The International Finance Corporation (IFC), the US-based World Bank Group’s private investment arm, has approved two grants totaling USD 3.9 million to Syngenta Foundation for Sustainable Agriculture, a Swiss nonprofit organization, to provide index-based weather insurance to rural farmers in Kenya, Rwanda and Tanzania.
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MICROCAPITAL BRIEF: International Finance Corporation (IFC) Capitalization Fund Loans $65m to Bank of Georgia
The International Finance Corporation (IFC) Capitalization Fund, which is managed by US-based IFC Asset Management Company, has disbursed a subordinated loan facility of USD 65 million to the Bank of Georgia, a commercial bank, to expand lending operations in Georgia.
MICROCAPITAL BRIEF: EcoBank to Offer Mastercard in 23 African Countries
MasterCard Incorporated, a US-based payments and technology company with operations in 210 countries and territories, reportedly has signed a deal with EcoBank Transnational Incorporated, a Togo-based bank with operations in 20 African countries, to provide MasterCard payments cards to EcoBank’s customers in 23 countries in Africa.
MICROCAPITAL BRIEF: European Fund for Southeast Europe (EFSE) Loans $15m to AccessBank of Azerbaijan
The European Fund for Southeast Europe (EFSE), a Luxembourg-based microfinance investment vehicle (MIV), reportedly has provided a senior loan of USD 15 million to AccessBank, a microfinance institution (MFI) in Azerbaijan.
MICROCAPITAL BRIEF: MicroCred Holding Raises $11m in Equity from Danish Microfinance Partners
MicroCred Holding, a French microfinance investment company that was created by French NGO PlaNet Finance, has raised EUR 8.4 million (USD 11.4 million) in equity funding through an issue of new shares to Danish Microfinance Partners (DMP), a Danish investment fund that invests in micro-, small and medium-sized enterprises (MSMEs).
MICROFINANCE PUBLICATION ROUND-UP: Effectiveness of Microfinance in Cambodia; Scaling Up in Agriculture and Development; Mobile Savings in Ecuador
“AMK Cambodia – Have AMK loans helped its clients improve their overall wellbeing?”, published by Angkor Mikroheranhvatho Kampuchea (AMK); January 2014; 12 pages; available at https://www.incofin.com/sites/default/files/attachments/newsitems/Change%20Study_AMK_2014.pdf
This report explores the results of a five-year study of the effectiveness of Angkor Mikroheranhvatho Kampuchea (AMK), a Cambodian microfinance institution, in helping increase its clients’ livelihoods through microcredit services.
MICROCAPITAL BRIEF: Zwitserleven, Spoorweg Pensioenfonds, Pensioenfonds Openbaar Vervoer Invest in $135m SME Finance Fund of Nederlandse Financierings-Maatschappijvoor Ontwikkelingslanden (FMO), Samenwerkende Nederlandse Spaarbanken (SNS) Impact Investing
Dutch pension insurer Zwitserleven, Dutch railway pension fund Spoorweg Pensioenfonds and Dutch public transport pension fund Pensioenfonds Openbaar Vervoer recently made the initial deposits to a Small and Medium Enterprise (SME) Finance Fund that has received a total of EUR 100 million (USD 134.5 million) for its first close from these and other undisclosed investors.
MICROCAPITAL BRIEF: Dutch Development Bank Nederlandse Financierings-Maatschappijvoor Ontwikkelingslanden (FMO) Planning to Loan $10m to Bank Andara of Indonesia for On-lending to Microfinance Institutions (MFIs)
Dutch development bank Nederlandse Financierings-Maatschappijvoor Ontwikkelingslanden (FMO) recently signed a letter of intent with Bank Andara (Andara), an Indonesian provider of retail and wholesale microfinance services, to provide a local-currency senior loan equivalent to USD 10 million for on-lending to local microfinance institutions (MFIs).
MICROCAPITAL BRIEF: European Fund for Southeast Europe (EFSE) Loans $63m to Belorusian-Russian Belgazprombank of Belarus, Banca Transilvania of Romania, Microfinance Institution AccessBank of Azerbaijan
The European Fund for Southeast Europe (EFSE), a Luxembourg-based microfinance investment vehicle (MIV) backed by multiple governments, recently disbursed loans intended to benefit micro-, small and medium-sized enterprises (MSMEs) in the following amounts: EUR 20 million (USD 27.4 million) to Belorusian-Russian Belgazprombank, a Belorusian bank; EUR 15 million (USD 20.5 million) to Banca Transilvania, a privately-owned Romanian bank; and USD 15 million to AccessBank, an Azerbaijani for-profit microfinance institution (MFI) and a member of Germany’s Access Microfinance Holding (AccessHolding) [1].
MICROCAPITAL BRIEF: Financial Sector Deepening (FSD) of Kenya, Women’s World Banking of US Partner to Serve Women in Sub-Saharan Africa
Kenya-based Financial Services Deepening (FSD), a trust that provides funding to financial institutions, and US-based Women’s World Banking (WWB), a nonprofit that works with financial institutions to provide financial tools to low-income women in 28 countries, reportedly are partnering to provide financial services to women in Sub-Saharan Africa.
MICROCAPITAL BRIEF: Kenya Commercial Bank, Safaricom’s M-Pesa Launch Mobile App KCB M-Benki to Increase Financial Inclusion
Kenya Commercial Bank (KCB), a publicly traded financial services company in Kenya, has partnered with Safaricom, a Kenyan mobile service provider that operates the mobile money service M-Pesa, to launch a mobile banking application called KCB M-Benki in Kenya and five other East African countries serviced by KCB [1].
SPECIAL REPORT: Women Microfinance Clients Often Save More, Are More Loyal to Lenders
At today’s session on gender at European Microfinance Week in Luxembourg, panelists eschewed the idea that lenders have a moral obligation to serve a greater proportion of women. Instead, Anne-Marie Chidzero of South Africa and Anna Gincherman of the US-based Women’s World Banking (WWB) network both argued strenuously that lenders are leaving money on the table by failing to reach out to women.
MICROCAPITAL BRIEF: Micro Pension Foundation, Invest India Micro Pension Services, Visa Partner to Promote Savings by Low-Income Households in India
Micro Pension Foundation, an Indian nonprofit that helps low-income households gain access to microsavings products, and Visa Incorporated, a US-based payments technology company, reportedly are partnering to establish the “Micro Pension Financial Inclusion Lab” [1].
MICROCAPITAL BRIEF: Aavishkaar Goodwell Invests $6m in Electronic Payment Services (EPS); 4,500 ATMs Planned for Rural India
Aavishkaar Goodwell, an Indian-Dutch joint venture that invests in development projects, reportedly has invested an additional INR 360 million (USD 6 million) in Electronic Payment Services (EPS), an India-based company that provides electronic payment systems to merchants in Asia.
MICROCAPITAL BRIEF: LeapFrog Raises $204m for Second Fund; to Invest in Microinsurance, Other Financial Services for Poor People in Africa, Asia
LeapFrog Investments, a Mauritius-based investor in financial services for poor people in emerging markets, has raised USD 204 million for its second equity fund.
MICROCAPITAL BRIEF: Orange, Visa Partner to Enhance Orange Money Mobile Payment System in Botswana
Orange, a France-based telecommunications corporation, recently partnered with Visa Incorporated, a US-based payments technology company, to launch an enhanced system of mobile payment services for subscribers of Orange Money, Orange’s mobile money service, in Botswana.
MICROFINANCE EVENT: Center for Financial Inclusion to Host Financial Inclusion 2020 Global Forum, October 28-30, London
Event Name: Financial Inclusion 2020 Global Forum
Event Date: October 28-30, 2013
Event Location: Lancaster London Hotel, London, UK
MICROCAPITAL BRIEF: Blue Label Telecoms, MasterCard Partner to Provide Point-of-Sale Devices (POS) to Rural Shops in South Africa
Blue Label Telecoms Limited (Blue Label), a South Africa-based distributor of financial transaction services, and MasterCard, a US-based payments and technology company, are partnering to provide 22,000 small traders and rural shop owners in South Africa with point-of-sale (POS) devices that will allow businesses currently operating on a cash-only basis to accept card payments [2]. Blue Label set up POS terminals throughout South Africa, but the partnership with MasterCard will allow the distributor to reach more small- and medium-sized retailers and service providers.