US-based nonprofit Accion has announced that its Accion Venture Lab, a USD 10 million investment vehicle that provides seed capital and management support to financial inclusion startups, has invested unspecified amounts of money in two companies: Kopo Kopo, a Kenya-based service that allows small businesses to accept customer payments through mobile phone; and MeraDoctor, which provides low-cost health insurance in India as well as 24-hour access to doctors by telephone that is intended to lessen health impacts by reducing delays in seeking care [1].
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MICROCAPITAL BRIEF: International Monetary Fund (IMF) Releases 2013 Financial Access Survey
The US-based International Monetary Fund, a United Nations institution aiming to foster global cooperation on monetary issues, recently announced the results of its fourth annual Financial Access Survey (FAS), which provides global supply-side data on financial inclusion [1].
MICROCAPITAL BRIEF: Financial Inclusion 2020 Announces Roadmap to Financial Inclusion, Highlights Importance of Technology
Financial Inclusion 2020 (FI2020), a campaign to extend financial inclusion to 2 billion people in developing countries by the year 2020, recently announced the findings of a survey of 300 financial sector practitioners on their perspectives about opportunities and challenges to FI2020’s goals.
MICROCAPITAL BRIEF: Bangladeshi Grameen Bank to Be Placed Under Jurisdiction of Bangladesh Bank
The Bangladeshi government reportedly has decided to place the Grameen Bank, a Bangladeshi microfinance institution (MFI), under the direct control of the Bangladesh Bank, the country’s central bank, allegedly in order to “better monitor” the microcredit organization [1].
MICROCAPITAL BRIEF: Caterpillar Foundation Donates $19m to Opportunity International to Reach 17m People in Africa, Asia and Latin America
Opportunity International, a US-based nonprofit organization that provides financial services to poor people in 24 countries, recently announced that Caterpillar Foundation, the philanthropic arm of US-based equipment manufacturer Caterpillar Inc., has granted Opportunity two multi-year donations totaling USD 19.2 million [1].
MICROFINANCE PUBLICATION ROUND-UP: Savings Groups in Rural Mali, Three Market Archetypes Advancing Financial Inclusion, Long-term Trends in India’s Rural Credit Market
“Final Impact Evaluation of the Savings for Change Program in Mali;” by Bureau of Applied Research in Anthropology at The University of Arizona and Innovations for Poverty Action (IPA); published by Oxfam America and Freedom from Hunger; April 2013; 215 pages; available at http://www.oxfamamerica.org/issues/community-finance/files/final-impact-evaluation-saving-for-change
This report presents the results from a study conducted by The University of Arizona and Innovations for Poverty (IPA) between 2009 and 2012 intended to explore the impact of savings groups in 500 villages in rural Mali, where 82 percent of surveyed households live on approximately USD 1.25 per day and the “typical village is more than 14 miles from a paved road.”
MICROCAPITAL BRIEF: Accion Venture Lab Invests in 5 Startups Aiming to Bring Financial Services to Poor People, Including Salud Facil of Mexico, Varthana of India
Accion, a US-based provider of microenterprise loans and business training in 31 countries, has announced that its Accion Venture Lab, which provides seed capital and management support to financial inclusion startups, will invest an aggregate of USD 10 million in startup companies that deliver financial services to poor people around the globe.
MICROCAPITAL BRIEF: G20’s Global Partnership for Financial Inclusion Publishes Data on 192 Countries
The Global Partnership for Financial Inclusion (GPFI), which is mandated to carry out the financial inclusion action plan endorsed at the 2010 summit of the Group of 20 (G20) large economies, has released a set of “basic” financial inclusion indicators populated with data from 192 countries.
MICROCAPITAL BRIEF: U’yo’olché, Fondo Mexicano para la Conservación de la Naturaleza (FMCN) Look to Carbon Credits to Finance Improved Cook Stoves to Reduce Emissions, Improve Living Standards, Promote Women’s Rights in Rural Mexico
U’yo’olché, a Mexican environmental non-governmental organization (NGO), and Fondo Mexicano para la Conservación de la Naturaleza, A.C. (FMCN), a nonprofit funder of environmental efforts, are leading an initiative to provide improved cook stoves to families in rural areas of southern Mexico with the aim of reducing wood consumption, eliminating hazardous household smoke, decreasing the risk of accidents, minimizing household expenses and promoting women’s empowerment.
MICROCAPITAL BRIEF: International Finance Corporation (IFC), G20’s Global Partnership for Financial Inclusion (GPFI) Partner to Launch Online “Women’s Finance Hub”
The International Finance Corporation (IFC), the private-investment arm of the US-based World Bank Group, and the Group of 20’s (G20’s) Global Partnership on Financial Inclusion have partnered to launch the “Women’s Finance Hub,” an online platform to help advance access to finance for women entrepreneurs.
MICROCAPITAL BRIEF: Grupo ACP’s Forjadores de Negocios Begins Operations in Mexico as Licensed Bank Banco Forjadores
Forjadores de Negocios, a Mexican microfinance institution (MFI) majority-held by Peruvian NGO Grupo ACP, recently began operations as Banco Forjadores, having received permission from Mexican banking authorities to convert to a multiservice bank in 2012.
MICROFINANCE PUBLICATION ROUND-UP: Curbing Debt Stress, Social Performance in Mexico, UN Human Development Report: The Rise of the South
“Regulatory Options to Curb Debt Stress;” by Gabriel Davel; published by CGAP (Consultative Group to Assist the Poor); March 2013; 29 pages; available at: http://www.cgap.org/publications/regulatory-options-curb-debt-stress
This report highlights how the dynamics of credit markets can lead to cycles of credit growth and accumulation of consumer debt followed by widespread default and contraction.
MICROCAPITAL BRIEF: Bridge Launches with $24m from Accion, Bamboo Finance, DEG, FMO, Paul Kocourek to Support Rural, Thrift Banks in the Philippines
Bridge, a financial services company that plans to provide “capability building services and capital” to rural and thrift banks that focus on low-income populations and micro- and small businesses in the Philippines, recently announced its launch with equity investments totaling USD 24 million from Accion, a US-based nonprofit organization; Bamboo Finance, a Luxembourg-based commercial investment firm; Deutsche Investitions-und Entwicklungsgesellschaft GmbH (DEG), a German development finance institution; the Nederlandse Financierings-Maatschappijvoor Ontwikkelingslanden NV (FMO), a Dutch public-private development bank; and Mr Paul Kocourek, Bridge’s co-founder and chairman.
MICROCAPITAL BRIEF: MasterCard Foundation Donates $4.3m to Smart Campaign for Microfinance Client Protection Effort
The MasterCard Foundation, a Canada-based institution that was founded by US-based financial services firm MasterCard Worldwide, has announced that it will donate USD 4.3 million to The Smart Campaign, a US-based consumer protection initiative targeting microfinance clients worldwide.
MICROFINANCE PUBLICATON ROUND-UP: The Business Case for Life Microinsurance in the Philippines, MIX Map of Financial Inclusion in India, 2012 Sub-Saharan Africa Snapshot
“The Business Case for Life Microinsurance in the Philippines: Initial Findings;” by Richard Koven, Michael J. McCord, John Wipf and Emily Zimmerman; published by the MicroInsurance Centre; October 2012; 9 pages; available at:
http://www.microinsurancecentre.org/milk-project/milk-docs/doc_details/890-milk-brief-14-the-business-case-for-life-microinsurance-in-the-philippines-initial-findings.html
MICROFINANCE EVENT: Mobile Money Americas Conference & Expo, April 15 – 17, 2013, Mexico City, Mexico
Event Name: Mobile Money Americas Conference & Expo 2013
Event Date: April 15 – 17, 2013
Event Location: Westin Santa Fe, Mexico City, Mexico
MICROCAPITAL BRIEF: Accion’s Center for Financial Inclusion Report on “Financial Inclusion 2020”: Microfinance Must Adjust to Aging World Population
The Center for Financial Inclusion, a branch of US-based nonprofit Accion that promotes universal access to financial services, has released a report that suggests potential implications for financial inclusion as birthrates decrease and life expectancies increase in the developing world.
MICROCAPITAL BRIEF: Smart Campaign Launches Certification of Microfinance Institutions Regarding Client Protection
The Smart Campaign, a consumer-protection initiative launched in 2010 by US-based nonprofit Accion, recently released a Client Protection Certification Program that aims to verify that financial institutions serving the world’s poor people are focused on the fair treatment of clients.