Ajmal Bhatty, chief executive of Tokio Marine Middle East, a “takaful” (Islamic insurance) provider based in Dubai, reportedly has stated that the recent political turmoil in Egypt will create a greater need for financial protection in the country and will hence provide Tokio Marine an opportunity to further extend its takaful services to the Egyptian market.
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MICROCAPITAL BRIEF: MFTransparency Announces “Transparent Pricing Initiative” in Uganda, Gains Participation From Nine Microfinance Institutions (MFIs) Including Micro Enterprise Development (MedNet), Kacita, Y-Save
Microfinance institutions (MFIs) Micro Enterprise Development (MedNet), Kacita and Y-Save were among the first in Uganda to participate in the “Transparent Pricing Initiative”, an effort to publicize comparable data on microloan pricing that was launched by US-based nonprofit MFTransaparency. The effort was brought to Uganda in partnership with Association of Microfinance Institutions of Uganda (AMFIU). As of February 2011, an additional six unnamed Ugandan MFIs were enrolled for a total of nine participating plus with another six MFIs having begun the process of the initiative.
MICROFINANCE PAPER WRAP-UP: Microfinance Banana Skins 2011, the CSFI Survey of Microfinance Risk, by David Lascelles and Sam Mendelson, Published by Centre for the Study of Financial Innovation (CSFI)
By David Lascelles and Sam Mendelson, published by the Centre for the Study of Financial Innovation, February 2011, 48 pages, available at: http://www.cgap.org/gm/document-1.9.49643/Microfinance_Banana_Skins_2011.pdf
MICROFINANCE EVENT: “Investment and Innovation in Microfinance Europe 2011: Tackling Over-Indebtedness and Embracing Innovative Financial Products to Guarantee a Sustainable Industry” to be Held in London, United Kingdom, May 24-25, 2011
Event Name: Investment and Innovation in Microfinance Europe 2011: Tackling Over-Indebtedness and Embracing Innovative Financial Products to Guarantee a Sustainable Industry
Event Date: May 24 – May 25, 2011
Event Location: London, United Kingdom
MICROCAPITAL BRIEF: Belgian Incofin Loans $1.5m to TenGer Financial Group of Mongolia
Incofin cvso, a Belgian cooperative company that invests in microfinance, recently loaned MNT 41 million (USD 1.5 million) to Tenger Financial Group, a Mongolian Company that controls XacBank LLC, XacLeasing LLC, Horus Nomadic Solutions LLC and TenGer Insurance LLC. Founded in 2001, the group was formed following the merger of Goviin Ehlel (renamed XAC-GE Holding) and X.A.C. (renamed XacBank), two non-bank financial institutions that focus on micro-, small and medium enterprises.
MICROCAPITAL BRIEF: Agora Microfinance Partners To Launch Fund Investing in Africa, Asia
Agora Microfinance Partners LLP, a London-based outfit that invests equity in microfinance institutions (MFIs) in Asia and Africa, will launch the Agora Microfinance Fund in early 2011. The microfinance investment vehicle will be the first microfinance investment fund managed by Agora Microfinance Partners, which currently invests via Mauritius-based investment vehicle Moringaway.
MICROCAPITAL BRIEF: Liberty Mutual Offers Low-Cost Health Insurance in Colombia, Includes Payment Through Gas Company
Liberty Mutual, a US-based insurance provider that has subsidiaries across Asia, Europe and Latin America, has recently started offering health insurance policies to poor people in the slums of Barranquilla, Columbia. Micheal McCord, founder of the Microinsurance Centre, a for-profit organization that designs insurance policies for the poor, stated that while microcredit helps the poor in starting businesses and earning profits, an event such as serious health problem or death in the family can wipe out the profits earned if the entrepreneur is uninsured [1].
MICROCAPITAL BRIEF: responsAbility Social Investments Announces Equity Investment in PlaNet Finance Investment Services (PlaNIS)
responsAbility Social Investments AG, an investment company based in Switzerland, has recently invested an undisclosed amount in PlaNet Finance Investment Services (PlaNIS), a subsidiary of Paris-based nongovernmental organization(NGO) PlaNet Finance. PlaNIS is a limited liability company that advises social investment funds in the areas of sourcing, due diligence and risk assessment of microfinance investments. The subsidiary will now operate under the name PlaNIS responsAbility SAS.
MICROCAPITAL BRIEF: Participants at World Economic Forum Annual Meeting 2011 in Davos, Switzerland, Discuss Non-Payment in Andhra Pradesh, Consumer Protection, Microfinance Regulation
Participants of the World Economic Forum Annual Meeting 2011, which was held in Davos, Switzerland, from January 26 to January 30, discussed the future of financial services for poor people in a session called “Financial Inclusion: Beyond Microfinance.”
MICROCAPITAL BRIEF: Microfinance Information Exchange (MIX) Releases “Microfinance Market Report for Latin America and Caribbean 2010”
Microfinance Information Exchange (MIX), a nonprofit organization based in Washington, DC, that provides business, financial and operational information on the microfinance sector, has recently released the “Microfinance Market Report for Latin America and Caribbean 2010”.
MICROCAPITAL BRIEF: Microfinance Under Scrutiny – Arguments For and Against From the Daily Star of Bangladesh and Forbes Magazine
Since the onset of the debt crisis in the Indian state of Andhra Pradesh during the last quarter of 2010, in which borrowers stopped making payments on their loans to microfinance institutions (MFIs), microfinance has come under intense scrutiny.
MICROCAPITAL PAPER WRAP-UP: Building Social Capital Through Microfinance by Benjamin Feigenberg, Erica Field and Rohini Pande
By Benjamin Feigenberg, Erica Field and Rohini Pande,; Harvard Kennedy School Working Paper no. RWP10- 019; available at: http://dash.harvard.edu/bitstream/handle/1/4449105/Feigenberg_BuildingSocial.pdf?sequence=1
Social capital, defined as “features of social organization, such as trust, norms and networks that can improve the efficiency of society by facilitating coordinated actions”, is built up as a result of repeated interpersonal interactions.
MICROCAPITAL BRIEF: Commercial Banks in Kenya Lower Loan Sizes to Compete with Microfinance Sector
Commercial and retail banks in Kenya, recognizing the increase in demand for microloans in the country, have lowered their loan minimums to compete against moneylenders and microfinance institutions (MFIs).
MICROCAPITAL BRIEF: Founder of Grameen Bank and Nobel Peace Prize Winner Dr Muhammad Yunus Speaks Out Against the Commercialization of Microfinance Institutions (MFIs)
Dr Muhammad Yunus, founder of Grameen Bank and winner of the Nobel Peace Prize for his work in microcredit, has again spoken out against the commercialization of microfinance institutions (MFIs) and their deviation from the mission of poverty alleviation.
MICROCAPITAL BRIEF: Daniel Rozas, Vinod Kothari Contrast Microfinance Securities Rating Methodologies Practiced by Rating Agencies CRISIL, Fitch
Daniel Rozas, a microfinance consultant based in Brussels, and Vinod Kothari, a microfinance practitioner based in Kolkata, India, recently wrote an article published on the Microfinance Focus website discussing the different rating methodologies practiced by rating agencies CRISIL and Fitch on securitized microfinance investment products.
MICROCAPITAL BRIEF: Ujjivan Financial Services Raises $8.8m of Debt Capital Through Non-Convertible Debenture (NCD) Issuance to Developing World Market’s Member Company DWM (Cyprus) Limited
Ujjivan Financial Services, a microfinance institution (MFI) headquartered in Bangalore, India, has raised INR 40 crores (USD 8.82 million) of debt capital through the issuance of non-convertible debentures (NCDs) to Developing World Market (DWM) (Cyprus) Limited, a member company of Developing World Markets, a US-based social investment fund manager.
MICROCAPITAL BRIEF: Microfinance Opportunities (MFO), MasterCard Foundation Announce Branchless Banking Partnership with MTN Ghana, Mobile Transactions of Zambia
Recently, Microfinance Opportunities (MFO), a microenterprise resource center based in Washington, DC, and the MasterCard Foundation, a Canadian foundation with approximately USD 2.9 billion in assets, announced that they have chosen MTN Ghana Mobile Money and Mobile Transactions of Zambia to participate in their Consumer Education for Branchless Banking (CEBB) program.
MICROCAPITAL BRIEF: Grameen Foundation Releases Updated Microfinance Management Information Software (MIS) Mifos 2.0
The Grameen Foundation, a nonprofit based in Washington, DC, that aims to help microfinance institutions (MFIs) replicate the microfinance model of Grameen Bank, has announced the release of Mifos 2.0, the latest version of its management information software (MIS) for microfinance.