm operating across Africa, recently informed MicroCapital that it has raised loan funds totaling USD 7 million for Ferme Agro-Pastorale Jambo, which grows and mills maize flour in the Democratic Republic of Congo. The identities of the investors remains confidential. In March 2018, Ferme Jambo brought Jambo Breakfast Meal to market in the Greater Katanga region, where 70 percent of flour is
MICROCAPITAL BRIEF: Government of Ghana Restores Losses to Customers of Failed Microfinance Institutions (MFIs), but $150m of Savings Remain “in Jeopardy” in Advance of Deposit-insurance Rollout
After the collapse of approximately 100 licensed microbanks in Ghana over four years, the country’s central bank, the Bank of Ghana, has announced it will refund deposits of up to GHS 10,000 (USD 2,000) per retail
MICROCAPITAL BRIEF: Accion Venture Lab Exits from, Maj Invest Buys Equity in Microfinance Institution Aye of India
Accion Venture Lab, the “seed stage investment arm” of US-based NGO Accion, recently sold part of its stake in Aye Finance, an Indian non-banking financial company – microfinance institution (NBFC-MFI). Meanwhile, Maj Invest Group, a Danish asset management company, bought a stake in Aye Finance through its Financial
MICROCAPITAL BRIEF: C-Quadrat’s Dual Return Vision Microfinance Fund Lends in 11 Countries, Including for Women in Bolivia, Farmers in China
C-Quadrat Asset Management, a unit of Austria-based C-Quadrat Investment, recently informed MicroCapital that it disbursed loans to microfinance institutions (MFIs) in 11 countries during December 2018. The identities of the MFIs and the amount each borrowed remain confidential.
One of the MFIs is a Bolivian NGO providing health and financial services to women via 70 urban and rural locations. The MFI offers loans, financial education, health education and testing for cervical
MICROCAPITAL BRIEF: ADB Lending $20m in Local Currency to MicroCred to Support MSMEs in Western China
The Asian Development Bank (ADB) recently agreed to loan the equivalent of USD 20 million to MicroCred China, a unit of the France-based Baobab Group, to support micro-, small and medium-sized enterprises (MSMEs). The money is intended to
MICROCAPITAL BRIEF: Capria Investing $61m in Adobe Capital of Mexico, Fen Ventures of Chile After Raising $100m to Provide Finance, Networking Support to SME Funds
Capria Ventures, a US-based provider of financial and non-financial support to funders of “small and mid-sized social ventures,” recently completed its second funding round, raising USD 100 million. Capria also recently invested in Mexico-based
SPECIAL REPORT: Introduction at SAM Leads to Investment in ID Ghana by Grameen Credit Agricole Foundation
Philippe 
Guichandut (pictured), the Head of Inclusive Finance Development at the Grameen Credit Agricole Foundation, has been at all three SAMs. The majority of the foundation’s 76 partners are in sub-Saharan Africa, and Mr Guichandut has found that “SAM is the best place to meet our existing and potential partners.” He adds, “Around the SAM, we always take the opportunity to gather our partners, [which] is the best way to have exchanges of experience among our partners and give them the opportunity to attend some training sessions either organized by ourselves or the SAM.” Leading and attending workshops at SAM has been key for Mr Guichandut’s team “to share our own experience and promote themes that are relevant for us, especially in the fields of agri-microinsurance and
MICROCAPITAL BRIEF: Banco Santander, IFC Lending $300m to Bradesco to Support MSMEs in Brazil
The International Finance Corporation (IFC), a member of the World Bank Group, has agreed to syndicate a loan of USD 300 million for Brazil’s Banco Bradesco to support its lending to micro-, small and medium-sized enterprises (MSMEs). IFC and