The UN’s International Fund for Agricultural Development (IFAD) recently announced a pair of programs that will operate in Kenya under the EU’s Platform for Remittances, Investments and Migrants’ Entrepreneurship in Africa (PRIME Africa). In particular, IFAD will fund
MICROCAPITAL BRIEF: She WINS Africa Program to Empower Women-led Startups
Women-led startups in sub-Saharan Africa are invited to apply for the “she Wins Africa” programme of the International Finance Corporation (IFC), a member of the World Bank Group. IFC plans to select 400 firms to receive training, mentorship, and
MICROCAPITAL BRIEF: First Consult, Mastercard Foundation, Seek to Create 400k Jobs in Ethiopia via Access to Finance, Wraparound Support for MSMEs, Entrepreneurs
Ethiopia’s First Consult and the Canada-based Mastercard Foundation recently launched a programme intended to increase financial inclusion and support 72,000 micro-, small and medium-sized enterprises (MSMEs) in Ethiopia to
MICROCAPITAL BRIEF: Elm of Saudi Arabia Partners with IrisGuard to Bring Biometric Identification to Government-to-person (G2P) Payments in Africa, Asia
IrisGuard, a UK-based payment processor that uses the iris of the human eye to identify recipients, recently partnered with Elm Company, an instrument of the Saudi Arabian government, to use biometric identification when distributing
MICROCAPITAL BRIEF: Axis Launches axisPay Mobile Money App for Small Businesses in Egypt
The Egypt-based firm axis recently launched its mobile banking app axisPay, after raising USD 8.25 million in seed funding in 2021. The app targets small enterprises and their employees, though a version for individual users is being tested. Among the app’s functions are to
MICROCAPITAL BRIEF: EIB Loans $214m to Sicredi for Solar Panels for Households, SMEs in Brazil
Banco Cooperativo Sicredi, a Brazil-based financial cooperative owned by its 6.5 million members, recently agreed to borrow EUR 200 million (USD 214 million) from the EU’s European Investment Bank (EIB). Sicredi plans to use the capital to equip houses and
MICROFINANCE EVENT: 8th Annual Symposium of the Nigerian Microfinance Platform; June 20-21, 2023; Lagos, Nigeria
This event is meant to serve as a platform for collaboration and the exchange of knowledge in support of financial inclusion. The agenda includes case studies, research and commentary from
MICROCAPITAL BRIEF: Uzpromstroybank (UzPSB) Borrowing $15m from EBRD for SMEs in Uzbekistan
The multilateral European Bank for Reconstruction and Development (EBRD) recently agreed to provide a two-year loan in local currency equivalent to USD 15 million to the Uzbekistani bank Uzpromstroybank (UzPSB) for on-lending to small and medium-sized enterprises (SMEs) in the country. Contingent on the performance of the wholesale loan, EBRD is planning to
MICROCAPITAL BRIEF: SBFC Raises $18m from Amansa for On-lending to Small Businesses, Households in India
SBFC Finance, a lender based in the Indian city of Mumbai, recently raised INR 1.5 billion (USD 18.3 million) in a sale of stock to Amansa Capital, a Singapore-based private equity firm. The transaction came ahead of SBFC’s planned IPO, which is slated to have a total value of INR
MICROCAPITAL BRIEF: KEPFIC Member Pension Funds Invest $61m in Acorn Holdings, Kenya Mortgage Refinance Company (KMRC) to Boost Affordable Housing
Kenya’s Acorn Holdings Africa and the Kenya Mortgage Refinance Company (KMRC) recently won investments from members of the Kenya Pension Funds Investment Consortium (KEPFIC), a group of funds that collaborate to invest in alternative assets. In particular, KEPFIC pension funds placed
MICROCAPITAL BRIEF: ADB, FinDev Canada to Partner on Investments in Market Development; Women’s Empowerment; Climate Change Adaptation, Mitigation in Asia, Pacific
The multilateral Asian Development Bank (ADB) and the Canadian government’s FinDev Canada recently announced a partnership to support projects in Asia and the Pacific that further FinDev Canada’s priority areas of “women’s economic empowerment, climate action and local market development.” In addition to identifying deals to co-finance, the organizations plan
MICROCAPITAL BRIEF: Sanad Fund for MSME Raises $26m from ASN Bank, Calvert Impact to Boost Financial Inclusion, Resilience in MENA
The Luxembourg-domiciled Sanad Fund for MSME recently agreed to borrow EUR 15 million (USD 16.5 million) from Algemene Spaarbank voor Nederland (ASN) Bank, a retail banking member of the Netherlands’ de Volksbank, and USD 10 million from the US-based NGO Calvert Impact Capital. Sanad intends to use the fresh funds to facilitate
MICROCAPITAL BRIEF: Futu Expanding Digital Investment, Financial Education Platform to Malaysia
The Hong Kong-based wealth management company Futu Holdings is adding Malaysia to the list of countries whose residents can access its investment platform Moomoo, following the firm’s local subsidiary receiving preliminary regulatory approval for the service. Moomoo allows
MICROCAPITAL BRIEF: Cubo Raises $3.5m in Debt, Equity to Boost Acceptance of Digital Payments by Microenterprises in Central America
El Salvadoran startup Cubo, in an effort to bring its digital payments solutions to Guatemala, Panama and Costa Rica, recently raised USD 3.5 million in seed financing from investors including IDB Lab, a member of the Inter-American Development Bank (IDB) Group, and three venture capital firms, Colombia-based Latin Leap, Peru’s Seedstars and India’s Soma Capital. Cubo expects the new funding to allow it to reach about
MICROCAPITAL BRIEF: MicroVest Lending $3.4m to Financiera Finexpar for Agriculture, SME Lending in Paraguay
MicroVest, an asset management subsidiary of US-based DAI Global, recently issued a loan of USD 3.4 million to the Paraguay-based microfinance institution (MFI) Financiera Finexpar to support the MFI’s lending activities, specifically the funding of small and medium-sized enterprises (SMEs) engaged in
MICROFINANCE EVENT: ANDE Annual Conference; September 12-14, 2023; Accra, Ghana
This event will observe the “half-way point” towards the 2030 target of achieving the 17 Sustainable Development Goals (SDGs) of the United Nations. It is themed “Accelerating Action: Small Business Solutions and the SDGs,” and is to focus on cataloging the progress and ongoing needs of small and
MICROCAPITAL BRIEF: Temenos Launches Artificial Intelligence Platform for Mortgage Lenders
Temenos, a Switzerland-based provider of software to financial institutions, recently expanded its product portfolio with a mortgage processing solution that leverages artificial intelligence (AI). Its aim is to “help lenders to deliver a personalised
MICROFINANCE EVENT: Africa Fintech Summit (AFTS); November 2-3, 2023; Lusaka, Zambia
Twice a year, this event convenes to promote collaboration on entrepreneurship as well as issues and opportunities regarding financial technology (fintech) in Africa. Following a pre-event dinner on November 1, the first day will include a