The Dutch development bank Financierings-Maatschappij voor Ontwikkelingslanden (FMO) recently loaned USD 50 million to Uzbekistan-based Joint Stock Commercial Bank Hamkorbank. Hamkorbank plans to use 70 percent of the fresh funds to finance
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MICROCAPITAL BRIEF: Cubo Raises $3.5m in Debt, Equity to Boost Acceptance of Digital Payments by Microenterprises in Central America
El Salvadoran startup Cubo, in an effort to bring its digital payments solutions to Guatemala, Panama and Costa Rica, recently raised USD 3.5 million in seed financing from investors including IDB Lab, a member of the Inter-American Development Bank (IDB) Group, and three venture capital firms, Colombia-based Latin Leap, Peru’s Seedstars and India’s Soma Capital. Cubo expects the new funding to allow it to reach about
MICROCAPITAL BRIEF: Abler Nordic Sells Equity Stake in Microfinance Institution Baobab Senegal, Retains Holding in Parent Company
Abler Nordic, a partnership of public and private investors based in Denmark and Norway, recently sold its stake in Baobab Senegal for an undisclosed price to the latter’s parent company, Baobab Group, which operates microfinance institutions (MFIs) in Africa and China. Abler, known at the time as the Nordic Microfinance Initiative, bought the stake in 2012. Abler continues to hold a stake in Baobab Group.
“As we hand the baton on, we are very pleased with how the company has grown, the impressive social results they have achieved, and
MICROFINANCE PAPER WRAP-UP: “Green Energy Finance and Gender Disparity: The Case of Mountain Areas in Bangladesh,” by Sakib Bin Amin et al, Published by Copenhagen Business School
The authors of this study conducted a household-level analysis to examine the relationships among electricity access, green finance and gender disparity in the Chittagong Hill Tracts (CHT) of Bangladesh. Although access to electricity can
MICROCAPITAL BRIEF: DFIs Invest $109m in Horizon Capital IV to Support SMEs in Ukraine, Moldova
Six public-sector organizations recently invested in the second funding round of Horizon Capital IV with the goal of enabling the equity fund to supply more working capital to “fast-growing, technology-enabled small and medium-size businesses” in Ukraine and Moldova. The fund also seeks to
MICROCAPITAL BRIEF: AMK of Cambodia Borrowing $7.5m for Green Microfinance via Bond Issue from BII, Symbiotics
Symbiotics Investments, a Switzerland-based investor focused on smaller businesses in low- and middle- income countries, recently disbursed USD 7.5 million to Cambodia’s AMK Microfinance Institution to fund its ongoing lending for electric two- and three-wheeled vehicles as well as new products, such as
MICROCAPITAL BRIEF: Annapurna of India Borrows $10m from MicroVest to Expand Microfinance for Rural Women
MicroVest, an asset management subsidiary of US-based DAI Global, recently lent USD 10 million to Annapurna Finance, an India-based microfinance institution (MFI) that lends to groups of women for purposes such as agriculture, crafts, solar lighting and housing improvements. The MFI also lends to
MICROCAPITAL BRIEF: IDB Lab Accepting Applications from Entrepreneurs in Latin America, Caribbean for WeXchange Women STEMpreneurs Competition, Partner of Google for Startups, Through March 31
WeXchange, a program of the Inter-American Development Bank (IDB) Group’s IDB Lab, recently started accepting applications from female entrepreneurs in Latin America and the Caribbean for the WeXchange Women STEMpreneurs Competition. The competition targets women whose businesses
MICROCAPITAL BRIEF: Arohan of India Raises $11m in Equity from FMO to Expand Microfinance, Including via Technology
Arohan Financial Services, an India-based microfinance institution (MFI) offering credit and insurance services to groups, individuals and other MFIs, recently accepted an equity investment in local-currency equivalent to USD 11 million from the Dutch development bank Financierings-Maatschappij voor Ontwikkelingslanden (FMO). Arohan plans to use the fresh capital
MICROCAPITAL BRIEF: Al-Qutaibi Funding Renewable Energy Products, Climate Adaptation Strategies for SMEs, Farmers in Yemen in Collaboration with USAID
Yemen’s Al-Qutaibi Islamic Bank for Microfinance recently launched its Vendor Finance Department to support farms and other small and medium-sized enterprises (SMEs) in acquiring technology to produce renewable energy as well as “climate-smart” farming tools such as “solar-fed irrigation systems, greenhouses, and tunnel farming tools.” The bank did this with support from the
MICROCAPITAL BRIEF: Bidhaa Sasa Borrows $500k from Spark+ Africa Fund for Distribution of Efficient Cookstoves in Kenya, Uganda
Bidhaa Sasa, a Kenya-based last-mile distributor of lower-emission cooking and lighting products, recently borrowed USD 500,000 from Spark+ Africa Fund, an investor in “modern energy solutions.” Bidhaa Sasa plans to use the proceeds to
MICROCAPITAL BRIEF: Oikocredit Loans MyCredit $2.6m for SME Financing in Kenya
Oikocredit, a Netherlands-based cooperative, recently lent MyCredit, a Kenya-based non-bank financial services company, USD 2.6 million for lending to small and medium-sized enterprises (SMEs). MyCredit CEO George Mbira commented, “The secured funding will support MyCredit’s strategic
MICROCAPITAL BRIEF: To Fund Biogas Digesters, Cookstoves in Kenya, Sumac Microfinance Bank Borrows $2m from Spark+ Africa
Kenya’s Sumac Microfinance Bank recently secured a three-year loan of USD 2 million from Spark+ Africa Fund, an investor in “modern energy solutions.” Sumac is to use the funds to expand its Kawi product, which funds solar panels, fuel-efficient stoves and biogas digesters. Sumac’s partners include Kenya’s Burn Manufacturing and Mexico-based
MICROCAPITAL BRIEF: LAGreen, UNEP-FI Promoting Green Bonds with Training in 8 Countries in Latin America, Caribbean
The Latin American Green Bond Fund (LAGreen), a Luxembourg-based investor in projects deemed sustainable, and the UN Environment Programme (UNEP) Finance Initiative, a public-private partnership, recently delivered a training series for banks in the Dominican Republic and Latin America to encourage them to invest in bonds that fund impact-oriented projects. Examples of efforts LAGreen has funded in the past include
SPECIAL REPORT: Joy Ogutu of Agents for Impact on Impact Investing in Africa
How best to invest in Africa? What makes this region attractive to investors? This month, we introduce you to Joy Ogutu (pictured), an Africa-based Investment Officer at Agents for Impact (AFI), an impact investment company based in Germany. As an expert in sustainable investments and impact in Africa, Joy offers us keen insight into these and other questions on sustainable growth and the current conditions in Africa.
Joy 
has over 10 years of experience in the financial sector in Sub-Saharan Africa. Before joining AFI, she worked at the African Guarantee Fund, where she held the positions of Business Development Officer and Credit Officer. Her roles involved managing the guarantee cycle of financial institutions providing loans to small and medium-sized enterprises. Prior to that, she worked at Equity Bank, Ecobank and Commercial Bank of Africa (now NCBA). Her areas of expertise include deal structuring, credit risk analysis, portfolio management and relationship management. Joy is passionate about promoting sustainable development by facilitating access to finance and aiding organizations in their investment strategies. She believes that financial returns can be obtained while making a positive impact on the environment and the communities in which AFI operates.
MicroCapital: In your work in financial services, what have been the highlights? What motivates you?
Joy Ogutu: I am
MICROCAPITAL BRIEF: Grameen Crédit Agricole Foundation Loans $3.1m to Microfinance Institution Baobab Burkina Faso
The unit of France-based Baobab Group that operates in Burkina Faso has accepted a local-currency loan equal to EUR 3.1 million (USD 3.1 million) from the Luxembourg-based Grameen Crédit Agricole (GCA) Foundation. Baobab Group offers microbanking, solar-powered devices and tablets in eight African countries as well as China. Its outstanding loans total
MICROCAPITAL BRIEF: FINCA Microfinance Bank, Millat Tractors Partner to Serve Farmers in Pakistan
Pakistan-based FINCA Microfinance Bank, a for-profit entity whose name derives from the US-based Foundation for International Community Assistance (FINCA International), recently announced a partnership with Pakistan-based Millat Tractors to increase the availability of machinery to farmers in the country. Under the new arrangement, customers of FINCA Pakistan are able to
MICROCAPITAL BRIEF: Oikocredit Lending $2.7m to Africa Negoce Industries, Buyer of Cashews from Smallholder Farmers in Benin
The Dutch cooperative lender Oikocredit recently granted a line of credit with a cap of EUR 2.7 million (USD 2.7 million) to Africa Negoce Industries (ANI) a trader and processor of almonds, cashews and coal in Benin. ANI plans to use the credit to