India-based Utkarsh Small Finance Bank (SFB), a former microfinance institution, recently upgraded its implementation of the Universal Participation (UP) Retail Payments solution from US-based financial services enabler ACI Worldwide, enabling Utkarsh “to acquire, authenticate and authorize, route and protect card and digital payments from multiple channels.” The transition also gives Utkarsh access to the
Category: Eastern Europe and Central Asia
MICROCAPITAL BRIEF: ADB to Place $25m in Equity in Exacta Asia Investment II for Loans to SMEs in ASEAN Region
The Asian Development Bank (ADB) recently agreed to make an equity investment of USD 25 million into Exacta Asia Investment II LP, a
MICROFINANCE EVENT: Global Microfinance Summit; January 24-25, 2019; Istanbul, Turkey
The 3rd Global Microfinance Summit will address topics influencing the microfinance industry such as: (1) Digital Transformation: The Next Big Leap in Microfinance; (2) Impact of Microfinance on Sustainable Entrepreneurship Development; and (3) Green Microfinance: A Tool for Sustainable Business and Climate Action. Additionally, attendees will participate in open discussions on topics such as
MICROCAPITAL BRIEF: BlueOrchard Arranges $20m Loan from Microfinance Enhancement Facility (MEF), BOMF to FINCA Impact Finance
FINCA Impact Finance, a network of microfinance institutions (MFIs) in 20 countries, recently agreed to
MICROCAPITAL BRIEF: Yoma Bank Lending Easy Microfinance $5m to Reach 28k Additional Borrowers in Myanmar
Yoma Bank of Myanmar recently agreed to lend a total of MMK 8 billion (USD 5 million) to Easy Microfinance of Myanmar to enable the microfinance institution (MFI) to extend its
MICROCAPITAL BRIEF: BIO Loans XacLeasing $5m for Leasing Vehicles, Equipment to SMEs in Mongolia
The Brussels-based Belgian Investment Company for Developing Countries (BIO) recently disbursed a loan to XacLeasing, a subsidiary of Mongolia-based
MICROCAPITAL BRIEF: EBRD Loans $2.3m to Kreditimi Rural i Kosoves (KrK) for Onlending to MSMEs in Kosovo
The UK-based European Bank for Reconstruction and Development (EBRD) is providing Kreditimi Rural i Kosoves (KrK), a Kosovar microfinance institution,
MICROCAPITAL BRIEF: EBRD’s “Trade Ready” Program to Bring Finance, Business Advice to SMEs in Serbia
With funding from the EU and the government Luxembourg, the UK-based European Bank for Reconstruction and Development (EBRD) is launching Trade Ready, a program intended to help small and medium-sized enterprises (SMEs) in Serbia become
MICROCAPITAL BRIEF: JSC Credo Bank Has Acquired Microfinance Portfolios of MFO BIG, MFO Credit Plus Georgia
Joint Stock Company (JSC) Credo Bank, a Georgian bank, recently announced that it has purchased the microfinance portfolios of two microfinance organizations (MFOs), BIG and Credit Plus Georgia, for
SPECIAL REPORT: Advans Cote d’Ivoire, ESAF Small Finance Bank, KMF Are Finalists for European Microfinance Award on Financial Inclusion Through Technology
On the 20th of September, the Selection Committee for the European Microfinance Award 2018 on “Financial Inclusion through Technology” chose the three finalists that will go on to compete for the EUR 100,000 (USD 118,000) prize: Advans CI of Ivory Coast, ESAF Small Finance Bank of India and KMF of Kazakhstan.
This year, the Award has highlighted the role of technology in advancing financial inclusion, showing how technology-enabled services and solutions can help financial services providers such as microfinance institutions increase outreach to low-income and vulnerable segments, offering products and services capable of responding to clients’ needs for trust, speed, low cost, security, usability and
MICROCAPITAL BRIEF: Oradian Deploys Microfinance Software-as-a-service (SaaS) Instafin in Kenya
Oradian, a Croatia-based software-as-a-service (SaaS) company, recently won a contract with Jirani Smart, a microfinance institution (MFI) that has been active rural Kenya since 2016. As of 2018, Jirani Smart serves approximately 15,000 clients from seven branches.
Oradian’s flagship product is Instafin, a core
MICROCAPITAL BRIEF: EBRD Mulling $17m Loan to Belinvestbank of Belarus for On-lending to Micro-, Small, Medium-sized Enterprises
The UK-based European Bank for Reconstruction and Development (EBRD) is considering assembling a loan of up to EUR 50 million (USD 58.2 million) for Belinvestbank, a bank in Belarus, for on-lending to micro-, small and medium-sized enterprises (MSMEs). The loan would include at least EUR 15 million (USD 17.4 million)
MICROCAPITAL BRIEF: EBRD Loans $20m in Local-currency to BNB-Bank, MTBank for SMEs in Belarus
The European Bank for Reconstruction and Development (EBRD), a UK-based multilateral institution, recently signed its first transactions providing local-currency funding in Belarus. EBRD extended lines of credit equivalent to USD 10 million each to Belarusky Narodny Bank (BNB-Bank) and
MICROCAPITAL BRIEF: Invest in Visions’ IIV Mikrofinanzfonds Lends $13m to Microfinance Institutions (MFIs) in Ecuador, El Salvador, Georgia, Mongolia – Including $1.5m to JSC Georgian Credit
Germany-based Invest in Visions (IIV) recently announced that it loaned USD 1.5 million to Joint Stock Company (JSC) Georgian Credit, a microfinance institution (MFI) in Georgia. IIV disbursed the loan from its microfinance investment vehicle IIV Mikrofinanzfonds, which lends to MFIs in developing countries. Including this loan, IIV Mikrofinanzfonds loaned
MICROCAPITAL BRIEF: Georgia Cracking Down on Consumer “Microfinance,” Capping Interest Rates at 50%
Georgian Prime Minister Mamuka Bakhtadze reportedly stated recently that 630,000 of the 3.7 million people in Georgia have debt they cannot repay. Questionable loans have been disbursed by banks, online lenders and others using the term “microfinance” to describe their services.
One woman earning GEL 150 (USD 58) per month reportedly was able to borrow GEL 5,000 (USD 1,900) from a bank for a
MICROCAPITAL BRIEF: EFSE Invests $9m in Kredobank Bond Issue for Small, Medium-sized Enterprise (SME) Lending in Ukraine
The European Fund for Southeast Europe (EFSE), a Luxembourg-domiciled microfinance investment vehicle, recently invested UAH 312 million (USD 11 million) in Public Joint Stock Company (PJSC) Kredobank, a Ukrainian bank owned by the Polish financial services firm, Powszechna Kasa Oszczednosci (PKO) Bank Polski Spolka Akcyjna.
MICROCAPITAL BRIEF: Grameen Credit Agricole Foundation Lends $7.1m to Agency for Finance in Kosovo (AFK); Advans Group to Refinance in DRC, Myanmar
The Grameen Credit Agricole Foundation (GCAF), whose head office is in Luxembourg, recently informed MicroCapital that it is disbursing loans to: (1) Agency for Finance in Kosovo (AFK) in the amount of EUR 1.4 million (USD 1.6 million),
MICROCAPITAL BRIEF: EBRD Loans $45m to Bank CenterCredit of Kazakhstan, Mostly for Micro-, Small, Medium-sized Enterprises (MSMEs) Run by Women Outside Major Cities
The European Bank for Reconstruction and Development (EBRD), a UK-based multilateral institution, recently disbursed three-year loans totaling USD 45 million to Bank CenterCredit, a commercial bank in Kazakhstan.