According to a statement attributed to Killi Kruparani, India’s minister of state for communications and information technology, a mobile money order service will be available at post offices in the Indian state of Andhra Pradesh beginning in October 2013.
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MICROCAPITAL BRIEF: MTN Mobile Money, Mobile Financial Services (MFS) Partner to Launch KwikAdvance Payday Loans in Ghana
Mobile Telecommunications Network (MTN) Mobile Money, an arm of South African telecommunications company MTN Group, reportedly has partnered with Mobile Financial Services (MFS) Africa, a for-profit firm based in Mauritius, to launch KwikAdvance in Ghana.
MICROCAPITAL BRIEF: Anne Hastings of Fonkoze Outlines Framework for National Mobile Money Systems
Anne Hastings, CEO of Haitian microfinance institution Fonkoze Financial Services, recently summarized the challenges outlined by a panel hosted by the Better Than Cash Alliance (BTC), a US-based NGO that promotes financial inclusion through mobile banking, at the World Economic Forum in Davos, Switzerland, in January 2013. The panel discussed the benefits and challenges of making the transition from cash to electronic payments.
MICROCAPITAL BRIEF: Nigerian State of Borno to Pilot National Financial Inclusion Initiative Via Post Offices
The federal government of Nigeria, the Central Bank of Nigeria (CBN), the government of the Nigerian state of Borno and several other organizations reportedly have launched a financial inclusion initiative that will provide financial services to the un-banked at post offices.
MICROFINANCE PUBLICATION ROUND-UP: Banking on Change Partnership for Financial Inclusion in Africa; Findings on Financial Inclusion in Nigeria; Snapshot of Microfinance in Latin America and the Caribbean
“Banking on Change: Breaking the Barriers to Financial Inclusion;” published by Plan UK, Barclays and Care International UK; January 2013; 28 pages; available at: http://www.careinternational.org.uk/research-centre/microfinance/251-banking-on-change-breaking-barriers-to-financial-inclusion
MICROFINANCE EVENT: AITEC Banking and Mobile Money West Africa, July 10 – 11, 2013, Accra, Ghana
Event Name: African Information & Communication Technology Exhibition & Conference’s (AITEC’S) Banking and Mobile Money in West Africa 2013: “Consolidating and monetizing the gains of innovation”
Event Date: July 10 – 11, 2013
Event Location: Accra International Conference Centre, Accra, Ghana
MICROCAPITAL BRIEF: Number of Mobile Money Subscribers in Kenya Down 1%, Total Transaction Value Up 7% During Quarter Ending September 2012
The Communications Commission of Kenya (CCK), a state-owned regulatory authority for the communications industry in the country, has released a report showing that the number of mobile money service subscribers dropped by 200,000 to 19.3 million between July and September 2012.
MICROCAPITAL BRIEF: TransferTo Partners with AT&T, Taiwan Mobile, Korvac Holdings to Allow Customers to Send, Receive Phone Airtime in the Americas and Asia
TransferTo International, a telecommunications company incorporated in Singapore, recently partnered with AT&T, a US-based telecommunications provider, to allow AT&T mobile phone subscribers in the US to execute TransferTo International Top-Ups via short message service (SMS), also known as text messaging.
MICROCAPITAL BRIEF: Central Bank of Nigeria (CBN) to Implement Financial Literacy Framework by March 2013
The Central Bank of Nigeria (CBN), the nation’s financial regulatory authority, recently announced plans to implement a financial literacy framework aimed at enhancing financial inclusion of unbanked people by the first quarter of 2013.
MICROCAPITAL BRIEF: Inklas of Nigeria Automates 136 Ghanaian Rural and Community Banks
ARB Apex Bank, a government-backed institution that inspects and funds rural and community banks (RCBs) under the supervision of the Bank of Ghana, through a contract with Inklas Computers Limited, a Nigerian company that specializes in information technology and financial systems integration, has completed the automation of 136 RCBs with 700 branches throughout Ghana.
MICROCAPITAL BRIEF: First National Bank Namibia Releases Mobile Money Service
After awaiting regulatory approval for over a year, First National Bank (FNB) Namibia, a unit of FNB South Africa, recently released its e-Wallet service, which allows customers to transfer funds via the mobile phones of individuals, including to recipients who do not have bank accounts.
MICROCAPITAL BRIEF: AppZone Launches Branchless Banking Platform BankOne in Nigeria
AppZone, a Nigeria-based financial technology firm, reportedly has launched a branchless banking platform called BankOne that allows financial institutions to use mobile devices as data capture terminals.
MICROCAPITAL BRIEF: Thailand’s Government Banks May Refinance Microloans Via Mobile Banking
Thailand’s Ministry of Finance (MOF) reportedly is considering turning to mobile banking to help reduce over-indebtedness, which has been caused by a failure “to seek support from and convince unofficial money lenders to relieve debts,” according to a quote attributed to Deputy Finance Minister Viroon Tejapaibul.
MICROCAPITAL BRIEF: First Bank of Nigeria Creates Cardless Automated Teller Machine (ATM) to Promote Financial Inclusion
First Bank of Nigeria, a commercial bank listed on the Nigerian Stock Exchange (NSE) recently introduced a cardless Automated Teller Machine (ATM) transfer service across the country that intends to facilitate the transfer of funds to people without bank accounts or payment cards.
MICROCAPITAL BRIEF: Financial Information Network and Operations (FINO) of India Looks to Boost Financial Inclusion in Nigeria in Partnership With ZaaEdge Resources
Financial Information Network and Operations (FINO), an India-based for-profit technology provider, and ZaaEdge Resources Limited, a for-profit company that aims to promote financial inclusion technology in Nigeria, have entered into a partnership with the goal of improving financial inclusion in Nigeria.
MICROCAPITAL BRIEF: National Association of Nigerian Traders to Provide Microcredit to 19,000 Rural Farmers
The National Association of Nigerian Traders (NANTS), a Nigerian organization that aims to promote trade and economic advancement in the country, reportedly has pledged to support 19,000 “small-scale” rural farmers through a microcredit program that was originally launched in 2010.
MICROCAPITAL BRIEF: Goodwell West Africa Microfinance Development, Adlevo, Omidyar, Acumen, Capricorn Fund Expansion of Paga Money Transfers Across Nigeria
Paga, a Nigerian money-transfer service that was launched in February 2011, has received new equity investments both from its previous investor, Goodwell West Africa Microfinance Development Company, a branch of Dutch company Goodwell Investment, and from new investors Adlevo Capital, a Mauritius-based private equity fund manager; Omidyar Network, a US-based nonprofit investment firm; Acumen Fund, a US nonprofit venture fund; and Capricorn Investment Group, a privately owned, US-based investment manager.
MICROCAPITAL BRIEF: Nigerian Stock Exchange Lists Fortis Microfinance Bank with Market Capitalization of $50m
Fortis Microfinance Bank, headquartered in Abuja, Nigeria, has joined the Nigerian Stock Exchange, increasing the exchange’s market capitalization by NGN 8.15 billion (USD 50.8 million).