Event Summary: The first Futuristic Financial Intelligence Summit will address developments in financial technology (fintech) including
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MICROCAPITAL BRIEF: Triple Jump, MicroVest Lend $10m to Indian Microfinance Institution Aye Finance
Aye Finance, a non-banking financial company-microfinance institution (NBFC-MFI) in India, recently issued USD 10 million in non-convertible debentures in undisclosed portions to two microfinance fund management firms, Netherlands-based Triple Jump BV and US-based MicroVest Funds. Aye intends to use the proceeds to expand its small and medium-sized enterprise (SME) loan portfolio.
MICROFINANCE EVENT: Sa-Dhan National Conference: “Propelling the Growth of the Informal Sector through Microfinance;” September 19-20, 2018; New Delhi, India
The aim of this event is to continue discussions on how to realize the goals of Pradhaan Mantri Jan Dhan Yojana, India’s national financial inclusion program. This year’s gathering will focus on how microfinance institutions (MFIs) can use technology to expand their outreach to more low-income customers.
MICROCAPITAL BRIEF: Microfinance Institution Janalakshmi of India Converts to Jana Small Finance Bank
Jana Small Finance Bank (SFB), the successor to Indian microlender Janalakshmi Financial Services, recently announced the launch of its operations. Jana obtained its SFB license from the Reserve Bank of India (RBI) in April 2017, but the launch was delayed by losses attributed to India’s 2016 demonetization.
MICROCAPITAL BRIEF: IFC Loans $93m to Mahindra Finance for Microloans Targeting Farmers, SMEs, Women in India
The International Finance Corporation (IFC), a unit of the World Bank Group, recently loaned INR 6.4 billion (USD 93 million) to Mahindra & Mahindra Financial Services Limited (Mahindra Finance), a non-banking financial company owned by the India-based Mahindra Group. Mahindra Finance plans to use the funding to expand its lending to small and medium-sized enterprises (SMEs)
MICROCAPITAL BRIEF: Base of Pyramid Asia (BOPA) Invests $2.5m in Equity in Indian Microfinance Institution (MFI) Sambandh Finserve
Base of Pyramid Asia (BOPA) Private Limited, a microfinance investment firm in Singapore, recently invested USD 2.5 million to buy a stake of undisclosed size in Sambandh Finserve Private Limited, an Indian microfinance institution that is organized as a non-banking financial company.
MICROCAPITAL BRIEF: Microfinance Institutions Network (MFIN) Reports Increasing Delinquency in India; L&T Finance, Bharat, Utkarsh Rejecting Up to 30% of Loan Applications Due to Multiple Borrowing
The Microfinance Institutions Network (MFIN), a self-regulating body representing 48 microfinance institutions (MFIs) in India, reports that 2.83 percent of non-group microloans in the country have at least one payment overdue by more than 180 days as of March 2018,
MICROCAPITAL BRIEF: Oman India Joint Investment Fund (OIJIF) Buys $23m Equity Stake in India’s Annapurna Microfinance
The Oman India Joint Investment Fund (OIJIF), a private equity investor associated with the governments of India and Oman, recently placed an equity investment of INR 1.6 billion (USD 23 million) in Annapurna Microfinance Private Limited, a non-deposit-taking microfinance institution (MFI)
MICROCAPITAL BRIEF: Fusion Microfinance of India Cuts Interest Rate from 24.6% to 23%
Fusion Microfinance Private Limited, an Indian non-banking financial company, recently reduced the interest rate it charges on microloans from 24.6 percent to 23 percent per year for pre-existing customers. The rate for first-time borrowers was also 24.6 percent but is now 23.5 percent.
MICROFINANCE EVENT: GSG Impact Summit; October 8 – 9, 2018; New Delhi, India
The goal of this conference is to consider how to create “impact economies” as part of “a unified vision for the development of impact investing ecosystems across the world.” While the agenda
MICROCAPITAL BRIEF: L&T Finance Rolling Out Instant Loan Approvals, Expanding Microlending to Women in India
Larsen and Toubro (L&T) Finance Limited, a subsidiary of India-based L&T Finance Holdings that lends to women, recently debuted an app that is intended to “enable seamless customer on-boarding by providing instant loan sanctioning.”
MICROCAPITAL BRIEF: India’s RBL Bank Completes Ownership of Microfinance Institution (MFI) Swadhaar Finserve with Equity Purchases from Accion, Individual Investors
RBL Bank Limited, an Indian commercial bank formerly known as Ratnakar Bank Limited (RBL), recently bought out the other owners of Swadhaar Finserve Private Limited (SFPL), a microfinance institution (MFI) providing loan, deposit and insurance services to low-income households as well as micro-, small
MICROCAPITAL BRIEF: Nucleus Software of India Debuts “FinnOne Neo mFin” Digital Microlending Tool for MFIs
Nucleus Software, an India-based provider of technology to financial services firms, recently announced the launch of FinnOne Neo mFin, a system that microfinance institution (MFI) staff can access via smartphones to perform tasks such as managing loan applications and checking credit reports.
MICROCAPITAL BRIEF: OPIC Loans $100m to IndusInd Bank for Microfinance Lending to Women in India
The Overseas Private Investment Corporation (OPIC), an agency of the US government that seeks to facilitate investment by US-based firms in developing countries, recently issued an eight-year loan in the amount of USD 100 million to India’s IndusInd Bank to increase its microenterprise lending
MICROCAPITAL BRIEF: Social Finance Global Network, Global Steering Group for Impact Investment (GSG) Launching Social Finance India; Seeking to Raise $2b for Education, Other Double Bottom Line Investing
The UK-based Social Finance Global Network (SFGN), an group of nonprofits supporting impact investing, and the UK-based Global Steering Group for Impact Investment (GSG), which has 19 country members plus the EU, recently announced the debut of Social Finance India. This new NGO is seeking to raise USD 1 billion each for the India Impact Fund of Funds (IIFF) and
MICROCAPITAL BRIEF: OPIC Loans $5m in Local Currency to Grameen Impact Investments India for SMEs
The Overseas Private Investment Corporation (OPIC), an agency of the US government that seeks to facilitate investment by US-based firms in developing countries, recently loaned INR 355 million (USD 5 million) to Grameen Impact Investments India (GIII), a unit of Grameen Capital India (GCI) that
MICROCAPITAL BRIEF: Accion Venture Lab, YourNest Invest $1.3m for Equity Stakes in Digital Lender CredRight of India
CredRight, an online lender to individuals as well as micro-, small and medium-sized enterprises (MSMEs) in India, recently received equity investments totaling INR 90 million (USD 1.3 million) from Accion Venture Labs, a fund of US-based NGO Accion, and YourNest, a venture capital firm
MICROCAPITAL BRIEF: Toffee Insurance of India Secures $1.5m in Equity for Digital Microinsurance from Kalaari Capital, Omidyar Network, Accion Venture Lab
Toffee Insurance, an online microinsurance firm based in India, recently received a total of USD 1.5 million in equity from Accion Venture Labs, a fund of US-based NGO Accion; Kalaari Capital, an Indian for-profit investment firm; and Omidyar Network, a US-based NGO. Toffee will use the