by the MicroCapital Team -

MICROCAPITAL BRIEF: Inclusivity Solutions, Provider of Insurance Technology (Insurtech) in Cote d’Ivoire, Kenya and Rwanda, Raises Equity Investments from Goodwell, Allan Gray, RGAx

Inclusivity Solutions, a South Africa-based provider of digital insurance services, recently raised USD 1.5 million in an equity round led by Goodwell Investments, a Netherlands-based investor in “inclusive growth” in Africa and India. Inclusivity has distributed insurance policies to 530,000 people via wireless service providers Cote d’Ivoire, Kenya and Rwanda. The firm plans to use its new cash to grow in these markets as well as to expand to other countries.

The managing partner of Goodwell Investments, Wim van der Beek, said, “…we believe that collaborative insurtech solutions like Inclusivity Solutions are best positioned to reach large numbers of underserved consumers” because of

by Jolene Khor -

MICROCAPITAL BRIEF: WWB, Gates Foundation Issue FinTech Innovation Challenge to Promote Financial Inclusion for Unbanked, Underserved Women via Technology

Women’s World Banking (WWB), a US-based charitable organization, has called on organizations to partake in its FinTech Innovation Challenge, which seeks to identify financial technology (fintech) solutions that address the needs of women, 1 billion of whom do not have access to financial services. The competition is co-sponsored by the US-based Bill & Melinda Gates

by the MicroCapital Team -

MICROCAPITAL BRIEF: NpM Unveils Database of Funders of Agtech (Agricultural Technology) in Africa, Asia

NpM, formerly known as the Netherlands Platform for Microfinance, recently rolled out a database of approximately 200 funders of agricultural technology (agtech) in Africa and Asia. Users can filter the funds by factors including

by Jolene Khor -

MICROFINANCE PAPER WRAP-UP: “Financial Inclusion Through Technology: Digital Pathways in Financial Inclusion;” Published by the European Microfinance Platform

By Sam Mendelson, Lucia Spaggiari, Chiara Pescatori, Gabriela Erice, Gemma Cavaliere and Daniel Rozas; published by the European Microfinance Platform (e-MFP); May 2019; 44 pages; available at http://www.e-mfp.eu/resources/european-dialogue-financial-inclusion-through-technology

This report presents the work of the top ten competitors for the 2018 European Microfinance Award, with the goal of illustrating ways financial service providers (FSPs) can leverage technology to improve their services for low-income and other financially excluded clients. (The award

by Umit Naz Deryaoglu -

MICROFINANCE EVENT: ICT4D (Information and Communications Technology for Development); April 30 – May 3, 2019; Kampala, Uganda

This event will focus on how technology can help meet the UN’s sustainable development goals. Although this year’s session titles have not yet been released, they will address topic areas such as Digital Financial Inclusion, Agriculture & Environment,

by the MicroCapital Team -

SPECIAL REPORT: Advans Cote d’Ivoire Wins $113k European Microfinance Award for Inclusive Finance Through Technology

Last European Microfinance Platformnight, Advans Cote d’Ivoire (CI), a microfinance institution in Cote d’Ivoire, won the European Microfinance Award 2018, which was themed “Financial Inclusion through Technology” and includes a cash prize of EUR 100,000 (USD 113,000). Advans CI, a member of the Advans Group, offers payment, saving and credit services that can be linked to MTN mobile money accounts. The cocoa farmers who are customers of Advans CI were having trouble with traceability and safety issues related to being paid by cooperatives in cash. They were also having trouble saving money from harvest time until the school year begins, resulting in low school enrollment. Advans CI responded by creating a

by the MicroCapital Team -

SPECIAL REPORT: Advans Cote d’Ivoire, ESAF Small Finance Bank, KMF Are Finalists for European Microfinance Award on Financial Inclusion Through Technology

On the 20th of September, the Selection Committee for the European Microfinance Award 2018 on “Financial Inclusion through Technology” chose the three finalists that will go on to compete for the EUR 100,000 (USD 118,000) prize: Advans CI of Ivory Coast, ESAF Small Finance Bank of India and KMF of Kazakhstan.

This year, the Award has highlighted the role of technology in advancing financial inclusion, showing how technology-enabled services and solutions can help financial services providers such as microfinance institutions increase outreach to low-income and vulnerable segments, offering products and services capable of responding to clients’ needs for trust, speed, low cost, security, usability and

by Nicholas Galimberti -

MICROCAPITAL BRIEF: 4Di Capital, Accion Venture Labs, Lireas Holdings Invest Equity in Insurance Technology (Insurtech) Firm Lumkani of South Africa

Lumkani, a South Africa-based technology firm specializing in fire insurance and detection equipment, recently received equity investments of undisclosed amounts from the South Africa-based venture capital

by the MicroCapital Team -

SPECIAL REPORT: May 30 Is NEW Deadline to Apply for $123k European Microfinance Award for Financial Inclusion Through Technology

From the European Microfinance Platform (e-MFP):

The 2018 Award “Financial Inclusion through Technology” is intended to highlight how financial services providers can use technology innovations to expand outreach, broaden product offerings, improve the client experience, and increase operating efficiency, all guided by an unwavering focus on socially responsible finance. All applications must be supported in writing by an e-MFP member. The closing date for applications has been extended to the 30th of May 2018, 23:59 CET.

The European Microfinance Award is

by the MicroCapital Team -

SPECIAL REPORT: Q & A on the $120k European Microfinance Award for Financial Inclusion through Technology

MicroCapital: Each year, the European Microfinance Award covers a different theme. Why technology and why now?

Christoph Pausch: We are at a fascinating time in the evolution of financial inclusion. A whole new range of technology-enabled solutions has the potential to reduce costs, improve efficiencies, facilitate com­munication and remove artificial borders for people who have been excluded from the formal economy. These solutions include credit, insurance, savings, payments and transfer services. As a strengthening alternative to cash, mobile money can have special benefits for women, rural communities and the very poor. Among the Award applicants, we hope and expect to see a real diversity of financial services providers beyond traditional MFIs, such as

by the MicroCapital Team -

MICROCAPITAL BRIEF: IDB Establishing “Retirement Savings Laboratory” to Test Behavioral, Technology Interventions to Encourage People in Latin America, Caribbean to Save

The Inter-American Development Bank (IDB), a member of the US-based IDB Group, recently announced that it is launching a Retirement Savings Laboratory to pilot-test and evaluate approximately 15 methods for encouraging “low-income and independent workers” to save for retirement. The goal is to get 400,000 people to begin saving “through interventions based on behavioral economics and the use of new technologies.” Further, according to Carmen Pagés, the chief of the Labor Market Division of IDB, “IDB wants to generate reliable evidence, through rigorous impact

by the MicroCapital Team -

SPECIAL REPORT: $123k European Microfinance Award for Financial Inclusion Through Technology: Application Period Open Through May 23, 2018

From the European Microfinance Platform (e-MFP):

The 2018 European Microfinance Award on “Financial Inclusion through Technology”

The 2018 Award intends to highlight how financial services providers can use technology innovations to expand outreach, broaden product offerings, improve the client experience, and increase operating efficiency, all guided by an unwavering focus on

by the MicroCapital Team -

MICROCAPITAL BRIEF: Malaysia Distributing $6m in Microcredit for Younger Chinese-Malaysians to Boost Their MSMEs via Technology

The government of Malaysia recently committed MYR 25 million (USD 6.4 million) to a microcredit program intended to help Chinese-Malaysian business owners to “evolve their businesses into tech-savvy outfits.” The program, called the Micro-Credit E-Commerce Scheme, is targeting entrepreneurs in Malaysia who are aged 18 to

by the MicroCapital Team -

MICROFINANCE EVENT: ICT4D (Information and Communications Technology for Development); May 8 – 10, 2018; Lusaka, Zambia

Summary of Event: This event will address how technology can help meet the UN’s Sustainable Development Goals. Sessions will be themed around areas including Digital Financial Inclusion, Agriculture & Environment, and

by Ryan Gauthier -

MICROCAPITAL BRIEF: Analytics Private Limited (APL) to Use IBM Technology to Help FINCA Pakistan Understand Customers Better, Improve Digital Financial Services

FINCA Pakistan, an affiliate of the US-based Foundation for International Community Assistance (FINCA International), recently hired Analytics Private Limited (APL), a Pakistani technology company, to help it deepen

by Aleksandr Marceau -

MICROCAPITAL BRIEF: Everex Raises $17m in “Initial Coin Offering,” Anticipates Offering Mobile Remittances, Microcredit Using Blockchain Technology in 2018

Everex, a Singapore-based startup with plans to offer microfinance services using its own virtual currency, recently closed its first

by the MicroCapital Team -

SPECIAL REPORT: Stimulating the Uptake and Impact of Remittances in Southeast Asia through Technology

AtBanking With the Poor Network the 2016 Mekong Financial Inclusion Forum, Ron Bevacqua, Managing Director of ACCESS Advisory, asked what gaps in local payment systems can be closed by digital services. Juanita Woodward, Singapore Country Director at WorldRemit, said “I think we are at a tipping point with