by the MicroCapital Team -

SPECIAL REPORT: Financial Inclusion for Forcibly Displaced Persons (FDPs) – Part 2: Regulatory Barriers, Segmenting Needs

(This European Microfinance Platformis the companion feature to an earlier piece on a European Microfinance Week conversation on serving refugees.)

Swati Mehta Dhawan of Germany’s Catholic University of Eichstätt-Ingolstadt argued for building up legal frameworks to allow forcibly displaced persons (FDPs) to escape “infinite limbo” by accessing documentation for identification purposes, working legally and integrating with host populations. She offered the example of a person displaced to Kenya, who has been there for 15 years without being allowed to work. Hans-Martin Zademach, also of Catholic University, noted many are “stuck in survival mode,” more in need of a reliable income source than methods for managing money.

However, Ms Dhawan explained that FDPs’ needs for financial services often increase as years go by. A common trajectory is

by the MicroCapital Team -

SPECIAL REPORT: Lessons from Giving Away, Selling Microinsurance with Remittances

As European Microfinance Platformpart of the ongoing search for models that can make microinsurance profitable, the Luxembourg-based nonprofit ADA partnered with UAE-based insurtech Democrance to sell policies to migrant workers in Dubai as they send money to family in their home countries. The incentive for remittance providers to participate is that the draw of microinsurance can increase their customer base and allow differentiation from competitors.

The target population is migrants from India and the Philippines, who are generally tech savvy and aged 25 to 45 years old. Most workers earn up to AED 4,000 (USD 1,100) per month and send about a quarter of that amount home. Rise, a UAE-based facilitator of financial services to migrants, enrolled 1,000 customers by

by Kate Finster -

MICROCAPITAL BRIEF: Tonga Development Bank Launches ‘Ave Pa’anga Pau Digital Remittance Product via Regional Australia Bank

The International Finance Corporation (IFC), a member of the World Bank Group; the Tonga Development Bank (TDB), which is subsidized by the government of New Zealand; and the member-owned Regional Australia Bank recently released ‘Ave Pa’anga Pau, a product allowing Tongans residing in Australia to send remittances to individuals in their home country using their mobile phones. Recipients may direct their funds to a TDB bank account

by Romil Pandey -

MICROCAPITAL BRIEF: Fintechs E9pay, Nium Offer Personal, B2B Money Transfers Between South Korea, Europe, India, Indonesia, US

Nium, a Singapore-based financial technology (fintech) infrastructure platform, recently partnered with E9pay, a digital remittance provider in South Korea, to allow E9pay clients to send remittances to and from India, Indonesia, the US, and other markets, including in Europe. These clients include

by the MicroCapital Team -

SPECIAL REPORT: European Microfinance Week Registration Open for Virtual Conference; November 18-20, 2020

From European Microfinance Platformthe European Microfinance Platform (e-MFP): It has been a difficult few months, and during this time we at e-MFP have engaged with our members and friends to mobilize resources and adapt our activities to best mitigate the effects this pandemic brings to our sector and the vulnerable people we as a community serve.

One of our flagship activities is European Microfinance Week (EMW), held annually in November, and with it in mind we have been closely monitoring the public health situation globally. Now more than ever it’s vital to connect and

by Kate Finster -

MICROCAPITAL BRIEF: Executives of Uganda Microfinance Support Centre Jailed on Charges of Fraud, Embezzlement of $3m

Leaders of the Ugandan government’s Microfinance Support Centre (MSC) recently were released on bail after being held in prison on charges relating to the theft of UGX 10.8 billion (USD 2.9 million) that had been supplied by the Ugandan government for disbursal to the Uganda Teachers’ Cooperative Savings and Credit Union (UTC). The allegations consist of embezzlement and conspiracy to defraud,

by Romil Pandey -

MICROCAPITAL BRIEF: Contrary to COVID-19 Predictions, Mexico, Nepal Report Increases in Remittances

Contrary to many observers’ predictions regarding the economic effects of the COVID-19 pandemic, residents of Nepal and Mexico have received increasing amounts of remittances from workers living abroad. During July 2020, USD 3.5 billion in remittances was sent to Mexico, a 7-percent increase from one year earlier. This July 2020 figure is the third-highest