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.
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MICROCAPITAL BRIEF: Royal Bank of Scotland (RBS) Sells 4.6% Stake of SKS Microfinance to Merrill Lynch Capital Markets Espana for $12m
The Royal Bank of Scotland Group (RBS), a banking and insurance company with operations in Europe, North America and Asia, reportedly has sold its 4.6-percent stake in SKS Microfinance, an Indian microfinance institution, through the open market to Merrill Lynch Capital Markets Espana, a subsidiary of US-based Bank of America.
MICROCAPITAL BRIEF: Microfinance Information Exchange Updates Online Funding Structure Database
The US-based nonprofit Microfinance Information Exchange (MIX) has updated its database on the debt owed by microfinance institutions (MFIs) to include 2011 data from 700 MFIs.
MICROCAPITAL BRIEF: Nigeria’s Mutual Benefit Assurance Plc. Establishes Microfinance Bank In Effort to Drive Microinsurance
Mutual Benefit Assurance Plc, a Nigeria-based provider of insurance and other financial services, recently announced that it has established a microfinance bank (MFB) to promote its microinsurance offerings, which carry premiums as low as NGN 50 (USD 0.30) per three day period covering up to NGN 100,000 (USD 600) in hospital expenses and in the event of loss of life.
MICROCAPITAL BRIEF: Utkarsh Raises $3.7m in Equity from Aavishkaar Goodwell, International Finance Corporation, Norwegian Microfinance Initiative
Utkarsh Micro Finance Private Limited (Utkarsh), an Indian microfinance institution (MFI), reportedly has received an INR 200 million (USD 3.7 million) equity investment from Norwegian Microfinance Initiative (NMI) Frontier Fund, which provides technical and financial support to “emerging” microfinance institutions under the management of the public-private partnership NMI; Aavishkaar Goodwell India Microfinance Development Company (AG), an Indo-Dutch for-profit investor in Indian MFIs; and the International Finance Corporation, the private-sector investment arm of the World Bank Group.
MICROFINANCE PUBLICATION ROUND-UP: Microfinance Institution Tiers, Microfinance in East Africa, Weather Risk Management
“Microfinance Institution Tier Definitions;” published by MicroRate; April 2013; 2 pages; available at http://www.microrate.com/media/downloads/2013/04/MicroRate-White-paper-Microfinance-Institution-Tier-Definitions.pdf
This report proposes a “tier system that defines microfinance institution [MFI] peer groups by institutional maturity to provide a foundation for industry analysis and informed dialogue.”
MICROCAPITAL BRIEF: Caspian Advisors Launches $40m Caspian Impact Investments (CII) Fund for Microfinance, Affordable Housing, Agriculture
Caspian Advisors Private Ltd., an Indian investment management and advisory services company specializing in the socially-responsible arena, recently launched the Caspian Impact Investments (CII) fund, which is targeted to raise USD 40 million for projects in the areas of microfinance, small business financing, affordable housing and agriculture.
MICROFINANCE PUBLICATION ROUND-UP: Social Performance in Nepal, Sharia-Compliant Financial Inclusion, Private Sector Employment
“State of Social Performance in Nepal;” by Mike Krell; published by Microfinance Information Exchange (MIX); March 2013; 10 pages; available at http://www.themix.org/publications/mix-microfinance-world/2013/03/Nepal-development-2013
This report from the US-based nonprofit Microfinance Information Exchange (MIX) examines the social performance (SP) of microfinance institutions (MFIs) in Nepal.
MICROCAPITAL BRIEF: Tigo Launches Mobile Banking Service in Chad to Compete with Airtel
Luxembourg-based telecommunication firm Millicom International Cellular, also known as Tigo, has launched A mobile banking operations in Chad.
MICROCAPITAL BRIEF: MFTransparency Launch Transparent Pricing Initiative in Morocco in Partnership with Netherlands Platform for Microfinance, Planet Rating, Centre Mohammed VI de Soutien a la Microfinance Solidaire
MicroFinance Transparency (MFTransparency), a US-based NGO, is bringing its “Transparent Pricing Initiative” to Morocco.
MICROCAPITAL BRIEF: Virtual Terminal Network’s (VTN’s) VCash to Allow Mobile-phone Access to Western Union Money Transfers in Nigeria
Virtual Terminal Network (VTN), a Nigerian mobile payment company, is reportedly partnering with Western Union Company, a US-based financial services company, to allow VTN customers to deposit Western Union money transfers directly into their VTN VCash accounts for access via their mobile phones.
MICROCAPITAL BRIEF: MoneyGram, Globe Telecom to Offer Remittances at G-Xchange Outlets in the Philippines
MoneyGram, a U.S.-based money transfer company with 310,000 agent locations in 185 countries, reportedly has partnered with G-Xchange Incorporated (GXI), a subsidiary of Philippines-based Globe Telecom, to make funds sent via MoneyGram available to customers of GCash, GXI’s mobile micropayment system, at GXI retail outlets in the Philippines.
MICROCAPITAL BRIEF: International Finance Corporation (IFC) Acquires 15% Stake in National Bank of Vanuatu for $2.2m
The International Finance Corporation (IFC), the commercial arm of the World Bank Group, recently paid USD 2.2 million to acquire a 15-percent stake in the National Bank of Vanuatu, a financial institution that offers traditional banking services, microfinance and rural banking services in Vanuatu.
MICROCAPITAL BRIEF: Muhammad Yunus Promotes Holistic Social Business Movement (HSBM) of African Development Bank (AfDB), Yunus Social Business
The African Development Bank (AfDB), a multilateral institution that provides loans and grants to governments and private companies in Africa, and Yunus Social Business (YSB) Global Initiatives, a Germany-based company that aims to fight poverty by promoting businesses that solve social problems, recently announced that they have established the Holistic Social Business Movement (HSBM).
MICROCAPITAL BRIEF: Social Performance Task Force (SPTF) Calls for Survey Submissions by April 5, 2013
The Social Performance Task Force (SPTF), a working group initiated in 2005 by a group of NGOs based in the US and Switzerland, is calling for microfinance industry professionals to fill out an online survey intended to identify what social performance management practices are being implemented throughout the microfinance industry, what challenges exist in implementing these policies and what additional resources institutions need to achieve their social performance goals more effectively.
MICROCAPITAL BRIEF: Janalakshmi Financial Services (JFS) Partners with Manipal Global to Train JFS Employees
Janalakshmi Financial Services (JFS), an Indian microfinance institution (MFI) focusing on urban areas, and Manipal Global Education Services, a subsidiary of India-based Manipal Education and Medical Group, reportedly have launched the Janalakshmi-Manipal Institute of Financial Inclusion (JMIFI), which offers a three-week training program for newly hired JFS employees.
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.
MICROFINANCE PAPER WRAP-UP: “Pathways Towards Greater Impact: Better Microinsurance Models, Products and Processes for MFIs;” by Craig Churchill, Aparna Dalal and Josh Ling; published by International Labour Organization, Microinsurance Innovation Facility
By Craig Churchill, Aparna Dalal and Josh Ling; published by International Labour Organization, Microinsurance Innovation Facility; 2013; 8 pages; available at: http://www.ilo.org/public/english/employment/mifacility/download/brnote15_en.pdf
This paper examines the challenges faced by microfinance institutions (MFIs) that provide microinsurance products to low-income individuals and businesses.