The Grameen Credit Agricole Foundation (GCAF), whose head office is in Luxembourg, recently informed MicroCapital that it is disbursing loans to: (1) Agency for Finance in Kosovo (AFK) in the amount of EUR 1.4 million (USD 1.6 million),
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MICROCAPITAL BRIEF: Triple Jump, MicroVest Lend $10m to Indian Microfinance Institution Aye Finance
Aye Finance, a non-banking financial company-microfinance institution (NBFC-MFI) in India, recently issued USD 10 million in non-convertible debentures in undisclosed portions to two microfinance fund management firms, Netherlands-based Triple Jump BV and US-based MicroVest Funds. Aye intends to use the proceeds to expand its small and medium-sized enterprise (SME) loan portfolio.
MICROCAPITAL BRIEF: India’s RBL Bank Completes Ownership of Microfinance Institution (MFI) Swadhaar Finserve with Equity Purchases from Accion, Individual Investors
RBL Bank Limited, an Indian commercial bank formerly known as Ratnakar Bank Limited (RBL), recently bought out the other owners of Swadhaar Finserve Private Limited (SFPL), a microfinance institution (MFI) providing loan, deposit and insurance services to low-income households as well as micro-, small
MICROCAPITAL BRIEF: OPIC Loans $100m to Grupo Lafise for Housing, Consumer, SME Lending in Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, Panama
The Overseas Private Investment Corporation (OPIC), an agency of the US government that seeks to facilitate investment by US-based firms in developing countries, recently loaned USD 100 million to the Panama-based Grupo Lafise, whose holdings provide retail banking, investment banking, export
MICROFINANCE EVENT: Global SME Finance Forum and Awards; November 5 – 7, 2018; Madrid, Spain
At this year’s gathering, approximately 500 people will discuss the theme “Reaching the Informal: the Role of Finance in Improving the Growth and Productivity of SMEs,” including how access to digital banking services allows small and medium-sized enterprises (SMEs) to address
MICROCAPITAL BRIEF: IDB Buys $3m Equity Stake in Digital Lender, Payments Provider Moni of Argentina
IDB Invest, the private sector arm of the Inter-American Development Bank (IDB) Group, recently invested USD 3 million in Moni Online, a financial technology (fintech) firm whose app allows users – who are primarily in Mexico and Argentina – to pay bills as well as apply for and receive loans with
MICROCAPITAL BRIEF: Global Index Insurance Facility Issues Mayfair Performance-based Funding to Expand Crop Cover in Zambia
Mayfair Insurance Company Zambia, a subsidiary of Mayfair Insurance Company Kenya, recently secured an unspecified amount of additional funding for its crop insurance product from the Dutch government via the Global Index Insurance Facility of the World Bank Group’s International Finance Corporation (IFC). The goal is to help farmers both “protect their crops against losses and
MICROCAPITAL BRIEF: Overseas Private Investment Corporation (OPIC) Commits $350m to Female Entrepreneurship, Women-led Private Equity Funds in Emerging Markets via 2X Women’s Initiative
The Overseas Private Investment Corporation (OPIC), an agency of the US government that seeks to facilitate investment by US-based firms in developing countries, announced yesterday that it is committing USD 350 million to businesses and private equity funds led by women in developing countries. The includes applying a “gender lens to all the projects OPIC considers.”
OPIC CEO Ray Washburne said, “OPIC is proud to drive this effort through its 2X Women’s Initiative, which will mobilize USD 1 billion in investments to
MICROCAPITAL BRIEF: EFSE Loans $18m to Garanti Leasing of Romania to Finance MSMEs
The European Fund for Southeast Europe (EFSE), a Luxembourg-domiciled fund that promotes economic development primarily through financing micro- and small enterprises, recently extended a senior loan of
MICROCAPITAL BRIEF: Zambia Introduces National Financial Inclusion Strategy with Support from World Bank Group
The government of Zambia recently initiated a National Financial Inclusion Strategy with support from the World Bank Group (WBG), a multilateral institution seeking to improve the living standards of people in developing countries. The strategy is linked with a Financial Sector Development Policy and a Financial Capability Survey Report in an effort to promote “universal access” to a greater diversity of financial products. The Finance Minister of Zambia, Felix Mutati, said of the strategy,
MICROCAPITAL BRIEF: World Bank Group, Committee on Payments & Market Infrastructures (CPMI), UN’s International Telecommunication Union Launch “Financial Inclusion Global Initiative” to Study Digital Finance
The World Bank Group, the Switzerland-based Committee on Payments and Market Infrastructures (CPMI) and the UN’s International Telecommunication Union (ITU) recently introduced
MICROCAPITAL BRIEF: KMF and Bereke of Kazakhstan, Vasham of Indonesia Borrow $5.1m from Grameen Credit Agricole Microfinance Foundation
The Grameen Credit Agricole Microfinance Foundation (GCAMF), a Luxembourg-based provider of financial services primarily to microfinance institutions, recently informed MicroCapital that it has committed to extending the following local-currency loans in phases over three years: the equivalent of USD 3.9 million to KazMicroFinance LLC (KMF) of Kazakhstan, the equivalent of USD 550,000 to Bereke of Kazakhstan, and the equivalent of USD 660,000 to Vasham of Indonesia.
MICROCAPITAL BRIEF: Advans Cote d’Ivoire, Aga Khan’s PAMF-Mali Borrowing $3.8m from Grameen Credit Agricole Microfinance Foundation
The Grameen Credit Agricole Microfinance Foundation (GCAMF), a Luxembourg-based provider of financial services to microfinance institutions and other social businesses, recently informed MicroCapital that it has committed to extending the following local-currency loans in phases over three years: the equivalent of USD 2.9 million to Advans Cote d’Ivoire and the equivalent of USD 890,000 to Premiere Agence de MicroFinance (PAMF) Mali.
MICROCAPITAL BRIEF: Netherlands’ FMO Lending $5m to First MicroFinance Bank-Afghanistan to Support MSMEs
The Netherlands Development Finance Company, a government-backed institution also known by its Dutch acronym FMO, recently announced it will loan the local-currency equivalent of USD 5 million to The First MicroFinance Bank-Afghanistan (FMFB-A), which is owned by the Aga Khan Agency for Microfinance (AKAM), a unit of Switzerland-based Aga Khan Development Network (AKDN) that provides microfinance services across ten different countries [1, 6].
MICROFINANCE PUBLICATION ROUND-UP: Financial Literacy, Gender Disparity in the Solomon Islands; Savings Groups’ Impact in Ghana, Malawi, Uganda; Financial Inclusion Survey in Vanuatu
“Case Study: SolTuna – Tuna Processing, Solomon Islands;” published by the International Finance Corporation; September 2016; 20 pages; available at:
http://www.ifc.org/wps/wcm/connect/d4561543-cc39-4a9d-9963-26eb5ab4169c/soltuna_updated_May2017.pdf?MOD=AJPERES
This case study investigates the connections between financial literacy and the reduction of absenteeism and other problems at SolTuna, a tuna processing plant in the Solomon Islands.
MICROCAPITAL BRIEF: Apply by June 5 for The MasterCard Foundation’s $150k “Clients at the Centre” Prize
The MasterCard Foundation, which is based in Canada, is accepting applications through June 5 for its 2017 “Clients at the Centre” Prize, which includes a cash award of USD 150,000.
MICROCAPITAL BRIEF: Iceland’s Creditinfo Launches Credit Bureau in Azerbaijan; 21 Local Financial Institutions Hold Equity Stakes
Creditinfo Group, an Iceland-based operator of credit reporting firms in 25 markets worldwide, recently launched a credit bureau in Azerbaijan that it co-owns with 21 financial institutions in the country. The International Finance Corporation (IFC), a member of the World Bank Group, participated in developing
MICROFINANCE EVENT: Mobile Insurance Conference; February 23 – 24, 2017; Douala, Cameroon; Organized by IAIS, A2ii and CIMA
Event Name: Mobile Insurance Conference, presented by the Association of Insurance Supervisors (IAIS), the Access to Insurance Initiative (A2ii) and the Inter-African Conference on Insurance Markets (CIMA)
Event Date: February 23 – 24, 2017
Event Location: Douala, Cameroon
Summary of Event: This event will address trends in mobile insurance and related technologies, as well as risks and regulations associated with the sector. It is targeted