MicroEnsure, a UK-based nonprofit microinsurance intermediary, has partnered with Bankers Assurance Corporation, a Filipino for-profit insurance company, and MI Central Corporation, a Filipino marketing and distribution company, to roll out a retail microinsurance product called Triple 10 in the Philippines.
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MICROCAPITAL BRIEF: Ears Earth Environment Monitoring of the Netherlands Offers Climate-based Crop Microinsurance System FESA Free to Microinsurance Retailers in Africa
Ears Earth Environment Monitoring Limited, a subsidiary of the Netherlands-based remote sensing company Ears Holding, is offering its Food Early Solutions for Africa (FESA) microinsurance system free of charge to microinsurance providers.
MICROFINANCE PUBLICATION ROUND-UP: Microfinance and Patriarchy, Connecting the World’s Poorest People to the Global Economy, “Best Practices” in Serving Small Businesses
“Microfinance and Patriarchy: A Drift Away from Serving Women;” published by Knowledge @ Wharton; 2013; 3 pages; available at: http://knowledge.wharton.upenn.edu/createpdf.cfm?articleid=3169
This report highlights the importance of gender equality in the provision of microfinance and focuses on the negative impacts of patriarchal attitudes on lending practices.
MICROCAPITAL BRIEF: Swiss Investment Company responsAbility Increases Debt Exposure to Bai Tushum & Partners of the Kyrgyz Republic to $11m
Switzerland’s responsAbility Social Investments has increased its debt exposure to Bai Tushum & Partners, a microfinance institution (MFI) in the Kyrgyz Republic, from USD 6 million to USD 11 million.
MICROCAPITAL BRIEF: Silatech, American Refugee Committee (ARC), Kaah Express to Offer Microfinance in Somalia
Qatar-based Silatech, a social enterprise that seeks to promote youth entrepreneurship and employment in the Arab world, and the American Refugee Committee (ARC), a US-based nonprofit that provides humanitarian assistance in Haiti, Asia, the Middle East and Africa, are partnering with Kaah Express, a US-based for-profit money transfer company, to introduce a new microfinance program in Somalia.
MICROCAPITAL BRIEF: IFC, Global Agriculture and Food Security Program Invest $10m in Root Capital for Farmers in Africa, Latin America
The International Finance Corporation (IFC), the private-investment arm of the US-based World Bank Group, and the private-sector office of the Global Agriculture and Food Security Program (GAFSP), a multilateral mechanism established by the G20 group of 20 large economies, have announced that each of the organizations will invest USD 5 million in Root Capital, a US-based nonprofit social investment fund.
MICROCAPITAL BRIEF: YouthStart Supports Opening of 40,000 Savings Accounts, Grants $640k to Faitiere des Unites Cooperatives d’Epargne et de Credit du Togo (FUCEC)
YouthStart, a program that aims to increase access to financial services for low-income youth in Sub-Saharan Africa, recently reported that approximately 40,000 young people in Burkina Faso, Ethiopia, Malawi, Rwanda, Senegal and Uganda have opened savings accounts with YouthStart’s partner institutions and deposited approximately USD 550,000 into those accounts since September 2012.
MICROCAPITAL BRIEF: Access Bank Plc of Nigeria Launches Early Savers Back to School Campaign to Promote Savings Among Kids
Access Bank Plc, a Nigerian commercial bank with branches in nine African countries and the UK, reportedly has launched an “Access Early Savers Back to School Campaign” aimed at instilling a savings culture in children in Nigeria.
MICROCAPITAL BRIEF: MicroEnsure Ghana Unveils “Edusave”, Incorporating Insurance, Savings, Education Finance
The Ghanaian arm of MicroEnsure UK, a microinsurance intermediary and subsidiary of US-based nonprofit Opportunity International, recently unveiled Edusave, a savings-linked life insurance and education finance product.
MICROCAPITAL BRIEF: FinMark Trust 2012 FinScope South Africa Survey: Banking Population Increased from 63% to 67% in Past Year
According to the recent FinScope South Africa survey from South African nonprofit FinMark Trust, 22.5 million individuals over the age of 16 are part of South Africa’s banking population, which is equivalent to 67 percent of the country’s adult population.
MICROCAPITAL BRIEF: Microfinance Institution Bai Tushum and Partners of Kyrgyz Republic to Transform to Bank Status
Bai Tushum and Partners, a microfinance institution (MFI) based in the Kyrgyz Republic, reportedly has received permission from the National Bank of the Kyrgyz Republic, the central bank of the country, to become a bank.
MICROCAPITAL BRIEF: Incofin Rural Impulse Fund II Completes Equity Investment in Microfinance Institution Azercredit of Azerbaijan, Volksvermogen Raises Stake to 10% in ProEmpresa of Peru
The Incofin Rural Impulse Fund II (RIF II), a microfinance investment vehicle (MIV) that mobilizes capital for rural microfinance institutions (MFIs), recently completed an equity investment of an undisclosed amount in Azercredit, an Azerbaijani MFI.
MICROCAPITAL BRIEF: MFTransparency Partners with Planet Rating, Microfinance Institutions Network (MFIN) of India to Improve Pricing Transparency
MFTransparency, a US-based nongovernmental organization (NGO), recently partnered with Planet Rating, a microfinance rating agency that is a member of the France-based PlaNet Finance Group, and Microfinance Institutions Network (MFIN), a trade association of microlenders in India.
MICROCAPITAL BRIEF: Incofin Investment Management Invests $2.4m in Equity in Indian Annapurna Microfinance
Incofin Investment Management, a Belgian company that manages microfinance investment funds, has paid INR 13 crore (USD 2.36 million) for an equity stake of undisclosed size in Annapurna Microfinance Private Limited, a for-profit microfinance company based in the Indian state of Orissa. Annapurna has nearly 125,000 clients across 18 districts in Orissa and a loan book of INR 35.78 crore (USD 6.49 million).
MICROCAPITAL BRIEF: Amid Concerns of a Bubble In Kyrgyzstan, 94 Microfinance Institutions Are Shut Down, 31% of Borrowers Owe Multiple Loans
According to a quote attributed to Fatima Eshimbekova of the World Bank Group’s International Finance Corporation (IFC), MFIs in Kyrgyzstan have doubled their aggregate loan portfolio since 2010.
MICROCAPITAL BRIEF: Progression Eastern African Microfinance Equity Fund (PEAMEF) Launches Operations in Kenya
Progression Eastern African Microfinance Equity Fund (PEAMEF), a limited-life investment fund incorporated in Mauritius, has launched its operations in Nairobi, Kenya, with a mission aimed at improving microfinance in Kenya, Tanzania, Rwanda, Zambia and Uganda.
MICROCAPITAL BRIEF: MicroEnsure Ghana to Launch Credit Health Insurance for Microfinance Clients
The Ghanaian branch of MicroEnsure, a UK-based subsidiary of nonprofit Opportunity International that serves as a microinsurance intermediary, has announced plans to offer credit health insurance to microfinance clients in Ghana.
MICROCAPITAL BRIEF: UK’s CDC Group Invests $10m in Progression Eastern African Microfinance Equity Fund (PEAMEF)
The CDC Group, a development finance institution owned by the UK government’s Department for International Development, has announced that it has invested USD 10 million in the Progression Eastern African Microfinance Equity Fund (PEAMEF), which will support microfinance institutions in Kenya, Rwanda, Tanzania, Uganda and Zambia.