CGAP (The Consultative Group to Assist the Poor), a US-based nonprofit that aims to facilitate the expansion of financial access, recently selected the following financial service providers to receive an unspecified level of support from human-centered design firms to improve their digital financial services for small-scale farmers: (1) Amret Microfinance, a Cambodian microfinance institution; (2) the Zimbabwean arm of South African mobile network operator Econet Wireless and US-based relief and development nonprofit Mercy Corps; (3) myAgro, a nonprofit organization in Mali that sells agricultural inputs via mobile technology; and (4) Urwego Opportunity Bank (UOB), a microfinance institution that was created as a result of a merger between Urwego Community Banking and Opportunity International Bank of Rwanda [1]. While the Econet-Mercy partnership will engage human-centered design firm Ideo.org, the other three programs have not yet released the names of the organizations with which they will work.
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MICROCAPITAL BRIEF: Orange, Ecobank Partner to Launch Mobile Money Service in Mali with Plans to Expand Across Africa
Orange, a French provider of telephone and Internet service in 30 countries, and EcoBank Transnational Incorporated (EcoBank), a Togo-based bank operating in 28 countries, recently launched a mobile banking service that will enable Orange Money subscribers to transfer money between Ecobank accounts. As of February 5, both companies signed a partnership agreement to launch the service in Mali, and they plan to expand to Cameroon, Côte d’Ivoire, Guinea Conakry, Niger, Senegal and the Democratic Republic of the Congo in the future. Customers also will be able to check their account balances, receive “mini-statements” via short message service (SMS, also known as text messaging) and top-up their Orange Money e-wallets [1].
MICROFINANCE EVENT: 2015 Mifos Summit, March 10-13, 2015, Grand Excelsior Hotel, Sharjah, United Arab Emirates
Event Name: 2015 Mifos Summit
Event Date: March 10 – March 13, 2015
Event Location: Grand Excelsior Hotel Sharjah, Sharjah, United Arab Emirates
MICROCAPITAL BRIEF: UK Department for International Development (DFID), Bill and Melinda Gates Foundation to Create Digital Financial Services Unit in Pakistan
The Department for International Development (DFID), a development agency of the British government, and the Bill and Melinda Gates Foundation, a US-based nonprofit that supports innovations in health and education, recently signed a memorandum of understanding (MoU) at the International Branchless Banking Conference 2014 in Pakistan.
MICROCAPITAL BRIEF: The MasterCard Foundation Commits $25m to Expand UN Capital Development Fund’s Mobile Money for the Poor (MM4P) Program
The MasterCard Foundation, a Canadian nonprofit that aims to promote youth learning and financial inclusion in Africa and other emerging markets, has partnered with the United Nations Capital Development Fund (UNCDF), a UN initiative to increase access to microfinance and other forms of investment capital for small businesses and individuals in developing countries, to expand the UNCDF Mobile Money for the Poor (MM4P) program.
MICROCAPITAL BRIEF: Warid Telecom, Bank Alfalah, Monet Launch Mobile Money Service “Mobile Paisa” in Pakistan
Warid Telecom, a United Arab Emirates-based provider of cellular phone service in three countries, and Bank Alfalah Limited (BAFL), a Pakistani financial institution, in collaboration with Monet Private Limited, a Pakistan-based electronic payment company, has launched Mobile Paisa, a mobile money service in Pakistan.
MICROFINANCE EVENT: 2014 Mifos Summit, October 14-17, 2014, MacKinnon Suites, Kampala, Uganda – POSTPONED – SEE NEW LOCATION
This event has been moved to Sharjah, United Arab Emirates, and will take place from March 10 – March 13, 2015.
Event Name: 2014 Mifos Summit
Event Date: October 14 – October 17, 2014
Event Location: MacKinnon Suites, Kampala, Uganda
MICROCAPITAL BRIEF: Mobile Telecommunications Network (MTN) Ghana Partners with Microfinance Institutions (MFIs) in Ghana to Improve Mobile Money Systems
Mobile Telecommunications Network (MTN) Ghana, the Ghanaian arm of South Africa-based MTN, reportedly has partnered with several unspecified microfinance institutions (MFIs) in Ghana to allow the MFIs’ customers to use the MTN Mobile Money service to make loan payments.
MICROCAPITAL BRIEF: Gemalto, GSM Association to Provide Mobile Services to Support “Pan-African Mobile Health Initiative” for Mothers, Children
Gemalto, a publicly traded digital security firm located in the Netherlands, reportedly has announced its support of the Pan-African Mobile Health Initiative (PAMI), which uses mobile phones to address issues in nutrition and maternal and child health in seven African countries.
MICROCAPITAL BRIEF: World Bank Group (WBG) Loans $12m, Donates $12m to Government of Mozambique for Financial Sector Reform, Including to Boost Financial Inclusion
The World Bank Group (WBG), a US-based multilateral financial institution recently approved a USD 25 million financing package consisting of a loan of USD 12.5 million and a grant of USD 12.5 million to support the “First Programmatic Financial Sector Development Policy Operation (DPO)”[1] of the government of Mozambique.
MICROFINANCE PUBLICATION WRAP-UP: “Financial Inclusion and Development: Recent Impact Evidence;” by Robert Cull, Tilman Ehrbeck, Nina Holle; published by CGAP (Consultative Group to Assist the Poor)
“Financial Inclusion and Development: Recent Impact Evidence;” by Robert Cull, Tilman Ehrbeck and Nina Holle; published by CGAP (Consultative Group to Assist the Poor) as Focus Note Number 92; April 2014; 12 pages; available at http://www.cgap.org/sites/default/files/FocusNote-Financial-Inclusion-and-Development-April-2014.pdf
The authors of this document argue that “financial inclusion is an important development priority”[1] that helps poor people around the world improve their lives.
MICROCAPITAL BRIEF: Bank Indonesia Revises Electronic Money Policy, Allows Banks with $2b in Core Capital to Offer “Digital Financial Services” Via Agents
Bank Indonesia (BI), the central bank of Indonesia, reportedly has amended its electronic money regulations to allow all banks with at least IDR 30 trillion (USD 2.6 billion) in core capital to offer “digital financial services” to customers including the option for third-party agents to provide access to services in rural areas on behalf of the banks.
MICROFINANCE PUBLICATION ROUND-UP: Over-indebtedness in Mexico; Achieving Customer Centricity; Managing Over-indebtedness
“Over-Indebtedness in Mexico: Its Effect on Borrowers;” published by Microfinance CEO Working Group; May 2014; 32 pages; available at http://microfinanceceoworkinggroup.org/wp-content/uploads/2014/05/Over-Indebtedness-in-Mexico-Its-Effect-on-Borrowers-552014.pdf
This report cautions lending institutions in Mexico about rising levels of over-indebtedness – meaning more borrowers cannot reasonably repay their debts – which can threaten the financial system as well as the economic outlook of low-income individuals.
MICROCAPITAL BRIEF: Yes Bank’s Sampann, Housing Development Finance Corporation (HDFC) Bank Use “Doorstep” Banking in Rural India
Two private commercial banks based in the Indian city of Mumbai, Yes Bank and the Housing Development Finance Corporation (HDFC) Bank, reportedly have started using “doorstep” banking in rural India to reach more customers by offering services such as credit, savings and insurance at customers’ homes.
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: Asian Development Bank Approves $600k for Microfinance Development in Azerbaijan
The Asian Development Bank (ADB), a development finance institution based in the Philippines, has agreed to commit USD 600,000, including USD 300,000 from ADB’s Financial Sector Development Partnership Fund, to provide technical assistance for the development of Azerbaijan’s microfinance sector.
MICROCAPITAL BRIEF: Bank Rakyat Indonesia (BRI) to Add 571 Branches to Reach Rural Micro-, Small, Medium-sized Enterprises (MSMEs), Expand Agricultural Lending
Bank Rakyat Indonesia (BRI), a commercial bank owned by the government of Indonesia that offers traditional services as well as microlending, reportedly has announced its intention to add 571 branches to its existing network of 9,808 retail outlets in the country.
MICROCAPITAL BRIEF: Accion Venture Lab Invests in Kenyan Mobile Money System Kopo Kopo, MeraDoctor of India
US-based nonprofit Accion has announced that its Accion Venture Lab, a USD 10 million investment vehicle that provides seed capital and management support to financial inclusion startups, has invested unspecified amounts of money in two companies: Kopo Kopo, a Kenya-based service that allows small businesses to accept customer payments through mobile phone; and MeraDoctor, which provides low-cost health insurance in India as well as 24-hour access to doctors by telephone that is intended to lessen health impacts by reducing delays in seeking care [1].