Opportunity Fund, a nonprofit organization based in the US state of California that offers microloans and microsavings primarily to people in the San Francisco Bay area; ACCION International, a microfinance organization that provides lending and financial education to small businesses in twenty-three countries; and Kiva, a US-based online portal that allows individuals to make loans to microfinance institutions (MFIs) for on-lending to poor people in sixty countries, hosted the Microfinance USA Conference 2011 on May 23 and May 24 in New York City.
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MICROCAPITAL BRIEF: Haiti Mobile Money Initiative, Managed by World Council of Credit Unions (WOCCU), Continues to Seek Recipients for $12m in Grants for Development of Mobile Payment Platforms from Gates Foundation, USAID
The Haiti Mobile Money Initiative (HMMI), a competition developed by the Haiti Integrated Finance for Value Chains and Enterprises (HIFIVE) that provides prize money from the Bill and Melinda Gates Foundation and US Agency for International Development (USAID), continues to accept proposals from private sector organizations to develop mobile money services in Haiti.
MICROCAPITAL BRIEF: Multilateral Investment Fund (MIF) Makes $3m Debt Investment in Fondo de Capital Privado Inversor of Colombia to Support Small and Medium-Sized Enterprises (SMEs) That Serve Poor People
The Multilateral Investment Fund (MIF), an investment fund administered by the US-based Inter-American Development Bank (IDB), recently loaned USD 3 million to the Fondo de Capital Privado Inversor (FCPI), a Colombia-based venture capital fund.
MICROCAPITAL BRIEF: Mexican Microfinance Institution (MFI) Financiera Independencia Places Certificados Bursatiles (Notes) Worth $128m
Financiera Independencia, a Mexican microfinance institution (MFI), has announced the successful placement of unsecured certificados bursatiles (notes) with an aggregate principal value of MXN 1.5 billion (USD 128 million).
MICROCAPITAL BRIEF: Mexican Microfinance Institutions (MFIs) Credito Real, Financiera Independencia Report Brisk Bond Sales
Mexican microfinance institutions (MFIs) Credito Real SA and Financiera Independencia SAB have reported gains in bond sales that are double those of the average of bank in Latin America [1].
MICROCAPITAL BRIEF: Inter-American Development Bank (IDB) Establishes “Flexible Financing Facility” for Countries in Latin America, Caribbean
The Inter-American Development Bank (IDB), a US-based multilateral finance institution that operates in Latin America and the Caribbean, has established a “Flexible Financing Facility” (FFF) that will give Latin American and Caribbean countries flexibility in loan terms and conditions as well as allowing the use of hedges to manage interest rate and currency risks associated with loans from IDB [1].
MICROCAPITAL BRIEF: Global Partnerships Social Investment Fund (SIF) 2010 Loans $700k to FONDECO of Bolivia, Enlace of El Salvador
Global Partnerships (GP), a microfinance organization based in the United States, recently reported to MicroCapital that it made debt investments totaling USD 700,000 in microfinance institutions (MFIs) in Bolivia and El Salvador [1].
MICROCAPITAL BRIEF: responsAbility Loans $3.9m to Microfinance Institutions Financiera Confianza, Cooperativa Agropecuaria Limitada Naranjillo of Peru
responsAbility Social Investments AG, an investment company based in Switzerland, recently reported to MicroCapital that it loaned the equivalent of USD 3.9 million to microfinance organizations Financiera Confianza and Cooperativa Agropecuaria Limitada Naranjillo of Peru.
MICROCAPITAL BRIEF: Mexican Microfinance Institution (MFI) Banco Compartamos Reports First Quarter Profits Up 14% to $39m, Plans to Expand to Guatemala
Banco Compartamos, a Mexican microfinance bank, reported net income growth of 14.8 percent to MXN 459 million (USD 39.5 million) and net operating income growth of 19.2 percent to MXN 702 million (USD 60.4 million) for the first quarter of 2011, as compared with the same period in 2010. Increased revenues came primarily from delinquency fees and voluntary life insurance premiums, resulting in growth of 21.6 percent over the first quarter of 2010.
MICROCAPITAL BRIEF: responsAbility of Switzerland Loans $6.9m to FIE Grand Poder of Argentina, Corporacion Narino Empresa y Futuro (Contactar) of Colombia, Banco Solidario of Ecuador, Arasy Organica of Paraguay
responsAbility Social Investments AG, an investment company based in Switzerland, recently reported to MicroCapital that it loaned the equivalent of USD 6.92 million to microfinance organizations Argentina, Colombia, Paraguay and Ecuador.
MICROCAPITAL BRIEF: Dutch Development Finance Institution FMO Invests $4.4m in Global Partnerships Social Investment Fund 2010
Global Partnerships (GP), a microfinance organization with offices in the United States and Nicaragua, recently reported to MicroCapital that the Netherlands Development Finance Company (FMO) has invested USD 4.4 million in the Global Partnerships Social Investment Fund (SIF) 2010, raising the fund’s capital to USD 25 million.
MICROCAPITAL BRIEF: Global Partnerships (GP) Renews Existing Loan, Makes New $500k Loan to Pro Mujer Nicaragua; Converts $1.2m Loan into Local Currency for Credivision Peru
Global Partnerships (GP), a microfinance organization with offices in the United States and Nicaragua, recently reported to MicroCapital that it made new loans and renewed existing loans to microfinance institutions (MFIs) in Latin America worth USD 2.3 million.
MICROCAPITAL BRIEF: World Bank Group Publishes Guide to Reducing Fraud in Mobile Banking Services for Unbanked Clients, “Protecting Mobile Money Against Financial Crimes”
The World Bank Group, a Washington, DC-based group of five institutions with a mission to fight poverty and improve living standards for people in the developing world, has published a book titled “Protecting Mobile Money Against Financial Crimes”. The book was written as a guide to delivering mobile banking services to unbanked customers in rural areas [1]. Based on fieldwork in eight markets including Kenya, Malaysia, Mexico, the Philippines and Zambia and research in more than ten countries, the book suggests approaches to mitigate the risks associated with mobile money [1].
MICROCAPITAL BRIEF: Peruvian Microfinance Institution (MFI) Mibanco Seeks $60m Syndicated Loan from International Finance Corporation (IFC), Grupo ACP Issues $85m in Bonds
Mibanco, a Peruvian microfinance institution (MFI), is seeking a syndicated loan in an amount equivalent to USD 60 million from the International Finance Corporation (IFC), the private-investment arm of the World Bank Group.
MICROCAPITAL BRIEF: Fundacion Microfinanzas BBVA Launches Spanish-Language “Universal Code for Corporate Governance”, “Guide to Adopting Good Governance Principles” Targeted at Latin American Microfinance Sector
Fundacion Microfinanzas BBVA (BBVAMF), a nonprofit created in 2007 as a subsidiary of multinational bank BBVA of Spain, recently launched its “Universal Code for Corporate Governance” and “Guide to Adopting Good Governance Principles” for microfinance institutions (MFIs) in Latin America [1,2].
MICROCAPITAL BRIEF: Mexican Microfinance Institution (MFI) Compartamos Banco to Acquire 82% Stake in Peruvian Lender Financiera Creditos Arequipa SA
Compartamos Banco, a Mexico-based microfinance institution (MFI), has announced that it plans to acquire an 82.7-percent stake in Financiera Creditos Arequipa SA (Financiera Crear), a Peruvian MFI, for USD 63 million. This acquisition is the first in Compartamos Banco’s expansion into international markets that was announced in MicroCapital stories dating back to April 2010.
MICROCAPITAL BRIEF: Microcredit Summit Campaign Releases State of the Microcredit Summit Campaign Report 2011, Reports 128m Poor People Received Microfinance Loans in 2009
The Microcredit Summit Campaign, a project that was launched in 1997 by US-based nonprofit advocacy group RESULTS Educational Fund (REF), recently released the State of the Microcredit Summit Campaign Report 2011, a plenary account of the recent trends, challenges and achievements in the microfinance industry, at the National Press Club in Washington, DC. The report indicated that 128 million poor people received microloans in 2009, more than was recorded in any of the organization’s previous reports. In 1997, 7.6 million were estimated to have received microloans.
MICROCAPITAL BRIEF: Mexican Microfinance Institution (MFI) Financiera Independencia Announces Completion of Acquisition of Apoyo Financiero Incorporated (AFI) of California
Financiera Independencia, a Mexican microfinance institution (MFI) recently announced the closure of its acquisition of 77 percent of the shares of Apoyo Financiero Incorporated (AFI), an MFI that serves the unbanked Hispanic community in the US State of California.