The International Finance Corporation (IFC), a member of the World Bank Group, has agreed to provide advisory support to Indian for-profit technology and services provider Financial Information Networks and Operation (FINO) in its goal to bring financial products such as microinsurance, remittance and deposit services to 100 million clients in India over the next three years.
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MICROFINANCE PAPER WRAP-UP: “Bank Agents: Risk Management, Mitigation, and Supervision;” by Kate Lauer, Denise Dias, Michael Tarazi; Published by CGAP (Consultative Group to Assist the Poor)
By Kate Lauer, Denise Dias and Michael Tarazi; published by CGAP (Consultative Group to Assist the Poor); December 2011; 24 pages; available at: http://www.cgap.org/p/site/c/template.rc/1.9.55781/
MICROCAPITAL BRIEF: State Bank of Pakistan Releases Five-Year “Microfinance Strategic Framework,” Launches Financial Literacy Programme
The State Bank of Pakistan (SBP), Pakistan’s central bank, recently announced that it has developed a detailed strategy to promote the sustainable growth of microfinance as outlined in its “Microfinance Strategic Framework 2011-2015” that is intended to “foster a pro-poor and sustainable development of the country” [1].
MICROCAPITAL BRIEF: Asasah of Pakistan to Collect Microloan Repayments via Easypaisa Service of Tameer Microfinance Bank, Telenor Pakistan
Asasah, a microfinance institution (MFI) in Pakistan, reportedly has announced that it will be utilizing Easypaisa, the branchless banking service of MFI Tameer Microfinance Bank Limited (TMFB) of Pakistan, as an option for borrowers to repay their loans [1].
MICROCAPITAL BRIEF: World Bank Approves $100m Loan to Facilitate Implementation of “Financial Consolidation and Inclusion Project” in Mexico
The World Bank’s (WB’s) Board of Directors recently approved a loan of USD 100 million to support the “Financial Consolidation and Inclusion Project” in Mexico.
MICROFINANCE EVENT: Citi-FT Financial Education Summit 2011, Jakarta, Indonesia, November 28 – 29, 2011
Event Name: Citi-FT Financial Education Summit 2011: Empowering the Disadvantaged: Inclusive and Innovative Approaches to Financial Capability
Event Date: November 28 – November 29, 2011
Event Location: Hotel Mulia, Jakarta, Indonesia
MICROCAPITAL BRIEF: Digicel Pacific Launches Remittance Service Connecting New Zealand with Tonga, Fiji, Samoa
Digicel Pacific Limited, a unit of Jamaica-based mobile phone network operator Digicel Group Limited, recently launched an international remittance service called Digicel Mobile Money to allow people living in New Zealand to send money to any Digicel mobile phone in Tonga, Fiji and Samoa [1].
MICROFINANCE EVENT: Technology Innovation for Banks in Growth Economies, London, United Kingdom, November 29 – November 30, 2011
Event Name: Technology Innovation for Banks in Growth Economies
Event Date: November 29 – November 30, 2011
Event Location: Kingsway Hall Hotel, 66 Great West Queen Street, Covent Garden, London, United Kingdom
MICROCAPITAL BRIEF: State Bank of Pakistan (SBP) Reduces Provision Requirements for Microfinance Loans
The State Bank of Pakistan (SBP) has withdrawn general provision requirements for loans extended by microfinance banks (MFB) that are secured against collateral.
MICROCAPITAL BRIEF: Orascom’s Mobilink Receives Approval to Offer Mobile Microfinance Banking in Pakistan
The State Bank of Pakistan (SBP), Pakistan’s central banking authority, has reportedly granted approval to Orascom, an international telecommunications company headquartered in Cairo, Egypt, to initiate a mobile microfinance banking service in Pakistan.
MICROCAPITAL BRIEF: “An Examination of Challenges and Prospects of Microfinance Sector of Pakistan”, A Study by Seyed Ibn e Ali Jaffari et al Highlights Internal Weaknesses, Religious Concerns
A study recently published in the European Journal of Economics, Finance and Administrative Sciences draws attention to challenges faced by the microfinance sector in Pakistan.
MICROFINANCE EVENT: Mobile Money Global Summit and Expo, Dubai, United Arab Emirates, October 31 – November 3, 2011
Event Name: Mobile Money Global Summit and Expo, 2011
Event Date: October 31 – November 3, 2011
Event Location: Dubai, United Arab Emirates (UAE)
MICROCAPITAL BRIEF: Boston Consulting Group Publishes “Socio-Economic Impact of Mobile Financial Services” for Telenor, Exploring Effects of Mobile Financial Services in Bangladesh, India, Malaysia, Pakistan, Serbia Over the Next Decade
Boston Consulting Group, a US-based management consulting firm, recently released a study it conducted for Telenor Group, a Norwegian communications service provider with operations in 11 European and Asian markets, looking at what effect mobile financial services may have through the year 2020 [1].
MICROCAPITAL BRIEF: Tameer Microfinance Bank, AsiaCare Health and Life Insurance Partner to Launch Microinsurance in Pakistan
Tameer Microfinance Bank Limited of Pakistan reportedly is partnering with AsiaCare Health and Life Insurance Company, a Pakistani managed care health insurer, to offer “Tameer Sehat O Sukoon”, a health microinsurance product designed for low-income individuals.
MICROCAPITAL BRIEF: Financial Sector Deepening, Microfinance Opportunities Announce “Financial Diaries” Research Indicating M-Pesa Users Better Prepared for Health Emergencies, Most E-Money Transfers Are Among Family, Friends
Financial Sector Deepening Kenya (FSD Kenya), a Kenyan trust that seeks to develop the capacity of the financial services industry, in partnership with Microfinance Opportunities, a microenterprise resource center based in Washington, DC, recently hosted a workshop on “financial diaries”, which are year-long surveys that examine financial management in poor households. The following findings, based on the implementation of the diaries in Kenya, were announced: 1) low-income households handle “a lot of cash” on a weekly basis, 2) 95 percent of transactions are in cash, with the remaining 5 percent made through M-Pesa, 3) 80 percent of e-money flows are among family and friends, 4) 75 percent of M-Pesa remittances are cashed out, mostly within a day and 5) M-Pesa users are “less vulnerable to health shocks” [1].
MICROCAPITAL BRIEF: Nigeria’s Guaranty Trust Bank (GTBank) Partnering with Mobile Telecommunications Network (MTN) to Offer Mobile Banking
Nigeria-based Guaranty Trust Bank (GTBank) has partnered with Mobile Telecommunications Network (MTN), a telecommunications provider based in South Africa, to offer mobile banking services in Nigeria.
MICROCAPITAL BRIEF: State Bank of Pakistan Launches GBP 10m Financial Innovation Challenge Fund (FICF) to Support Innovation Contests, Government-to-Person (G2P) Payments
The State Bank of Pakistan (SBP) recently launched the Financial Innovation Challenge Fund (FICF) with an allocation of GBP 10 million (USD 16.3 million) in an effort to spur innovation and broaden accessibility to financial services.
MICROCAPITAL BRIEF: Central Bank of Afghanistan Issues Electronic Money Institution License to M-Paisa
The Central Bank of Afghanistan has issued an electronic money institution (EMI) license to M-Paisa, a mobile technology platform that provides financial services targeted at those without access to banking.