Massachusetts Institute of Technology (MIT) began offering a new design course this year called the NextLab Initiative which focuses on catering mobile technologies to the needs of users in developing countries. The projects in the class are comprised of three to five students with multi-disciplinary backgrounds and involve partnerships with localized field practitioners and non governmental organizations (NGOs). Students with technically and socially viable prototypes may obtain funding to prepare their technologies for full fledged deployment into the real world. The primary goals of the course projects are:
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NEWS WIRE: Microfinance Investor Institutions Signed on to the Client Protection Principles
NEWS WIRE: Microcredit : Altruism or Eploitation?
SOURCE: The Daily Star
NEWS WIRE: Good Health Helps Microfinance Borrowers Repay Loans
Source: San Francisco Chronicle
Original news wire here
Global microfinance leaders met Wednesday in San Francisco to discuss a cutting-edge strategy to get the world’s poorest borrowers to repay their loans: Keep them healthy.
PRESS RELEASE: Microinsurance Consortium Works to Improve Efficiency of Microfinance Insurance Market Using XBRL Standard
Source: UBmatrix.
MICROCAPITAL STORY: Google Grants $710,000 to Harvard Microfinance Technology Research
Harvard’s Entrepreneurial Finance Laboratory (EFL) received a grant from the philanthropic arm of Google last week. The grant totals $710,000 and will be used by EFL to develop ways to screen loan applicants in developing nations. Professor Asim ljaz Khwaja of the Kennedy School of Government, and Bailey Klinger, a fellow at the School’s Center for International Development, were the recipients of the grant. The two created the EFL in 2007 and have since directed its research.
MICROCAPITAL STORY: How Will The Center For Financial Inclusion Positively Affect Commercial Microfinance?
ACCION International, a microfinance organization founded in 1961 to address the desperate poverty in Latin America’s cities, has recently launched The Center For Financial Inclusion , a collaborative effort to promote commercial microfinance and simultaneously ensure that the needs of poor clients are being met. A key aspect of the Center is to connect the expertise of the non-profit, private and academic sectors to enhance the quality of microfinance. It is a sign of the times as commercial banks have been increasingly involved in socially responsible investing and the debate about what role for-profit activity should play in the microfinance sector continues to intensify.
NEWS WIRE: What Microfinance Institutions Can Teach Wall Street
Source: Times of India
TECHNOLOGY FOCUS: Rural users yet to take a call on mobile banking
SOURCE: Business Standard
Original story available here.
Mobile banking (m-banking) in India, viewed by the government as a potent tool for financial inclusion, is yet to clear many hurdles before it can fulfil its objective of reaching the unbanked masses. Primarily so, say analysts, since the mobile density in tier II and III cities, is 11 percent and 10 percent respectively.
MICROCAPITAL STORY: The Global Financial Crisis And Microfinance
As financial markets struggle internationally, some microfinance institutions (MFIs) have begun to see downstream effects in the form of rising lending rates. Royston Braganza, chief executive officer of Grameen Capital India observed “the demand for funds is high because microfinanciers have drawn up aggressive growth plans” and “the cost of funds remains a concern due to the 2 percent increase in just the last quarter.” These factors could make fundraising very difficult for microfinance institutions in cases where they have not built up proper reserves according to K. Vinod Kumar, Assistant Vice-President of member services at SKS Microfinance.
NEWS WIRE: Fund Tap Going Dry for Microfinanciers
Source: Daily News & Analysis.
MICROCAPITAL STORY: Gates Foundation Matches Rotary and Caster Foundation to Donate $600,000 to Opportunity International
USD 600,000 was raised by a cooperation between Opportunity International, the Bill and Melinda Gates Foundation, the Caster Foundation, and Rotary Clubs throughout the USA and Canada. The fundraising effort was initiated with an offer by the Gates Foundation to match and double funds raised for Opportunity International, up to a total donation of USD 400,000 by the Foundation. Thirty-six Rotary Clubs in and around San Diego, as well as clubs in Calgary, Canada and The Caster Foundation, joined this initiative to raise a total of USD 600,000 for Opportunity International, a network of partners and institutions that facilitate microfinance, microinsurance and microsavings globally. Bink Cook, co-chair of San Diego Rotary’s Microcredit Committee spoke of Rotary’s motivation to get involved saying that this was, “an ideal opportunity to collaborate in a major program with global impact“. The funds will be distributed by Opportunity International as microloans through their lending facilities in Ghana, where they have 117 thousand active clients and have already loaned USD 98.8 million. Opportunity International currently operates in ten African countries.
WHO’S WHO IN MICROFINANCE: A Little World
A Little World (ALW) is a company which creates technologies used in extending branchless banking services to the poor. While ALW is a for-profit corporation, its vision is to “touch a billion people through innovative technologies and alliances at the bottom of the pyramid for delivering multiple financial services at the lowest cost through mainstream financial institutions.” Currently, the company’s main project is the ZERO platform, which provides banking technologies via mobile phones.
PRESS RELEASE: Omidyar Network Expands Operations to Europe with Appointment of Ian Callaghan as Senior Director, Investments
Source: Omidyar Network.
MICROFINANCE EVENT: Justice K. S. Hegde Institute of Management in collaboration with the University of Pennsylvania Hold International Conference on Business Practices for Sustainable Social Change
BETTER BUSINESS PRACTICES FOR SUSTAINABLE SOCIAL CHANGE CONFERENCE
DECEMBER 29-30, 2008, JUSTICE K.S. HEDGE INSTITUTE OF MANAGEMNET CAMPUS, NITTE, INDIA
The conference is presented by Justice K S Hegde Institute of Management in partnership with the School of Social Policy and Practice, University of Pennsylvania. The conference costs are USD 100 for foreign delegates and INR 1000, equivalent to USD 21.54 (Bloomberg Currency Calculator) for Indian delegates.
NEWS WIRE: The Netherlands: Banks Invest $824.5m in Microcredit
Source: Dutch News.
NEWS WIRE: United States: Alex Counts of the Grameen Foundation “Reimagines” Microfinance in the Stanford Social Innovation Review
Source: Stanford Social Innovation Review.
PRESS RELEASE: A Little World a Branchless Banking Platform, Closes Series B
Source: A. Little. World .