According to a statement attributed to Nigerian Stock Exchange (NSE) CEO Oscar Onyema, the upcoming World Economic Forum (WEF) on Africa will be an opportunity for Nigerian enterprises to seek funding.
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MICROCAPITAL BRIEF: SKS Microfinance Founder Vikram Akula Says “Yunus Was Right” About Dangers of Private Investment to Microborrowers
Vikram Akula, the founder of Indian for-profit microfinance institution (MFI) SKS Microfinance Limited, reportedly acknowledged that Dr Muhammad Yunus was “right” about the challenges of “bringing private capital into social enterprise.”
MICROCAPITAL BRIEF: SKS Suffers $85m Loss as Norway’s Government Pension Fund – Global Buys 1% Stake
During the quarter that ended on December 31, 2011, Indian commercial microfinance institution SKS Microfinance Limited (SKS) suffered net losses of INR 4.28 billion (USD 85.3 million), 11 percent higher than net losses in the previous quarter.
MICROCAPITAL BRIEF: International Finance Corporation (IFC), ACCION Support Swadhaar in Expanding Microfinance for Women in Urban India
The International Finance Corporation (IFC), the private-investment arm of the World Bank Group, and ACCION International, a private, US-based nonprofit organization, will advise Swadhaar FinServe Private Limited (SFPL), an Indian microfinance institution, on its expansion of financial services for women in urban slums of the following Indian states: Gujarat, Madhya Pradesh, Maharashtra and Rajasthan.
MICROCAPITAL BRIEF: Indian Finance Ministry Clears Draft Microfinance Bill, Considers Engaging Post Office Banks to Promote Financial Inclusion
India’s finance ministry reportedly has cleared the draft of a microfinance bill following its public circulation for comments in July 2011 [1].
MICROFINANCE PUBLICATION ROUND-UP: Willingness to Pay for Business Correspondents in India, Health Microinsurance Third Party Payment Mechanisms, Accenture Development Partners Report on Microinsurance
“The Answer is ‘Yes’—Cost and Willingness to Pay in India;” by Akhand Tiwari, Akhilesh Singh, Ann-Byrd Platt, Graham A N Wright, Minakshi Ramji and Sachin Bansal; published by MicroSave; 2011; 16 pages; available at http://ami.microsave.org/sites/default/files/research_papers/CWP_Summary…
MICROCAPITAL BRIEF: SKS Microfinance to Further Downsize Workforce, Cap Return on Assets at 3%
SKS Microfinance, a microfinance institution (MFI) in India, reportedly will continue to downsize its workforce as it has been since the enactment of the Regulation of Microlending Act in October 2010 in the state of Andhra Pradesh, which requires government approval of each microloan.
MICROCAPITAL BRIEF: State Bank of India to Grow Microfinance Portfolio by 50%, Microfinance Institutions Network Promotes Wholesale Lending to Sector
The State Bank of India (SBI) reportedly plans to grow its microfinance portfolio by 50 percent during the fourth quarter of the fiscal year.
MICROCAPITAL BRIEF: Indian Microfinance Institutions Allowed to Raise $10m Each in External Commercial Borrowings
Reserve Bank of India (RBI) Deputy Governor Mr H R Khan has announced that Indian microfinance institutions (MFIs) will now be allowed to execute external commercial borrowings (ECB)–those that are raised from outside India–of up to USD 10 million per financial year, twice as much as was previously allowed [1]. Such funds must be “utilised for lending to self-help groups or for micro-credit or for bonafide micro finance activity including capacity building.” [2] The change is intended to address liquidity issues in the industry [1].
MICROCAPITAL BRIEF: Private Equity Investors Wary As Return on Equity for Indian Microfinance Institutions Drops from Over 45% to Under 20%
The steep decline in microloan repayments that began in 2010 in the Indian state of Andhra Pradesh (AP) is continuing to keep private investors away from microfinance institutions (MFIs).
MICROCAPITAL BRIEF: Indian Microfinance Institutions Shift from Lending Mostly to Women Towards Relatively Gender-Balanced Portfolio, Reports Elena Bridgers in Stanford Social Innovation Review
Elena Bridgers, a social researcher based in France, recently authored an article on the website of the US-based Stanford Social Innovation Review exploring the shift of microfinance institutions (MFIs) in India from a primarily “female client base” to a more “gender-balanced portfolio” [1].
MICROCAPITAL BRIEF: United Kingdom Loans $100m to Launch Private Sector Development Programme in Partnership with Small Industries Bank of India
The UK has launched a private sector development programme in India with a loan of GBP 65 million (USD 100 million) which will be implemented between 2012 and 2019 together with the Small Industries Development Bank of India (SIDBI).
MICROCAPITAL BRIEF: International Finance Corporation (IFC), India’s Microfinance Institutions Network (MFIN) Promote Reporting to Credit Information Bureau
The International Finance Corporation (IFC), the private-investment arm of the World Bank Group, and the Microfinance Institutions Network (MFIN), a self-regulatory organization of Indian microfinance institutions, are working together to encourage microfinance institutions to start reporting to the country’s Credit Information Bureau, which is intended to promote responsible lending.
MICROCAPITAL BRIEF: Bank Loans to Indian Microfinance Institutions Slow Down in First Half of Fiscal Year
According to data released by the Reserve Bank of India, bank loans to Indian microfinance institutions (MFIs) and self-help groups (SHGs) dropped during the first half of the fiscal year to INR 22,480 crore (USD 4.35 billion).
MICROCAPITAL BRIEF: Reserve Bank of India Relaxes Money Transfer Caps, Allows Non-Account Holders to Send Money Via Banks
The Reserve Bank of India has relaxed several guidelines on domestic money transfers.
MICROCAPITAL BRIEF: Reserve Bank of India Recommends Against State Government Regulation of Microfinance
The Reserve Bank of India (RBI), India’s central banking authority, recently released a report titled, “Trend and Progress of Banking in India 2010-11,” expressing concern over state governments enacting local legislation to regulate microfinance institutions (MFIs).
MICROCAPITAL BRIEF: Shares of India’s SKS Microfinance Fall 10% Following Announcement of $78m Loss During Quarter Ending September 2011
SKS Microfinance, an India-based microfinance institution, has reported a loss of INR 3.8 billion (USD 78.4 million) for the quarter ending September 30, 2011 [1].
MICROCAPITAL BRIEF: India’s SKS Microfinance to Raise $184m via Share Sale
The board of Indian microfinance institution (MFI) SKS Microfinance reportedly has approved plans to raise INR 900 crore (approximately USD 184 million) through a qualified institutional placement (QIP), whereby newly-issued shares will be sold to institutional investors [1].