Peru-based microlender Financiera Edyficar (Edyficar), an operating subsidiary of Peruvian bank holding company Creditcorp, recently announced that it will acquire a 60.7-percent stake in Mibanco, a Peruvian microfinance institution (MFI) that is a subsidiary of nonprofit holding company Grupo Accion Comunitaria del Peru (ACP).
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MICROCAPITAL BRIEF: Wholesale Microfinance Lender Ananya Finance for Inclusive Growth (Ananya) of India Raises Equity Capital of $2.86m from Women’s World Banking, Industrial Development Bank of India
Ananya Finance for Inclusive Growth Private Limited (Ananya), a non-banking financial company (NBFC) in India, has raised INR 180 million (USD 2.86 million) in equity capital from the Isis Fund of Women’s World Banking (WWB), a US-based network of 39 microfinance institutions (MFIs), and Industrial Development Bank of India (IDBI), an Indian public-sector bank [1].
MICROCAPITAL BRIEF: Indian Government Seeks Parliamentary Approval for $859m in Spending for Women’s Bank; Women’s Safety; Skills Training; Micro-, Small and Medium-Sized Enterprises (MSMEs); International Monetary Fund (IMF)
The Indian government reportedly is awaiting the Parliament’s approval to spend an additional INR 54.3 billion (USD 859 million) for several institutions including an additional INR 10 billion (USD 159 million) for each of the following: Nirbhaya Fund, a fund supporting women’s safety in India; National Skill Development Corporation (NSDC), which is backed by the Indian Ministry of Finance and provides skill training programs to India’s workforce; and to establish a women’s bank in India.
MICROCAPITAL EVENT: Inter-American Development Bank to Host Inter-American MicroEnterprise Forum (Foromic) 2013, Guadalajara, Mexico, September 30-October 2, 2013
Event Name: Inter-American MicroEnterprise Forum (Foromic) 2013
Event Date: September 30 – October 2, 2013
Event Location: Expo Guadalajara, Guadalajara, Mexico
MICROCAPITAL BRIEF: Ujjivan Financial Services Raises $7.9m from Oikocredit for On-Lending to Microfinance Clients
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.
MICROCAPITAL BRIEF: YellowPepper Launches Mobile Payments System in Colombia
YellowPepper, a US-based mobile payments provider, recently signed an agreement with 12 unspecified Colombian banks to launch its services in Colombia in an effort to replace cash payments and provide greater access to financial services for the country’s unbanked population.
MICROCAPITAL BRIEF: German KfW Bank Invests $3.28m in Equity in Invest India Micro Pension Services
Kreditanstalt für Wiederaufbau Entwicklungsbank (KfW), a German state-owned development bank, has invested USD 3.28 million in equity in Invest India Micro Pension Services (IIMPS), a New Delhi-based regulator of micro-pension and long-term micro-savings products for poor people, in order to expand pension services to the working poor [1].
MICROCAPITAL BRIEF: India’s Bandhan Microfinance Institution to Cut Interest Rates as a Commercial Bank
Bandhan Microfinance, a microfinance institution (MFI) based in Kolkata, India, has applied for a banking license to convert to a commercial bank, which reportedly will reduce costs, reduce interest rates on loans and increase the number of clients [1]. The current interest rate on loans that Bandhan offers is 22 percent; as a commercial bank it can potentially offer rates as low as 12 percent because it can fund loans from deposits, thus reducing its dependence on borrowing costly funds from other banks [2].
MICROFINANCE EVENT: 2013 Mobile Money for the Unbanked Global Event, July 8-11, 2013, Nairobi, Kenya
Event Name: 2013 Mobile Money for the Unbanked (MMU) Global Event
Event Date: July 8-11, 2013
Event Location: Sarova Stanley Hotel, Nairobi, Kenya
MICROCAPITAL BRIEF: Inter-American Development Bank Promotes Psychometric Testing for Screening Loan Applicants
The Inter-American Development Bank (IDB), a multilateral institution financing development efforts in Latin America, recently released an article arguing that psychometric testing can be used by financial institutions to reduce defaults on loans by 20 to 40 percent, increase profits by 15 to 30 percent and reduce operational costs associated with traditional credit evaluation and due diligence by approximately 60 percent.
MICROCAPITAL BRIEF: responsAbility Loans $8m to Banco Pichincha of Ecuador
ResponsAbility Social Investments, a Swiss investment company, has notified MicroCapital that it recently disbursed loans totaling USD 8 million to Banco Pichincha of Ecuador, a commercial bank that offers financial services to corporations; retailers; and micro-, small and medium-sized enterprises.
MICROCAPITAL BRIEF: Multilateral Investment Fund to Invest $5.8 million in Equity in Nxtp Labs of Argentina to Support Technology Start-Ups in Latin America
The Multilateral Investment Fund (MIF), a member of the US-based IDB (Inter-American Development Bank) Group, recently approved a USD 5 million equity investment and USD 750,000 in technical assistance for Nxtp Labs, an Argentina-based company that provides seed funding for entrepreneurs in Latin America seeking to establish technology-based businesses in exchange for an equity stake worth between two and ten percent.
MICROFINANCE PUBLICATION ROUND-UP: Global Mobile Money Adoption Survey, Eye Care for El Salvador’s “Base of the Pyramid,” Financial Needs in Rwanda
“State of the Industry: Results from the 2012 Mobile Money Adoption Survey;” by Claire Penicuad; published by Global System for Mobile Communications Association’s (GSMA’s) Mobile Money for the Unbanked program; 2012; 36 pages; available at http://www.gsma.com/mobilefordevelopment/wp-content/uploads/2013/02/MMU_State_of_industry.pdf
This report presents the results of the Global Mobile Money Adoption Survey, launched by GSMA’s Mobile Money for the Unbanked program “to allow mobile money service providers to benchmark their performance against their peers in the industry.”
MICROCAPITAL BRIEF: Indian Microfinance Institution Bandhan to Apply for Banking License
Indian microfinance institution (MFI) Bandhan Financial Services Private Limited reportedly has announced plans to apply for a banking license under the revised regulations on new bank licenses recently issued by the Reserve Bank of India, the country’s central bank.
MICROCAPITAL BRIEF: Indian Institute of Management at Ahmedabad (IIMA) Report Indicates Bandhan Clients Increased Wealth
The Indian Institute of Management, Ahmedabad (IIMA), a public business school located in the Indian state of Gujurat, recently released a report detailing the results of its impact study on Bandhan Financial Services Private Limited, an Indian microfinance institution.
MICROFINANCE PAPER WRAP-UP: “Unlocking the Potential: Women and Mobile Financial Services in Emerging Markets;” published by mWomen Global Development Alliance of the Global System for Mobile Communications Association (GSMA), Visa, Bankable Frontier Associates
Published by Global System for Mobile Communications Association’s mWomen Global Development Alliance, Visa and Bankable Frontier Associates; 2013; 40 pages; available at: http://www.gsma.com/mobilefordevelopment/wp-content/uploads/2013/02/GSMA-mWomen-Visa_Unlocking-the-Potential_Feb-2013.pdf
This report analyzes connections between mobile financial services and women’s financial inclusion in the developing world.
MICROCAPITAL BRIEF: CAF Development Bank of Latin America, Codespa Foundation Study Possible Trust Fund for Rural Producers in Ecuador
CAF Development Bank of Latin America, a Venezuela-based multilateral financial institution that was formerly Corporacion Andino de Fomento, is partnering with Codespa Foundation, a Spanish non-governmental organization that works with poor communities in developing countries, to undertake a feasibility study for the creation of a trust fund that would provide microfinance services to small-scale producers in rural Ecuador.
MICROCAPITAL BRIEF: Multilateral Investment Fund (MIF) Donates $360k to Fundacion para el Desarrollo Socioeconomico Rural (FUNDESER) of Nicaragua to Support Transition to Regulated Status Under SIBOIF
The Multilateral Investment Fund (MIF), a member of the US-based IDB (Inter-American Development Bank) Group, recently disbursed a grant of USD 362,000 to Nicaraguan nonprofit microfinance organization Fundacion para el Desarrollo Socioeconomico Rural (FUNDESER) to support the microlender in the process of becoming regulated by the country’s Superintendency of Banks and Other Financial Institutions, which is known by the Spanish acronym SIBOIF.