Advans Group, a Luxembourg-based microfinance organization with operations in nine low- and middle-income countries, recently partnered with Tagit, a Singapore-based mobile technology company, to develop a mobile banking application for Advans customers. The app will be based on
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SPECIAL REPORT: The SAM Innovators’ Village – What About the 2019 Iteration Convinced So Many to Return for the SAM 2021 Coming Up in October in Rwanda?
The SAM (Semaine Africaine de la Microfinance – African Microfinance Week in French) is a major five-day gathering dedicated to inclusive finance in Africa. Since the first SAM in 2013, the SAM has consistently offered a true ecosystem of events, including a two-day conference that this year will deeply explore the resilience of the sector and the populations it serves, thanks to the participation of a range of high-level speakers and panelists. Before and after the conference, participants will meet new partners and learn new skills at the Investors’ Fair, the Innovators’ Village and a wide assortment of free training sessions and workshops.
The Innovators’ Village is a key element of the SAM, showcasing innovative solutions that strengthen the resilience of individuals and organisations in the inclusive finance sector. It is also a meeting place, creating opportunities for synergies among a myriad of actors in the sector. At the Innovators’ Village, you’ll find a range of organisations that can strengthen the resilience to shocks of African institutions and populations through concrete tools, methodologies, products and services. Exhibitors will meet new potential customers and investors to develop their businesses, as well as partners for new projects. Practitioners likewise will identify innovative solutions that meet their needs and find potential partners and investors. Funders can identify innovative solutions with high potential for both social and financial returns.
Probably the most effective way to understand the value of the Innovators’ Village is through the words of leaders who have participated as exhibitors in the past and will return for this next edition of the SAM, which will take place in Kigali, Rwanda, from October 18 to 22, 2021.
Jarek Chuchla, Microfact Coordinator: Every single edition of the SAM is a
MICROCAPITAL BRIEF: Alpha Direct of Botswana Expands Insurance Service to Zambia, Plans Equity Raise
Botswana-based insurance underwriter Alpha Direct recently expanded its operations to Zambia under the name Alpha Insurtech Zambia. Alpha Insurtech is partnering with Zambia-based General Alliance Insurance to
MICROCAPITAL BRIEF: Oikocredit Providing $2.7m Loan, Technical Assistance to Fin’Elle to Support Women-owned SMEs in Côte d’Ivoire
The Netherlands-based cooperative Oikocredit recently lent EUR 2.3 million (USD 2.7 million) to Fin’Elle, a microfinance institution (MFI) that aims to empower female entrepreneurs in Côte d’Ivoire. Fin’Elle is a
MICROCAPITAL BRIEF: Sanad, Aavishkaar, Uncovered Participate in $4m Equity Raise by Sky.Garden of Kenya to Expand Its Digital Marketplace to Middle East, North Africa
The Luxembourg-domiciled Sanad Fund for MSME recently led a Series A investment in Sky.Garden, a Kenya-based e-commerce platform serving 15,000 micro-, small and medium-sized enterprises (MSMEs). Sky.Garden plans to use the fresh USD 4 million to expand into
MICROCAPITAL BRIEF: CDC Group Announces $50m Risk-sharing Facility with Absa Bank to Boost Lending to Households, MSMEs in Africa
CDC Group, a development finance institution backed by the UK government, recently announced a risk-sharing facility of USD 50 million in partnership with Absa Bank Limited, which is based in South Africa and operates in 14 African countries. Under the agreement, CDC will
MICROCAPITAL BRIEF: Baobab+ Raises $5m in Equity, Debt to Expand Pay-as-you-go Solar, Tablets in Cote d’Ivoire, Senegal
The French technology company Baobab+ recently raised EUR 2 million (USD 2.4 million) in equity from the Facility for Energy Inclusion Off-Grid Energy Access Fund (FEI-OGEF), an initiative of the African Development Bank (AfDB). Baobab+ also secured a loan of the same amount from the Energy Entrepreneurs Growth Fund (EEGF), which is
MICROFINANCE PAPER WRAP-UP: “Evidence Review of Women’s Groups and COVID-19: Impacts, Challenges, and Policy Implications for Savings Groups in Africa;” by Eva Namisango et al
This brief offers evidence on how COVID-19 has affected women’s savings groups in sub-Saharan Africa – with a specific focus on Nigeria and Uganda – including how these groups have helped to “mitigate the pandemic’s negative consequences.” In a savings group, members pool their savings, lend out these funds and share the resulting profits. In addition to
MICROCAPITAL BRIEF: Pngme, Data Processor for Lenders in Africa, Raises $3m in Seed Equity Round Led by EchoVC, Lateral Capital, Radical Ventures, Raptor Group
Pngme, a US-based financial data firm focused on African markets, recently announced it has closed its seed fundraising round at a volume of USD 3 million. Pngme offers an application program interface (API) that allows financial institutions to access and analyze
MICROCAPITAL BRIEF: DFC to Guarantee $10m in Borrowing by Trine to Invest in Solar Power in Latin America, Caribbean
The US government’s International Development Finance Corporation (DFC) recently agreed to cover half of potential losses on USD 20 million being raised by Trine AB, a Sweden-based solar investment platform, to support industrial solar ventures as well as mini-grids in Latin America and the Caribbean. This funding is sufficient to supply renewable energy to approximately 600,0
MICROCAPITAL BRIEF: Rent-to-Own Car Financier Planet42 of South Africa Secures Final Tranche of $13m Debt, Equity Package
Planet42, a car financier in South Africa, recently secured the closing portion of a funding package arranged by Verdant Capital, an African financial advisory firm, totaling USD 13 million in debt and equity. The names of
MICROCAPITAL BRIEF: Oolu Solar of Senegal Raises $8.5m in Equity with Participation from All On, DPI Energy, Gaia Impact, Persistent, RP Global
Oolu Solar, a Senegal-based startup aiming to provide affordable solar energy in West Africa, recently closed its Series B round of funding at USD 8.5 million, with Austria-based RP Global acting as the lead investor. Other participants included
MICROCAPITAL BRIEF: FEI OGEF Loans $4m to Bboxx to Expand “Pulse” Electric Power Management, Pay-as-you-go Solar Energy in DRC
The Off-Grid Energy Access Fund (OGEF), a debt fund of the Facility for Energy Inclusion (FEI), recently lent USD 4 million to Bboxx, a UK-based solar energy installation and financing firm that is active in Africa and Asia. The loan proceeds are slated to help Bboxx meet its agreement with
SPECIAL REPORT: During Pandemic, VSLAs Support Members Struggling with Barriers to Income, Education, Gender-based Violence, Lack of PPE
During 
a European Microfinance Week session on village savings and loan associations (VSLAs), speakers from several affiliates of Switzerland-based CARE International described their organizations’ responses to the COVID-19 pandemic. As the pandemic set in, they surveyed members of VSLAs, which commonly include 30 women, in various formats to learn how they were adjusting to the pandemic and what support they need.
Maryam Garba Usman of CARE Nigeria described her organization’s survey of 100 VSLAs, largely via an interactive voice response telephone system. The team also used a mobile app to distribute information on COVID-19 and a range of gender-related issues. Most groups continued to meet in person, incorporating social distancing. In addition to accessing financial services, VSLA members addressed problems such as gender-based violence, child marriage, interruptions to children’s education and
MICROCAPITAL BRIEF: Charm Impact Raises $360k in Equity to Expand Lending for Solar Energy in West Africa, India
Charm Impact, a UK-based lender to renewable-energy firms in developing countries, recently raised GBP 274,000 (USD 360,000) in equity financing through the UK-based crowdfunding platform Crowdcube. Charm plans to use the funds to scale up its operations
MICROCAPITAL BRIEF: Retail Capital Raises $6.8m for Merchant Cash Advances to SMEs in South Africa
Retail Capital, a provider of cash advances and asset financing to small businesses in South Africa, recently signed on to a credit line of ZAR 110 million (USD 6.8 million) arranged from an unspecified international investor by Verdant Capital, a Mauritius-based corporate finance firm. Verdant Capital reports that, since the COVID-19 pandemic, about 90 percent of Retail Capital’s clients have been authorized to
MICROCAPITAL BRIEF: African Development Bank (AfDB) Joins NASDAQ Sustainable Bonds Network with 10 Listings, Including “Fight COVID-19 Social Bond”
The African Development Bank (AfDB), a multilateral institution that works to alleviate poverty in Africa, recently joined the NASDAQ (National Association of Securities Dealers Automated Quotations) Sustainable Bonds Network (NSBN), an online platform promoting bonds that fund projects addressing the UN’s Sustainable Development Goals. As of July 2020, 10 of AfDB’s bonds are
MICROCAPITAL BRIEF: Planet42, Financier of Used Vehicles for Unbanked in South Africa, Raises $2.6m in Equity
Planet42, a lender in South Africa formerly named CarGet, recently raised EUR 2.3 million (USD 2.6 million) in equity to expand its “rent-to-buy” service for used cars in South Africa. Neither the names of the investors – a mix of private and institutional entities – nor the sizes of their stakes have been released.
Planet42 serves “the financially excluded…people ignored by banks…due to overly strict lending criteria.” The firm manages risk through “an automated scoring algorithm and securing its assets [via] title deed, tracking technology [and] comprehensive and mechanical insurance.” Clients submit a monthly rental payment and are offered a buy-out price that declines over five years to