ACCION Microfinance Bank Limited of Nigeria has reported an after-tax profit of NGN 75.92 million or the equivalent of USD 500,000 for the period ended December 31, 2009, compared to a reported loss of NGN 67.47 million or the equivalent of USD 400,000 for the year ended December 31, 2008.
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MICROCAPITAL BRIEF: Brazilian Microfinance Sector Poised For Growth Following Annual 22 Percent Increase In Microborrowers since President da Silva’s Election
While the Brazilian microfinance market has seen significant growth since President Inacio Lula da Silva took power in 2002, a recent article estimates the market has reached two percent penetration [1]. Since his election, the number of microborrowers in Brazil has increased from 159,000 to 809,000 with a total of BRL 775.5 million (USD 426 million) in outstanding loans. Growth is expected to continue with increased interest in this market from established banking institutions such as Banco Santander, Unibanco and Banco Real.
MICROCAPITAL BRIEF: SMART Campaign Announces 1,000 Endorsements of Consumer Protection Principles
The SMART Campaign, an international microfinance advocacy organization launched in October 2009, announced it has reached 1,000 endorsements from microfinance organizations across 106 countries [1]. The Campaign’s mission is promote six principles in the treatment of low-income clients: avoidance of over-indebtedness, transparent pricing, appropriate collections practices, ethical staff behavior, mechanisms for redress of grievances, and privacy of client data [2].
MICROCAPITAL BRIEF: Freedom from Hunger Research Team in Davis, California, Attempts to Reconcile Opposing Arguments Regarding the Effect of Microfinance
The Freedom from Hunger Research Team in Davis, California has released an opinion piece in an effort to mediate the two sides of an argument regarding the influence of microfinance.
MICROCAPITAL BRIEF: Six Microfinance Organizations Release Document Citing the Advantages of Microfinance as Response to “The Miracle of Microfinance? Evidence From a Randomized Evaluation” by Abhijit Banerjee, Esther Duflo, Rachel Glennerster, and Cynthia Kinnan
As a response to skepticism of the success of microfinance in a study done by economists Abhijit Banerjee, Esther Duflo, Rachel Glennerster, and Cynthia Kinnan, six organizations released an open letter citing the advantages of microfinance.
MICROCAPITAL BRIEF: responsAbility Global Microfinance Fund and responsAbility Microfinance Leaders Fund Disperse Total of $750k to Indian Microfinance Investment Vehicles Indian Financial Inclusion Fund and LOK Capital Fund
responsAbility Microfinance Leaders Fund and responsAbility Global Microfinance Fund have executed respective equity investments of USD 411,000 and USD 339,000 in MIVs that invest primarily in Indian microfinance institutions (MFIs) according to a report submitted to MicroCapital.
MICROCAPITAL BRIEF: LeapFrog Investments Microinsurance Fund Raises Additional $25m in Commitments from New Investors Including J.P. Morgan and TIAA-CREF
LeapFrog Investments, an international for-profit microinsurance fund, recently announced its final close raising USD 25 million for a total fund size of USD 137 million for investments in Africa and Asia.
MICROCAPITAL BRIEF: International Finance Corporation (IFC) Provides $15m Equity Investment to Lok II, an $80m Microfinance Fund that will Invest in Microfinance Institutions (MFIs) in India
The International Finance Corporation (IFC), the investment arm of the World Bank, recently announced that it will provide an equity investment of USD 15 million in Lok II, a venture capital fund investing primarily in microfinance.
MICROCAPITAL BRIEF: LeapFrog Investments Poised to Invest $30m to $37m in Microinsurance Projects in India
In a recent interview with the Indian online news platform VCCircle, Mr Jim Roth, Principal at LeapFrog Investments, a private equity microinsurance fund, said that of the fund’s USD 110 million in capital, it would commit USD 30 to 37 million to microinsurance products in India.
MICROFINANCE EVENT: “Aligning Stakeholder Interests: Making MFI Transitions Work” Online Forum Hosted by US Agency for International Development (AID) on April 13 – April 15, 2010
Event Name: Speaker’s Corner 36: Aligning Stakeholder Interests: Making MFI Transitions Work
Event Date: April 13 to April 15, 2010
Event Location: This is an online forum. To sign up for the discussion, visit http://www.surveymonkey.com/s/VZFLY6M
Event Website: http://www.microlinks.org/sc/aligninginterests
See Our Comprehensive Event Calendar Here: http://microfinanceassociation.ning.com/events
MICROCAPITAL BRIEF: Grameen Foundation to Upgrade Mifos, an Open Source Microfinance Institution (MFI) Management Software with Grants of $500,000 from Cisco Foundation and $1.23m from MasterCard Foundation
The Grameen Foundation, an independent non-profit organization, has announced that it will add functionality to Mifos, a microfinance institution (MFI) management software package that is open source, meaning that it is free software that can be changed by users.
MICROCAPITAL BRIEF: Investment Firms Matrix Partners India, Hivos-Triodos Fonds and Lok Capital LLC Invest $26.5m in Indian BASIX Microfinance Institution Bhartiya Samruddhi Finance Limited (BSFL)
Matrix Partners India, a Mumbai-based investment firm, is investing INR 1 billion (USD 22.5 million) in Bhartiya Samruddhi Finance Limited (BSFL), an Indian microfinance institution that is a member of the BASIX (Bhartiya Samruddhi Investment & Consulting Service) Group. Two existing investors, Europe-based Hivos-Triodos Fonds and dedicated microfinance institution (MFI) investor Lok Capital LLC, are contributing a further INR 127 million (USD 2.9 million) and INR 55 million (USD 1.2 million) respectively.
MICROFINANCE EVENT: Global Partnerships in Microfinance, September 6 – September 7, 2010, Hosted in London by the University of Greenwich in Collaboration with the University of Birmingham and the Burgundy School of Business
Event Name: Global Partnerships in Microfinance
Event Date: September 6 – September 7, 2010
Event Location: University of Greenwich Business School, London, UK
Event Website: Preliminary information is available at http://microfinance.gre.ac.uk/Conference/Flyer-MicrofinanceConference-Sept2010.pdf. More details are anticipated via http://www.gre.ac.uk/enterprise/business-events.
See Our Comprehensive Event Calendar Here: http://microfinanceassociation.ning.com/events
Cost: Registration is GBP 200 (USD 305). Early registration is GBP 100 (USD 152). Deadline for early registration has not yet been disclosed.
Summary of Event: The conference aims to explore how microfinance can help alleviate poverty in a sustainable way. To achieve this goal the event organizers postulate that microfinance institutions will need to collaborate with other stakeholders in the industry. The conference intends to explore all possible partnerships in microfinance and to discuss the achievements and challenges in meeting the microfinance goals.
MICROCAPITAL BRIEF: Indian Microfinance Funds Seek to Expand Focus Beyond Microcredit
According to a recent article on VCCircle.com, an Indian online news platform, Indian microfinance fund managers are diversifying their investment base to include more areas of social investing, such as microinsurance, micro housing finance, healthcare, mobile payments and rural supply chains.
MICROCAPITAL BRIEF: International Investors Launch Microfinance Growth Fund (MIGRoF), a Lending Facility for Microfinance Institutions (MFIs) in Latin America and the Caribbean
The Inter-American Development Bank’s (IDB’s) Multilateral Investment Fund (MIF), a fund that finances micro- and small enterprises (MSEs); the Inter-American Investment Corporation (IIC), a member of the IDB that helps small and medium-sized enterprises (SMEs) gain access to finance; and the Corporación Andina de Fomento (CAF), an institution that mobilizes financial resources in Latin America, recently launched the Microfinance Growth Fund (MIGRoF), a facility expected to provide the equivalent of USD 250 million in medium- and long-term loans to microfinance institutions (MFIs) in Latin America and the Caribbean.
MICROFINANCE EVENT: Microfinance Cracking the Capital Markets South Asia 2010
Event Name: Microfinance Cracking the Capital Markets Conference & Investment Marketplace
Event Date: June 23-24, 2010
Event Location: Delhi, India, The Taj Mahal Hotel
Event Website: http://www.centerforfinancialinclusion.org/Page.aspx?pid=1019&srcid=191
See Our Comprehensive Event Calendar Here: http://microfinanceassociation.ning.com/events
Cost: Conference Only:
Banks, investment funds, private investors, governments, IFIs, raters: INR 14,890 (USD 320)
South Asian MFIs and NGOs: INR 6,750 (USD 145)
Investment Marketplace Package: INR 27,795 (USD 597)
Summary of Event:
The conference will bring together institutional and private investors, leading microfinance institutions (MFIs), specialized microfinance investment funds, international and local banks, central bankers, and rating agencies to discuss successes, trends, and challenges of microfinance investment in South Asia, especially India.
MICROCAPITAL BRIEF: Indian Microfinance Institution Grameen Koota Raises $4.2m from MicroVest Purchase of Non-convertible Debentures (NCDs)
Grameen Financial Services Private Limited, an Indian microfinance institution also known as Grameen Koota, has raised INR 20 crore (USD 4.27 million) from a sale of secured, redeemable, non-convertible debentures (NCDs) to MicroVest I LP, a US-based private equity fund.
MICROCAPITAL BRIEF: Bill & Melinda Gates Foundation Awards $38m in Grants to Help Microfinance Institutions Expand Savings Initiatives for Poor
The Bill & Melinda Gates Foundation has awarded six grants worth a total of USD 38 million to help 18 microfinance institutions (MFIs) expand or launch savings initiatives.