Alternatifbank A.S. (ABank), a private commercial bank in Turkey, has entered into a loan agreement with German development finance institution Deutsche Investitions-und Entwicklungsgesellschaft GmbH (DEG) and the European Fund for Southeast Europe (EFSE), a microfinance investment fund incorporated in Luxembourg, to receive EUR 30 million (USD 38.7 million) to boost credit availability for micro-, small and medium-sized enterprises (MSMEs) in Turkey [1].
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MICROCAPITAL BRIEF: European Bank for Reconstruction and Development Commits $520m to Small and Medium-Sized Agribusiness Enterprises in Turkey, Invests $31m in Sekerbank Bond Programme
The European Bank for Reconstruction and Development (EBRD), an international financial institution headquartered in London, recently announced that it has committed EUR 400 million (USD 520 million) to increase financing to small and medium-sized enterprises (SMEs) in the agribusiness sector in Turkey [1].
MICROCAPITAL BRIEF: The International Finance Corporation (IFC) to Invest $1m in Equity in ACCION Microfinance China
The International Finance Corporation (IFC), the private sector arm of the World Bank Group, has signed an agreement with ACCION International, a US-based nonprofit organization, to invest USD 1 million in ACCION’s Chinese affiliate, ACCION Microfinance China (AMC).
MICROCAPITAL BRIEF: responsAbility Invests $5.5m in Microfinance Institutions TBC Kredit of Azerbaijan, Kazmicrofinance of Kazakhstan; Microfinance Investment Vehicle ACCION Investments in Microfinance
responsAbility Social Investments AG, a Swiss investment company that manages four microfinance investment vehicles (MIVs), recently reported to MicroCapital that it has made debt and equity investments totaling the equivalent of USD 5.5 million in two microfinance institutions (MFIs), TBC Kredit of Azerbaijan and Kazmicrofinance Limited Liability Company (KMF) of Kazakhstan, and microfinance investment vehicle ACCION Investments in Microfinance, which was established by US-based nonprofit ACCION International [1].
MICROCAPITAL BRIEF: Central Bank of Nigeria Issues Mobile Money Operating Licenses to Affiliate of Fortis Microfinance Bank, 10 Other Companies
The Central Bank of Nigeria (CBN) recently issued operating licenses to 11 mobile money firms, namely: Fortis Mobile Money, UBA/Afripay, GTBank Mobile Money, Pagatech, eTranzact, Monetise, Eartholeum, Paycom, FET, Ecobank and Kudi. The operating license allows the companies to provide products such as electronic payments through mobile phones.
MICROCAPITAL BRIEF: Microfinance Institution (MFI) EB-ACCION Microfinance of Cameroon Forecasts Serving 70k Savers in First Five Years
In its first five years of operation, EB-ACCION Microfinance, a microfinance institution (MFI) based in Cameroon, expects to open 71,000 savings accounts, accumulating total deposits of USD 30.8 million while serving 28,400 borrowers with an outstanding loan portfolio of USD 32 million [1].
MICROCAPITAL BRIEF: International Finance Corporation (IFC) Planning Microfinance Policy Study Tour in Mongolia to Assist Policymakers in Eastern Europe and Central Asia
The International Finance Corporation (IFC), a member of the World Bank Group, recently announced it will conduct a microfinance institution tour in Mongolia from October 12 through October 14, 2010, with policymakers from Azerbaijan, Bosnia and Herzegovina, Kazakhstan, Kyrgyz Republic and Tajikistan.
MICROCAPITAL BRIEF: South African MTN Group Launches MTN Mobile Money Financial Service in Cape Coast, Ghana
MTN Ghana, a member of the MTN Group, a mobile telecommunication service provider based in South Africa, recently launched its latest financial services product, MTN Mobile Money, in Cape Coast, Ghana.
MICROCAPITAL BRIEF: International Finance Corporation (IFC) to Invest $10m in Bancamia, a Microfinance Bank in Colombia
The International Finance Corporation (IFC), a member of the World Bank Group working to alleviate poverty through loan and debt securities, equity investments and guarantees, will invest USD 10 million in Bancamia, a microfinance bank in Colombia [1]. The goal of the investment is to support the expansion of the Colombian microfinance sector, thereby helping to increase access to financial services for microenterpreneurs in the country.
MICROCAPITAL BRIEF: responsAbility Global Microfinance Fund Invests total of $4.6m in Microfinance Banks Inencobank of Armenia, Lazika Capital of Georgia, Aregak of Armenia and Centurion of Russia
The responsAbility Global Microfinance Fund, based in Switzerland founded in 2003, has executed debt investments totaling USD 4.6 million in four microfinance banks. The MIV reports total assets of USD 358 million as of 2009, and is one of four funds operated by responsAbility, the others being responsAbility Base of the Pyramid, responsAbility Mikrofinanz-Fonds and responsAbility Microfinance Leaders Fund.
NEWS WIRE: Uganda: MTN, Zain Reach 250,000 Customers With Mobile Money
Source: AllAfrica.
MICROCAPITAL STORY: World Bank and Federal Government of Nigeria Approve USD 8.4 million in Grants for Microfinance Institutions ACCION Microfinance Bank (AMfB), Susu Microfinance Bank, LFS, MIC Microfinance Bank, Integrated Microfinance Bank (IMFB) and Micro Credit
The Nigerian Federal Government and the World Bank have approved grants totaling USD 8.4 million for six Nigerian microfinance institutions (MFIs). The Executive Secretary of the Nigerian Investment Promotion Commission (NIPC), Mr. Mustafa Bello, made the announcement at the Business Development Services (BDS) Fair, organized by the World Bank’s Micro, Small and Medium Enterprises Project (MSME) in Lagos. The six MFIs are ACCION Microfinance Bank (AMfB), Susu Microfinance Bank, Integrated Microfinance Bank Ltd. (IMFB), MIC Microfinance Bank, LFS, and MicroCredit. No breakdown of the grant money between the MFI’s or what it was to be used for was available.
MICROCAPITAL STORY: Microfinance Institution ACCION International Launches New Hub in Africa
ACCION International, a microfinance organization founded in 1961, launched a new hub office and training center in Accra, Ghana, with the aim to expand financial services for Africa’s poorest populations. The new center will offer support to East and West African microfinance institutions (MFIs) in the form of education and training to increase capacity. According to the press release, ACCION’s goals are to train 3,000 microfinance practitioners in such disciplines as business planning, risk management, lending and governance; all through its training center network.
MICROCAPITAL STORY: Equity Bank Wins Best Micro Finance Bank in Africa Award at the African Bankers Awards In Washington DC
Equity Bank, the largest Kenyan bank with 48% of the nation’s bank accounts, has won the Best Micro Finance Bank in Africa award at the African Bankers Awards in Washington DC. Other nominees for the award were ACCION Microfinance Bank, Barclays, Development Bank of Mauritius, and Swazibank. The event, the second of its kind, was hosted by London-based IC Publications, publishers of African Banker magazine and endorsed by the World Bank. Sponsors included the African Development Bank, 3i Infotech, Ecobank, and the Bank of Industry.
PRESS RELEASE: ACCION Investment in Tanzania’s Akiba Commercial Bank to Expand Microfinance Services
Source: ACCION International.
MICROCAPITAL STORY: Microfinance in Benin Struggling as Microfinance Institution (MFI) PADME Faces Operational Challenges and Government Intervention
Microfinance in the West African nation of Benin is showing signs of struggling after one of the country’s major microfinance institutions (MFIs), facing internal and external turbulence and the threat of government intervention, has lost the confidence of potential investors, according to non-profit ACCION International.
MICROCAPITAL STORY: ACCION Network Reaches 3 million Clients
Microfinance pioneer, ACCION International, announced April 3 that the number of active clients currently reached through their 35 microfinance partner network organizations in 25 countries has exceeded 3 million.
MICROCAPITAL STORY: Tunisian Solidarity Bank (BTS) Receives African Banker Magazine Trophy for “Micro Credit Bank of the Year”
Tunisian Solidarity Bank earned the “Microfinance Bank of the Year” during the 2007 African Banker Awards in Washington D.C. A total of 15 awards were distributed by African Banker magazine to acknowledge the emergence of an authentic banking system in Africa.