Oradian, a Croatian startup that provides cloud-based software for microfinance institutions in developing economies, announced recently that it has raised seed funding from various investors to scale its products across West Africa, an effort that will include expanding its team in its offices in Croatia and Nigeria.
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MICROCAPITAL BRIEF: International Finance Corporation (IFC), MasterCard to Establish $250m Risk-Sharing Facility to Support Consumer Loans Distributed via Debit Card
MasterCard, a US-based payments and technology company, and the International Finance Corporation (IFC), a member of the US-based World Bank Group that offers financial services to businesses and governments in developing countries with the aim of increasing economic growth, reportedly have pledged to establish a USD 250 million risk-sharing facility, which is expected to provide an unspecified number of people in emerging markets with access to small loans via payment cards.
MICROCAPITAL BRIEF: Goodwell West Africa Acquires 30% Stake in Microfinance Institution Women’s World Banking Ghana (WWBG)
Goodwell West Africa, one of four funds of the Netherlands’ Goodwell Investments, recently acquired a 30-percent share of Women’s World Banking Ghana (WWBG).
MICROCAPITAL BRIEF: Advans Tunisie Launches Microfinance Operations in Tunis
Advans SA, a Luxembourg-based venture capital company, has announced the launching of operations by its ninth affiliated microfinance institution, Advans Tunisie.
MICROCAPITAL BRIEF: Advans SA Purchases 8.4% of Shares of Cambodian MFI Amret, Becomes Majority Shareholder; FMO Increases Stake to 19.9%
Advans SA, a Luxembourg-based venture capital company, has become the majority shareholder of Amret, a Cambodian microfinance institution (MFI), upon approval by The National Bank of Cambodia of its purchase of 8.4 percent of the shares of Amret.
MICROCAPITAL BRIEF: World Bank Group’s International Finance Corporation (IFC) Increases Presence in Cameroon, Indonesia with $22m Equity Investment in Bank Mayora, Advisory Agreement with Advans Cameroun
The International Finance Corporation (IFC), a member of the World Bank Group focused on private sector development, recently made an equity investment of USD 22 million in Indonesia-based Bank Mayora to support its services for micro-, small and medium-sized enterprises (MSMEs).
MICROCAPITAL BRIEF: Développement international Desjardins (DID) to Establish 4 More Entrepreneur Financial Centers in Tunisia, Elsewhere in Africa, Latin America
Développement international Desjardins (DID), a Canadian nonprofit providing technical support and investment for the community finance sector in emerging economies, has announced that it will establish four new entrepreneur financial centers (EFCs) in Africa and Latin America.
MICROCAPITAL BRIEF: Utkarsh Micro Finance, Advans SA Land $24m in Equity from CDC, Lok Capital, Aavishkaar Goodwell India, International Finance Corporation, Norwegian Microfinance Initiative
The Commonwealth Development Corporation (CDC), a development finance institution owned by the UK government, has announced that it has made an equity investment of USD 11 million in Utkarsh, a northern Indian microfinance institution (MFI) [1].
MICROCAPITAL BRIEF: CGAP (Consultative Group to Assist the Poor), The MasterCard Foundation Award $900k to Advans Cote d’Ivoire, MFS Africa, Money Express for Branchless Banking Projects in Benin, Cote d’Ivoire, Senegal
CGAP (Consultative Group to Assist the Poor), a US-based nonprofit that aims to facilitate the expansion of financial access, and The MasterCard Foundation, a Canada-based nonprofit that aims to promote youth learning and financial inclusion in emerging markets, recently awarded a total of USD 900,000 to three projects in countries of the West African Economic and Monetary Union (WAEMU) to expand the availability of banking in the region.
MICROFINANCE PAPER WRAP-UP: Peru, Colombia, the Philippines Top 2014 Global Microscope on Microfinance Business Environment
According to the Global Microscope on the Microfinance Business Environment 2014, a recent report by the UK-based Economist Intelligence Unit (EIU), Peru is the top country in enabling microfinance for the seventh consecutive year.
MICROCAPITAL BRIEF: European Investment Bank (EIB) to Loan $31m to AccessBank Azerbaijan for On-lending to Small, Medium-Sized Enterprises (SMEs)
The Luxembourg-based European Investment Bank (EIB), the long-term lending bank of the European Union (EU), recently announced that it is extending an intermediated senior loan totaling EUR 25 million (USD 31 million) to AccessBank Azerbaijan, a microfinance bank (MFB) in Azerbaijan, for on-lending to small and medium-sized enterprises (SMEs) in the country.
MICROCAPITAL BRIEF: Symbiotics Issues Bonds Totaling $9.3m to Prasac of Cambodia, AccessBank Azerbaijan
Symbiotics Group, a Swiss for-profit provider of investment and business services, recently issued bonds totaling USD 9.3 million to Prasac, a Cambodian microfinance institution (MFI), and AccessBank Azerbaijan, a microfinance bank (MFB) in Azerbaijan.
MICROCAPITAL BRIEF: VisionFund Selling Georgian Microfinance Institution (MFI) Credo to Impact Investors AccessHolding, responsAbility, Triodos
VisionFund International, a subsidiary of US-based, Christian NGO World Vision International, recently received approval from the National Bank of Georgia to sell its stake in Microfinance Organization Credo, LLC (Credo), to “a consortium of social impact investors” including Access Microfinance Holding AG (AccessHolding), a holding company based in Germany that specializes in microfinance investments; responsAbility Investments AG (responsAbility), a company based in Zurich that primarily invests in developing economies; and Triodos Investment Management BV (Triodos), a subsidiary of Netherlands-based Triodos Bank.
MICROCAPITAL BRIEF: Togo-based EcoBank to Accept MasterCard Debit, Credit, Prepaid Cards via 2,500 ATMs, 10,000 Points of Sale in 28 African Countries
MasterCard, a US-based payment solutions company, recently partnered with EcoBank Transnational Incorporated (EcoBank), a Togo-based bank, to enable Ecobank’s customers to use MasterCard debit, credit and prepaid cards at all of Ecobank’s point-of-sale (PoS) terminals and automated teller machines (ATMs).
MICROCAPITAL BRIEF: African Development Bank (AfDB), Asian Development Bank (ADB), European Bank for Reconstruction and Development (EBRD), European Investment Bank (EIB), Inter-American Development Bank (IDB), World Bank Group (WBG) Issues Joint Statement on Climate Finance
A group of multilateral development finance institutions, the African Development Bank (AfDB), the Asian Development Bank (ADB), the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), the Inter-American Development Bank (IDB) and the World Bank Group (WBG), recently issued a joint statement on climate finance.
MICROCAPITAL BRIEF: Advans SA Raises $27m from Existing Shareholders in Third Round of Fundraising
Advans SA, a Luxembourg-based organization that provides financial services to micro, small, and medium-sized enterprises (MSMEs), recently raised EUR 20 million (USD 26.8 million) in its third round of fundraising.
MICROCAPITAL BRIEF: International Finance Corporation (IFC) Loans $4m to Advans Côte d’Ivoire for On-lending to Micro-, Small, Medium-Sized Enterprises (MSMEs)
The International Finance Corporation (IFC), a member of the World Bank Group that offers financial services to businesses and governments in developing countries with the aim of increasing economic growth, has announced that it will loan CFA 2 billion (USD 4.3 million) to Advans Côte d’Ivoire, a bank that was founded in 2012 to provide savings and lending services to micro-, small and medium-sized enterprises (MSMEs) in the country.
MICROCAPITAL BRIEF: Symbiotics Issues $8.7m in Bonds to India’s Satin, $6.8m to Cambodia’s Prasac, $2.7m to MicroCred China
Symbiotics Group, a Swiss for-profit provider of microfinance-related and other investment services, recently issued impact bonds in the amount of USD 8.75 million to Satin, a microfinance institution based in Delhi, India; USD 6.78 million to Prasac, a microfinance institution offering financial services to people with low incomes in Cambodia; and USD 2.75 million to MicroCred China, a unit of France-based MicroCred Group.