The Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV (FMO), a Dutch development bank that aims to promote growth in the economies of developing countries; the International Finance Corporation (IFC), a member of the World Bank Group that offers assistance to private companies with the goal of alleviating poverty in developing countries; and Kreditanstalt für Wiederaufbau Entwicklungsbank (KfW), a state-owned German development bank, have invested RWF 3.5 billion (USD 5.4 million) in AccessBank Rwanda (ABR), the eighth member of Access Microfinance Holding AG (AccessHolding), a German company that invests in microfinance institutions [1].
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MICROFINANCE EVENT: Cracking the Nut Africa: Improving Rural Livelihoods and Food Security, January 13 – 15, 2014, Kigali, Rwanda
Event Name: Cracking the Nut Africa: Improving Rural Livelihoods and Food Security
Event Date: NEW DATES: January 13 – January 15, 2014
Event Location: Kigali, Rwanda
MICROCAPITAL BRIEF: Nonperforming Microfinance Loans in Rwanda Drop from 12% to 8.5%
The nonperforming loan ratio of the microfinance sector in Rwanda reportedly has dropped from 12 percent as of December 2011 to 8.5 percent at the end of 2012.
MICROFINANCE PUBLICATION ROUND-UP: Global Mobile Money Adoption Survey, Eye Care for El Salvador’s “Base of the Pyramid,” Financial Needs in Rwanda
“State of the Industry: Results from the 2012 Mobile Money Adoption Survey;” by Claire Penicuad; published by Global System for Mobile Communications Association’s (GSMA’s) Mobile Money for the Unbanked program; 2012; 36 pages; available at http://www.gsma.com/mobilefordevelopment/wp-content/uploads/2013/02/MMU_State_of_industry.pdf
This report presents the results of the Global Mobile Money Adoption Survey, launched by GSMA’s Mobile Money for the Unbanked program “to allow mobile money service providers to benchmark their performance against their peers in the industry.”
MICROCAPITAL BRIEF: Rwandan Microfinance Institutions Call for End to “Double Taxation”
Microfinance institutions (MFIs) in Rwanda reportedly are calling for the government to change tax laws affecting microfinance such that MFIs are taxed as traditional commercial banks.
MICROCAPITAL BRIEF: Rwanda’s Microfinance Growth Attributed to Both Existing Institutions, Launch of New Savings and Credit Cooperatives (SACCOs)
The microfinance sector in Rwanda reportedly experienced growth in fiscal year 2012, with gross loans increasing 44.7 percent from RWF 40.7 billion (USD 64 million) to RWF 58.9 billion (USD 92.7 million).
MICROCAPITAL BRIEF: MicroEnsure to Tap Data from Meteo Rwanda to Provide Weather Index Insurance for Farmers
MicroEnsure, a UK-based microinsurance subsidiary of US-based nonprofit Opportunity International, recently announced that it will be partnering with Meteo Rwanda, the country’s meteorological agency, in order to provide weather index insurance (WII) to small-scale Rwandan farmers.
MICROCAPITAL BRIEF: Millicom, Cherie Blair Foundation for Women, US Agency for International Development Offer Financial Literacy Training, Loans to Rwandan Women to Become Tigo Mobile Money Agents
Millicom International Cellular, a Luxembourg-based telecommunications company also known as Tigo; the Cherie Blair Foundation for Women, a UK-based charity promoting women’s entrepreneurship; and the United States Agency for International Development (USAID), a US government agency that provides international economic and humanitarian assistance, have partnered to assist 4,000 women in Rwanda to become Tigo mobile money agents.
MICROCAPITAL BRIEF: FinScope Rwanda Survey Indicates Rise in Rural Lending Penetration to 58%, Reaches Savings to 68%
FinMark Trust, a South African nonprofit, recently released the FinScope Rwanda report titled “Financial Inclusion in Rwanda 2008-2012”, which indicates a growing demand for loans in rural Rwanda.
MICROCAPITAL BRIEF: Cooperative of Savings and Credit Duterimbere of Rwanda Requests Microfinance Institution Status
The Cooperative of Savings and Credit Duterimbere (COOPEDU), a nonprofit organization in Rwanda, is seeking to become recognized by the Central Bank of Rwanda as a microfinance institution (MFI) in an effort to increase its outreach and the range of financial services it provides to its members.
MICROCAPITAL BRIEF: Rwandan Government Allocates $4.2m to SACCOs For Technical Assistance
In its 2012-2013 budget, the Rwandan government has reportedly allocated RWF 2.6 billion (USD 4.2 million) to provide technical assistance to savings and creditcooperatives (SACCOs) in the country.
MICROCAPITAL BRIEF: Compuscan Leads Credit Awareness Training for Bank, Microfinance Institution Staff in Rwanda
The Compuscan Academy, a South African financial services training provider affiliated with credit bureau Compuscan, is currently leading a three-month credit awareness training for 160 bank and microfinance institution (MFI) representatives in Rwanda.
MICROCAPITAL BRIEF: Funds Managed By Incofin Loan $5m to FINCA Kyrgyzstan, Bai Tushum of Kyrgyzstan; Take 35% Stake in Unguka Bank of Rwanda
Incofin, a Belgian for-profit microfinance investment manager, has agreed to disburse loans of USD 3 million to FINCA Kyrgyzstan, a branch of US-based microfinance nonprofit FINCA International, and USD 2 million to Bai Tushum Partners, a microfinance institution (MFI) based in Kyrgyzstan.
MICROCAPITAL BRIEF: Financial Illiteracy Blamed as Default Rates in Rwanda
According to figures attributed to the National Bank of Rwanda, the country’s central bank, non-performing loans owed to microfinance institutions (MFIs) rose from RWF 3.6 billion (USD 5.8 million) in 2010 to RWF 4.2 billion (USD 6.8 million) in December 2011.
MICROCAPITAL BRIEF: Informal Savings in Rural Rwanda through Voluntary Savings and Loan Scheme Reaches $3.18m
NGO CARE Rwanda, a branch of Swiss relief agency CARE International (CARE), reportedly stated that the amount of rural informal savings have reached approximately RWF 1.9 billion (USD 3.18 million) as part of its Voluntary Savings and Loan (VSL) scheme targeting Rwanda’s unbanked population.
MICROCAPITAL BRIEF: Microfinance Assets in Rwanda Grow 12.1% to $78.6m
According to the National Bank of Rwanda (NBR), assets in the microfinance sector grew 12.1 percent from RWF 43 billion (USD 70.1 million) in 2010 to RWF 48.2 billion (USD 78.6 million) in December 2011 due to increases in both deposits and loans.
MICROCAPITAL BRIEF: Government of Rwanda, Visa Incorporated Partner on Electronic Financial Services
The government of Rwanda and US-based payment technology firm Visa Incorporated have announced a collaboration to extend access to financial services throughout Rwanda [1].
MICROCAPITAL BRIEF: Savings and Credit Cooperatives (SACCOs) in Rwanda Boost Deposits to $60m, Lending to $54m
During the year ending June 2011, deposits and loans held by savings and credit cooperatives (SACCOs) in Rwanda reportedly increased from USD 35 million to USD 60 million and USD 51 million to USD 54 million respectively.