Global Partnerships (GP), a nonprofit investor based in the US city of Seattle, Washington, has launched a partnership with Friendship Bridge, a US-based nonprofit microfinance institution that provides rural Guatemalan women with microcredit loans as well as business and preventive health education.
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MICROCAPITAL BRIEF: TransferTo Partners with AT&T, Taiwan Mobile, Korvac Holdings to Allow Customers to Send, Receive Phone Airtime in the Americas and Asia
TransferTo International, a telecommunications company incorporated in Singapore, recently partnered with AT&T, a US-based telecommunications provider, to allow AT&T mobile phone subscribers in the US to execute TransferTo International Top-Ups via short message service (SMS), also known as text messaging.
MICROCAPITAL BRIEF: Bamboo Finance of Luxembourg Acquires Accion Investment Fund for $105m
Bamboo Finance, a commercial investment firm based in Luxembourg, recently acquired Accion Investment Fund, a for-profit equity fund affiliated with the US-based nonprofit organization Accion, for USD 105 million.
MICROCAPITAL BRIEF: Bank for International Settlements Global Partnership for Financial Inclusion Conference Emphasizes Minimizing Regulation For Smaller Transactions
The Financial Stability Institute of the Bank for International Settlements (BIS), an international financial institution based in Basel, Switzerland, which aids central banks in their pursuit of monetary and financial stability, recently hosted its first Global Partnership for Financial Inclusion (GPFI) Conference with the theme “Promoting financial inclusion through proportionate standards and guidance.”
SPECIAL REPORT: Sanjay Sinha of M-CRIL Calls Overexuberant Growth “Recipe for Disaster” at European Microfinance Week Opening
This morning, following a day of member meetings, the European Microfinance Platform (e-MFP) opened its eighth European Microfinance Week, which is themed “Combining Strength, Delivering Results” and aims to address the loss of confidence in many circles that microfinance benefits poor people. In the opening plenary session, Sanjay Sinha, managing director of India’s Micro Credit Rating International Limited (M-CRIL), said that, “Moderate growth is good for inclusion. Rampant growth, which is what we had for a long time in India, is a recipe for disaster…. In order to reduce growth, we need to temper the egos of the promoters of microfinance institutions (MFIs). And we all know we need to dampen the expectations of investors – I’m talking mainly of the Indian commercial banking sector.”
MICROCAPITAL BRIEF: World Council of Credit Unions, Boom Financial to Offer Mobile Banking to Credit Unions Worldwide
The World Council of Credit Unions (WOCCU), a US-based trade association and support organization for credit unions, and Boom Financial, a US-based mobile banking, payments and money transfer provider, have partnered in an effort to assist credit unions worldwide in offering mobile banking services to their customers.
MICROCAPITAL BRIEF: 8th Annual Clinton Global Initiative: Commitments to Financial Access, Global Citizen Awards Presented
The eighth annual Clinton Global Initiative (CGI), which concluded on Wednesday, September 26, focused on the theme “Designing for Impact,” which was intended to promote the use of creativity and innovation to drive change, particularly through social investment and the empowerment of women. Approximately 150 new commitments to various projects were announced, as were progress reports for commitments made in previous years. The new commitments include:
MICROFINANCE PUBLICATION ROUND-UP: Microfinance Apexes; Confessions of a Microfinance Heretic; Selling Microinsurance
“A New Look at Microfinance Apexes;” by Sarah Forster, et al; published by CGAP (Consultative Group to Assist the Poor); July 2012; 26 pages; available at: http://www.cgap.org/p/site/c/template.rc/1.9.58459/
MICROFINANCE PUBLICATION ROUND-UP: Microfinance Trends in Latin America and the Caribbean; Livestock Insurance in India; Using “Digital Footprints” to Boost Financial Inclusion
“Latin American and the Caribbean Microfinance Market Trends 2006-2011;” by Renso Martinez Ramirez; published by Microfinance Information Exchange; June 2012; 22 pages; available at: http://www.themix.org/publications/mix-microfinance-world/2012/06/latin-american-and-caribbean-microfinance-market-trends-
MICROCAPITAL BRIEF: Multilateral Investment Fund Places $5m in Equity in Fund for Mexican SMEs
The Multilateral Investment Fund (MIF), an autonomous fund that was founded in 1993 by the US-based Inter-American Development Bank (IDB), has made a USD 5 million equity investment in Mexico Development Fund I (MDF-I), a venture capital fund focused on small and medium-sized Mexican businesses providing education, financial or retail services. MDF-I is managed by PC Capital Partners, a financial services firm based in Mexico.
MICROCAPITAL BRIEF: Accion Launches Microfinance Portfolio Management Service “Avanza”
Accion, a US-based nonprofit organization, recently launched a service called Avanza that manages retail microfinance portfolios for banks and microfinance institutions (MFIs).
MICROCAPITAL BRIEF: ResponsAbility Invests $6.3m in Financiera Crear of Peru, Ecofuturo of Bolivia
ResponsAbility Social Investments, a Swiss investment company, recently issued loans totaling USD 6.3 million to microfinance institutions (MFIs) in Peru and Bolivia.
MICROFINANCE PUBLICATION ROUND-UP: Financial Advisors on Sustainable Investing; Risk Management in Microfinance; Supply-Side Financial Inclusion Data
“Gateways to Impact: Industry Survey of Financial Advisors on Sustainable and Impact Investing;” published by Calvert Foundation; June 2012; 14 pages; available at: http://www.gatewaystoimpact.org/images/gatewaystoimpact.pdf
MICROCAPITAL BRIEF: Swarna Pragati Housing Microfinance, Accion Invest $4.5m in Saija Finance of India
Swarna Pragati Housing Microfinance Limited, an Indian housing finance company, and Accion, a US-based nonprofit, reportedly have invested USD 4.5 million in Saija Finance, an Indian microfinance institution (MFI).
MICROFINANCE PUBLICATION ROUND-UP: Impact of Property Insurance in Ghana; Priority Issues for the Microfinance Sector; Investment in Sub-Saharan Africa
“’Doing the Math’ with Property Insurance in Ghana;” by Barbara Magnoni, et al; published by the Microinsurance Centre; May 2012; 9 pages; available at: http://www.microinsurancecentre.org/milk-project/milk-docs/doc_details/868-milk-brief-10-qdoing-the-mathq-with-property-insurance-in-ghana.html
MICROCAPITAL BRIEF: NovoPayment Launches Reloadable Prepaid Mastercard LATODO in Peru
NovoPayment, a US-based prepaid card provider, in conjunction with its subsidiary Servitebca Peru, has released LATODO Mastercard, a general purpose reloadable (GPR) prepaid card program in Peru.
MICROCAPITAL BRIEF: Fairtrade, Incofin Launch Fund Offering Long-Term Microloans Starting in Latin America
Fairtrade International, a nonprofit based in Bonn, Germany, in conjunction with Grameen Foundation, a US-based nonprofit, and Incofin Investment Management, a Belgian for-profit microfinance investment manager, has launched the Fairtrade Access Fund, which will fund long-term loans to farmer to finance investments such as newer equipment.
MICROCAPITAL BRIEF: Central Bank of Nigeria Introduces Plans for Agent Banking, Documentation Requirements Increase as Account Usage Surpasses Multiples of $111
The Central Bank of Nigeria (CBN), Nigeria’s central banking authority, has introduced plans to encourage an agent-banking system in the country.