Ujjivan Financial Services, a Bangalore-based microfinance institution, has raised INR 500 million (USD 7.9 million) of debt capital from Oikocredit, a Dutch cooperative investment fund, for on-lending to microfinance clients in an effort to support economic development in poor Indian communities.
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MICROCAPITAL BRIEF: LeapFrog Raises $204m for Second Fund; to Invest in Microinsurance, Other Financial Services for Poor People in Africa, Asia
LeapFrog Investments, a Mauritius-based investor in financial services for poor people in emerging markets, has raised USD 204 million for its second equity fund.
MICROCAPITAL BRIEF: Blue Label Telecoms, MasterCard Partner to Provide Point-of-Sale Devices (POS) to Rural Shops in South Africa
Blue Label Telecoms Limited (Blue Label), a South Africa-based distributor of financial transaction services, and MasterCard, a US-based payments and technology company, are partnering to provide 22,000 small traders and rural shop owners in South Africa with point-of-sale (POS) devices that will allow businesses currently operating on a cash-only basis to accept card payments [2]. Blue Label set up POS terminals throughout South Africa, but the partnership with MasterCard will allow the distributor to reach more small- and medium-sized retailers and service providers.
MICROCAPITAL BRIEF: Microlending Platform Kubaru Partners with Action Grace Divine to Support Entrepreneurs in Burkina Faso
Kubaru, a UK-based nonprofit microfinance lending platform, recently partnered with Action Grace Divine (AGD), a microfinance institution in Burkina Faso, to provide funding for microentrepreneurs in Burkina Faso.
MICROCAPITAL BRIEF: Nepalese Government Mandates Insurance Companies to Provide Microinsurance
The Nepalese government recently issued regulations mandating that insurance companies in the country offer microinsurance policies in an effort to provide access to affordable insurance for poor people.
MICROCAPITAL BRIEF: Bharti Airtel, MicroEnsure Launch Mobile Microinsurance Service in Africa
Bharti Airtel, an Indian telecommunications services provider with operations in 150 countries, has partnered with MicroEnsure, a UK-based nonprofit microinsurance intermediary, to provide MicroEnsure’s microinsurance services to Airtel customers in Africa via mobile phone.
MICROCAPITAL BRIEF: Mobile Telecommunications Network (MTN) Ghana Launches “ATM Cash Out” Service to Mobile Money Subscribers
The Ghanaian arm of Mobile Telecommunications Network (MTN) Group Limited, a telecommunications service provider based in South Africa, has launched its “Automatic Teller Machine (ATM) Cash Out” service in Ghana, allowing subscribers of MTN Mobile Money, an electronic wallet service offered by MTN, to withdraw money from ATMs without a card.
MICROCAPITAL BRIEF: Western Union, eTranzact Launch Mobile Money Product in Nigeria
The Western Union Company, a US-based financial services company, reportedly is partnering with eTranzact, a Nigeria-based mobile money service provider, to launch a mobile money service in Nigeria. The service is expected to allow customers on the eTranzact mobile money platform, PocketMoni, to receive mobile money transfers from 23 “sender” countries using their mobile phones.
MICROCAPITAL BRIEF: Belgium’s Incofin Investment Management, Amsterdam’s Agora Microfinance Collect Equity Stakes in Cambodia’s Angkor Mikroheranhvatho Kampuchea
Incofin Investment Management, a Belgium-based microfinance investment fund manager, and Agora Microfinance NV (AMNV), an Amsterdam-based microfinance holding company, have acquired minority stakes in Angkor Mikroheranhvatho Kampuchea (AMK), a microfinance institution (MFI) that distributes loans to approximately 300,000 clients in Cambodia [1].
MICROCAPITAL BRIEF: Association of Microfinance Institutions in Rwanda (AMIR), Child Savings International (Aflatoun), United Kingdom’s Department for International Development Inaugurate Youth Educational Program in Rwanda
The Association of Microfinance Institutions in Rwanda (AMIR), an umbrella organization for Rwandan microfinance institutions (MFIs) and related organizations, recently partnered with Child Savings International (referred to as Aflatoun), a Netherlands-based nonprofit, and the United Kingdom’s Department for International Development (UKDID) to launch an educational program in Rwanda that will teach entrepreneurial, savings and financial skills to youth.
MICROCAPITAL BRIEF: Aeon Financial Service Company Limited Launches Consumer Credit Services Subsidiary Aeon Microfinance (Myanmar) Company
Aeon Financial Service Company Limited (Aeon), a Japanese-based credit and financial services provider, recently announced that it has launched Aeon Microfinance (Myanmar) Company, a consumer credit services subsidiary based in the Myanmar State of Yangon.
MICROCAPITAL BRIEF: Brazil’s Lower House of Congress Passes 1% Tax on Microinsurance
The lower house of the National Congress of Brazil recently approved a new financial operations tax for microinsurance companies of approximately one percent on the sale of microinsurance.
MICROFINANCE PAPER WRAP-UP: “From Blueprint to Scale: The Case for Philanthropy in Impact Investing;” by Harvey Koh, Ashish Karamchandani and Robert Katz; Published by Monitor Group and Acumen Fund
By Harvey Koh, Ashish Karamchandani and Robert Katz; published by Monitor Group and the Acumen Fund; April 2012; 68 pages; available at: http://www.mim.monitor.com/downloads/Blueprint_To_Scale/From%20Blueprint%20to%20Scale%20-%20Case%20for%20Philanthropy%20in%20Impact%20Investing_Full%20report.pdf
MICROCAPITAL BRIEF: Asian Development Bank (ADB) Loans $50m to AccessBank of Azerbaijan for Micro-, Small, Medium-sized Enterprises in Rural Areas
AccessBank, an Azerbaijani for-profit microfinance institution (MFI), recently notified MicroCapital that the Asian Development Bank (ADB), a multilateral finance institution based in the Philippines, will provide a USD 50 million five-year senior loan facility to AccessBank.
MICROFINANCE EVENT: Oikocredit USA Summit 2013: Investing in People, Empowering Communities, September 5-6, 2013, Washington, DC, USA
Event Name: Oikocredit USA Summit 2013: Investing in People, Empowering Communities
Event Date: September 5-6, 2013
Event Location: Hyatt Regency Washington, DC, USA
MICROCAPITAL BRIEF: Government of Cameroon Partners with United Nations Development Program (UNDP), International Fund for Agricultural Development (IFAD), United Nations Capital Development Fund (UNCDF) To Consolidate Microfinance Sector
The government of Cameroon recently partnered with three agencies of the United Nations to consolidate the country’s microfinance sector by increasing governmental regulations and mergers of microfinance institutions (MFIs).
MICROCAPITAL BRIEF: MicroCredit Enterprises Partners with Freedom from Hunger to offer Health-related Services to Clients of Microfinance Institutions (MFIs)
MicroCredit Enterprises (MCE), a US-based NGO microfinance fund manager, and Freedom from Hunger, a US-based NGO that aims to alleviate hunger and poverty, are collaborating on a project that will offer “health-related education, loans, savings, insurance and linkages to local healthcare providers” in hopes that it will alleviate loan defaults caused by poor health and strengthen clients’ abilities to endure income-producing activities [1].
MICROCAPITAL BRIEF: International Finance Corporation (IFC), Siddhartha Bank Limited (SBL) Purchase 440k Shares of Rural Microfinance Development Center (RMDC) of Nepal Via Initial Public Offering (IPO)
The International Finance Corporation (IFC), a member of the US-based World Bank Group, recently purchased 300,000 shares at NPR 180 (USD 1.87) per unit from an initial public offering (IPO) by the Rural Microfinance Development Center (RMDC), a Nepal-based wholesale microcredit lender.