Forest Capital, a unit of Nigeria-based Farmforte Limited, recently acquired Nigeria’s Kayvee Microfinance Bank for an undisclosed price. Based in Nigeria, Farmforte’s goal is
Search Results for: technology
MICROCAPITAL BRIEF: POSRocket Raises $5m to Expand Point-of-sale Payment Systems, Related Technology for Small Businesses in MENA
POSRocket, a Jordan-based provider of point-of-sale (POS) technology, recently raised USD 5.1 million in an equity round led by Algebra Ventures, an Egypt-based firm that invests in technology, and Sanad Fund for MSME, a Luxembourg-based vehicle targeting micro-, small and medium-sized enterprises (MSME) in the Middle East and North Africa (MENA). The other participating investors are
MICROCAPITAL BRIEF: EBRD, EU Lending $30m for MSMEs via ProCredit Bank Ukraine, Primarily for Green Technology
ProCredit Bank Ukraine recently agreed to borrow the approximate equivalent of USD 30 million from the UK-based European Bank for Reconstruction and Development (EBRD) and the EU. The funds, which are denominated in a mix of euros and Ukrainian hryvnia, are to be used for on-lending to micro-, small and medium-sized enterprises (MSMEs). The wholesale loan is part of the EU4Business-EBRD Credit Line,
MICROCAPITAL BRIEF: Microfund for Women (MFW) Expands Digital Capabilities via MoneyPhone Technology
Microfund for Women (MFW), a nonprofit microfinance institution in Jordan, recently partnered with MoneyPhone, a Netherlands-based financial technology (fintech) company, to enhance its digital offerings in response to the COVID-19 pandemic. Bdour Al-Hyari, the director of strategic planning and business development at MFW, cited the “opportunity for us to introduce new digital services, such as
MICROCAPITAL BRIEF: Common Cents Lab, IDB, Mastercard, MercadoLibre Harnessing Behavioral Economics, Technology in Effort to Bolster Financial Stability of Entrepreneurs, SMEs in Latin America
The Inter-American Development Bank (IDB), a multilateral financial institution that promotes economic development in Latin America and the Caribbean, recently partnered with US-based Common Cents Lab, US-based financial services company Mastercard and Argentina-based e-retailer MercadoLibre on a program intended to improve the ability of entrepreneurs as well as small and medium-sized enterprises (SMEs) “to prepare for, deal with and recover later from economic shocks.” Over two years, the partners will design and test “behavioral-informed interventions,” such as reminders, deadlines or social pressure, “within the MercadoLibre platform and
MICROCAPITAL BRIEF: India’s DeHaat Raises $30m in Equity for Agricultural Technology from Prosus Ventures, RTP Global, AgFunder, FMO, Omnivore, Sequoia India
DeHaat, an India-based agriculture technology (agritech) company, recently raised USD 30 million in Series C funding. Prosus Ventures, a technology investor based in the Netherlands, led the round, with RTP Global, a Russia-based venture capital firm, also investing in DeHaat for the first time. The following entities increased their stakes
MICROCAPITAL BRIEF: Gaia Impact Fund Invests Equity in Innovex, Solar Technology Distributor in East Africa, DRC
Gaia Impact Fund, which is based in France and focuses on renewable energy, recently agreed to place a seed equity investment in Innovex, a Uganda-based technology firm that is active in solar power in five African countries. The terms of the investment have not been released.
Innovex was founded in 2015 by Douglas Baguma and David Tusubira. Its business is
MICROCAPITAL BRIEF: Microsoft, IFC to Support Women Entrepreneurs, Forcibly Displaced Populations in Brazil with Business, ESG, Technology Training
Microsoft, a US-based technology firm, and the International Finance Corporation (IFC), a member of the World Bank Group, recently entered a partnership to deliver business and technology training in Brazil. This is to result in: (1) a publicly available workshop on January 26 regarding how to incorporate environmental, social and governance (ESG) elements into a young business; (2) technology train
MICROCAPITAL BRIEF: DFC Launches $75b “Roadmap for Impact” to Reach 30m in Developing Countries by 2025 with Healthcare, Financial Inclusion, Technology, Energy, Food Security, Water, Sanitation, Hygiene
The US International Development Finance Corporation (DFC), a government-backed institution, recently announced its first global development strategy, which is called “The Roadmap for Impact.” This Roadmap involves harnessing partnerships valued at a total USD 75 billion “to reach more than 30 million people in developing countries by 2025…[and] support the response to the COVID pandemic.” DFC plans to
MICROCAPITAL BRIEF: Malaysia Digital Economy Corporation (MDEC), Mastercard Partner on E-money, Payment Cards, Islamic Fintech, Mentoring, Technology Training for Girls
The Malaysia Digital Economy Corporation (MDEC), a government-controlled entity, recently signed a memorandum of understanding with Mastercard, a US-based payments company, to “facilitate the rollout of Mastercard payments and business technologies” in Malaysia. The goals of the agreement include to:
MICROFINANCE PAPER WRAP-UP: “Digital Technology in Social Assistance Transfers for COVID-19 Relief: Lessons from Selected Cases;” by Alan Gelb, Anit Mukherjee; Published by Centre for Global Development
In this paper, the authors analyze the use of digital technology to implement government-to-person (G2P) social transfer programs in response to the COVID-19 pandemic in Brazil, Colombia, India, Namibia, Pakistan, South Africa and Togo. The analysis is organized around the following steps in the process:
MICROCAPITAL BRIEF: Fundacion Kodea of Chile Wins $100k JK Visionaries Award from IDB for Training Women, Youth in Technology Skills
The Inter-American Development Bank (IDB), whose membership comprises 48 nations, recently announced that Fundacion Kodea of Chile is the first-place winner of the 2019-2020 JK Visionaries Award. The award is for organizations that are successful in
MICROCAPITAL BRIEF: Symbiotics Launches $6.7m Bond for Samunnati, Provider of Microfinance, Market Access, Technology to Agricultural Sector in India
Symbiotics, a Switzerland-based investment company, recently launched a bond issue intended to raise INR 500 million (USD 6.75 million) for Samunnati Financial Intermediation & Services Private Limited, a for-profit non-banking financial company in India. The proceeds will flow
MICROCAPITAL BRIEF: Banco del País, Citibank, DFC, Microsoft, Government of Taiwan, Collaborate to Support Women-led SMEs, “Gender-smart” Investing, Technology Infrastructure
The US International Development Finance Corporation (DFC), a government-backed institution, recently announced it will participate in the following initiatives promoting the economic empowerment of women:
1) The office of the US President and DFC increased the target of funds to be mobilized through the 2X Women’s Initiative of the Women’s Global Development and Prosperity (W-GDP) Initiative to USD 6 billion. 2X Women was launched in 2018 and has since documented
MICROFINANCE EVENT: ICT4D (Information Communications Technology for Development) Conference; January 12, 2021; Virtual – NEW DATES AND FORMAT
The event had been scheduled to take place in Abuja, Nigeria, from April 21-23, 2020.
This conference will bring together approximately 900 delegates to explore the use of digital innovations to adapt to global challenges, such as providing humanitarian relief and building infrastructure to increase access to technology for poor people. Specific topics
MICROCAPITAL BRIEF: CDC Group of UK Investing $2.6b in Africa Over 2 Years; $387m Announced for MSMEs, Mid-caps, Renewable Energy, Technology
The CDC Group, a development finance institution owned by the UK government’s Department for International Development, has committed to investing GBP 2 billion (USD 2.6 billion) in African businesses over the next two years. This follows its recent announcement
MICROCAPITAL BRIEF: Canada, UN Collaborate on Women Entrepreneurs’ Access to Microfinance, Technology in Bangladesh
As part of a five-year, six-country effort, Catalyzing Women’s Entrepreneurship: Creating a Gender-responsive Entrepreneurial Ecosystem, the governments of Bangladesh and Canada are collaborating with the UN to create an enabling environment for women in business. With the goal of supporting “poverty reduction, social well-being and
MICROCAPITAL BRIEF: Microfinance Information Exchange to Discontinue MIX Market, Focus on Financial Technology (Fintech), Agricultural Finance
The US-based nonprofit Microfinance Information Exchange (MIX) recently announced that it will focus exclusively on “catalytic data initiatives” in financial technology (fintech), digital finance and agricultural finance. The NGO will stop adding to