Opportunity International (OI), a US-based nonprofit providing microfinance in 22 countries, has selected Mambu, a German firm offering a cloud-based banking platform, to provide banking software for OI’s lending to small and medium-sized enterprises (SMEs) in China.
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MICROCAPITAL BRIEF: WorldRemit to Allow Payouts to MTN’s MobileMoney E-wallets in Uganda
WorldRemit, a UK-based online money transfer service, recently announced that it has expanded its services in Uganda to enable remittances to be delivered through mobile phones via Mobile Telecommunication Network’s (MTN’s) MobileMoney service.
MICROCAPITAL BRIEF: Acumen Fund, Adolf H Lundin Charitable Foundation Invest $1.5m in Farmer Information Service Esoko Networks of Ghana to Expand into East Africa
The Acumen Fund, a New York-based nonprofit venture fund, and the Adolf H Lundin Charitable Foundation, a Liechtenstein-based nonprofit organization, have invested an aggregate sum of USD 1.5 million in an unspecified combination of equity and debt in Esoko Networks Limited (Esoko) of Ghana, a technology platform that aims to strengthen the connection between farmers and markets in Africa with the use of mobile phones.
MICROCAPITAL BRIEF: Advans Pakistan Microfinance Bank, MicroEnsure, EFU Life to Cover Loan Payments in Case of Sickness, Disability, Death, Death of Spouse
Advans Pakistan Microfinance Bank, a member of the Advans SA group that offers financial services to micro-, small and medium-sized enterprises (MSMEs) in Pakistan, has joined with MicroEnsure Pakistan, a subsidiary of the UK-based MicroEnsure insurance agency, and Eastern Federal Union Life, a private-sector life insurance company in Pakistan, to introduce “Enhanced Credit Cover” for its borrowers.
MICROFINANCE PAPER WRAP-UP: “Financial Capability in Colombia: Results from a National Survey on Financial Behaviors, Attitudes, and Knowledge;” by Rekha Reddy, Miriam Bruhn and Congyan Tan; Published by The World Bank
“Financial Capability in Colombia: Results from a National Survey on Financial Behaviors, Attitudes, and Knowledge;” by Rekha Reddy, Miriam Bruhn and Congyan Tan; published by The World Bank; 2013; 87 pages; available at http://documents.worldbank.org/curated/en/2013/07/18054984/financial-capability-colombia-results-national-survey-financial-behaviors-attitudes-knowledge
This report, which was published by The World Bank, a US-based multilateral institution, analyzes a survey carried out in Colombia regarding “financial capabilities,” including behaviors, attitudes and knowledge regarding financial products.
MICROCAPITAL BRIEF: Postal Service Azerpoçt to Provide Microcredit in Azerbaijan
Azerpoçt, Azerbaijan’s government-backed postal service provider, reportedly intends to apply for a license to provide microcredit services from the Central Bank of Azerbaijan.
MICROFINANCE PUBLICATION ROUND-UP: Mobile Money Agents in Uganda; Sustainable Microfinance; Mobile Money for the Global Unbanked
“Agent Network Accelerator Survey: Uganda Country Report 2013;” published by Helix Institute of Digital Finance; January 2014; 26 pages; available at http://www.helix-institute.com/data-and-insights/agent-network-accelerator-survey-%E2%80%93-uganda-country-report-2013-0
This document presents the results of a study conducted by the US-based nonprofit Bill and Melinda Gates Foundation and India-based for-profit consultancy MicroSave that seeks to identify the challenges, trends and successes of the mobile money market in Uganda by surveying 2,000 agents.
MICROCAPITAL BRIEF: Raiffeisen Bank Arranges $60m Loan to Microfinance Institution Access Bank of Azerbaijan
Raiffeisen Bank International, an Austria-based parent organization of financial service providers in 15 countries, has arranged a syndicated loan of USD 60 million with participation from 16 banks to AccessBank, a microfinance institution (MFI) in Azerbaijan.
MICROCAPITAL BRIEF: Cooperative Rural Development Bank (CRDB) of Tanzania, International Finance Corporation (IFC) Sign $75m Agreement to Support Small, Medium-Sized Businesses Including Those Owned by Women, Involved in Agriculture
The International Finance Corporation (IFC), the private-investment arm of the US-based World Bank Group, and the Cooperative Rural Development Bank (CRDB), a commercial bank in Tanzania, recently signed an agreement worth USD 75 million to support financing to small businesses in the country, particularly agribusinesses and companies owned by women.
MICROCAPITAL BRIEF: International Finance Corporation (IFC), IFC Capitalization Fund Invest $15m in Subordinated Debt in Nicaragua-based Banco de Finanzas (BDF)
The International Finance Corporation (IFC), the private-investment arm of the US-based World Bank Group, recently announced a USD 15 million subordinated bond investment in Banco de Finanzas, a Nicaragua-based commercial bank that is a wholly-owned subsidiary of Panama-based bank holding company Grupo Banco de Finanzas.
MICROCAPITAL BRIEF: International Finance Corporation (IFC) Commits Support Worth $300k to Back Newly Licensed AB Bank Rwanda, 8th Member of Access Microfinance Holding
The International Finance Corporation (IFC), the private investment arm of the World Bank Group, has announced a deal worth USD 300,000 to support AB Bank Rwanda Limited, which was licensed in December 2013 to operate as a microfinance bank (MFB)[1][2].
MICROCAPITAL BRIEF: Etisalat Lanka of Sri Lanka, Dialog Axiata of UAE Partner to Extend Ezcash Mobile Payment System in Sri Lanka
Dialog Axiata (DA), a Sri Lankan mobile communications subsidiary of Malaysia’s Axiata Group Berhad, reportedly has announced that it will begin a partnership with Etisalat Lanka (EL), a cellular network owned by the Emirates Telecommunications Corporation of the United Arab Emirates, to extend Dialog’s “eZcash” mobile payments to EL’s customers in Sri Lanka.
MICROCAPITAL BRIEF: KfW, Belgian Investment Company for Developing Countries (BIO), Developpement International Desjardins, Lundin Foundation Commit $41m to AfricInvest Financial Sector Fund
AfricInvest-TunInvest Group, a Tunisia-based private equity firm, recently announced the closing of a third round of capital-raising for its AfricInvest Financial Sector Fund, a vehicle that invests in financial institutions that lend to small and medium-sized enterprises (SMEs) in North and Sub-Saharan Africa.
MICROCAPITAL BRIEF: Grameen Foundation Receives Innovation Grant from GSMA’s mWomen
The Global Systems for Mobile Association (GSMA), a London-based association of 1,000 mobile operators and associated companies, recently announced that its mWomen programme has awarded the Grameen Foundation, a US-based nonprofit organization, its Innovation Fund grant of an undisclosed amount.
MICROFINANCE PUBLICATION ROUND-UP: Government Efforts to Achieve Financial Inclusion in India; Index-based Insurance in South, Southeast Asia; Microinsurance Claims Management
“Report of the Committee on Comprehensive Financial Services for Small Businesses and Low Income Households;” published by the Reserve Bank of India (RBI); December 31, 2013; 247 pages; available at http://rbidocs.rbi.org.in/rdocs/PublicationReport/Pdfs/CFS070114RFL.pdf
This report was authored by the Committee on Comprehensive Financial Services for Small Businesses and Low Income Households, which was appointed by the Reserve Bank of India (RBI) in September 2013 to propose measures for increasing access to financial services in India.
MICROCAPITAL BRIEF: CGAP Branchless Banking Challenge Fund for West Africa Accepting Entries through March 31, 2014
CGAP (Consultative Group to Assist the Poor), a US-based nonprofit policy and research center that aims to facilitate the provision of financial access to poor people, is accepting applications for the Branchless Banking Challenge Fund, a contest to encourage development of innovative solutions to challenges faced by the branchless banking market in West Africa.
MICROCAPITAL BRIEF: MoneyGram, Vodafone Partner to Enable Global Mobile Money Transfers Via M-Pesa
Vodafone Group, a British multinational telecommunications company, has partnered with MoneyGram, a US-based money transfer company with outlets in 200 countries, to allow MoneyGram’s customers to transfer funds to account holders of M-Pesa, a mobile money service developed by Vodafone that operates in six countries in Asia and Africa.
MICROCAPITAL BRIEF: Inter-American Development Bank (IDB), MasterCard Partner to Support Financial Inclusion, Transparency in Latin America, Caribbean
The Inter-American Development Bank (IDB), a US-based multilateral financial institution that seeks to support sustainable economic growth in Latin America and the Caribbean countries, has partnered with MasterCard Incorporated, a US-based payments and technology company with operations in 210 countries and territories, to expand electronic payment systems in Latin America and the Caribbean (LAC) [1].