Two institutional investors, Lok Capital LLC (Lok Capital), a Mauritius-based investment vehicle, and Creation Investments Capital Management Limited Liability Corporation (LLC) (Creation Investments), a US-based alternative investment management company, reportedly have invested a cumulative sum of INR 800 million (USD 13.7 million) in Equitas Holdings Private Limited (Equitas), a Chennai-based microfinance institution (MFI).
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MICROFINANCE PUBLICATION ROUND-UP: Responsible Equity Exits in Microfinance; Greenfield Microfinance Models in Africa; Mobile Financial Services Usage Among Rural Women in India, Philippines
“The Art of the Responsible Exit in Microfinance Equity Sales;” by Daniel Rozas, Deborah Drake, Estelle Lahaye, Katharine McKee and Danielle Piskadlo; published by CGAP (Consultative Group to Assist the Poor); April 2014; 32 pages; available at http://www.cgap.org/sites/default/files/Forum-Art-of-the-Responsible-Exit-April-2014.pdf
This paper explores how microfinance investment intermediaries (MIIs) and development finance institutions (DFIs) can exit responsibly from microfinance institutions (MFIs) in which they have invested equity as well as how investors can contribute to healthy development of the overall market. The authors conducted six case studies and interviewed representatives from MIIs, nongovernmental organizations, DFIs, MFIs and merger-and-acquisition specialists.
MICROCAPITAL BRIEF: Postal Service Azerpoçt to Provide Microcredit in Azerbaijan
Azerpoçt, Azerbaijan’s government-backed postal service provider, reportedly intends to apply for a license to provide microcredit services from the Central Bank of Azerbaijan.
MICROCAPITAL BRIEF: Microfinance Institutions Network (MFIN) Applies to Reserve Bank of India (RBI) for Self-Regulatory Organization Status
The Microfinance Institutions Network (MFIN), a trade association composed of 47 Indian microlenders that operate as non-banking finance companies, reportedly has applied to the Reserve Bank of India (RBI), the country’s central banking authority, for status as a “self-regulatory organization” (SRO).
MICROCAPITAL BRIEF: India Post, Bharat Sanchar Nigam Partner to Provide Mobile Money Services
The Indian postal department, India Post, reportedly is partnering with Bharat Sanchar Nigam Limited (BSNL), a telecommunications company owned by the Indian government, to provide instant money transfers through cellular phones.
MICROCAPITAL BRIEF: Indian Microfinance Institutions Trident, Bhartiya Samruddhi Finance Limited (BSFL) May Close Due to Lack of Funds
Trident Microfin Private Limited, a microfinance institution (MFI) in India, reportedly may shut down operations after being denied a loan write-down and additional funding from a forum of 21 lenders in the Indian state Andhra Pradesh.
MICROCAPITAL BRIEF: Indian Microfinance Institution Utkarsh Raises $12m in Non-convertible Debentures from UTI International Wealth Creator 4, Microfinance Enhancement Facility, AAV Sarl
Indian microfinance institution (MFI) Utkarsh reportedly has raised INR 75.8 crore (USD 12.2 million) through the issue of non-convertible debentures (NCDs) to Mauritius-based Unit Trust of India International Wealth Creator 4, a fund of UTI Asset Management Company of India; the Microfinance Enhancement Facility (MEF), an investment vehicle founded by the World Bank’s International Finance Corporation and German development bank Kreditanstalt für Wiederaufbau (KfW); and AAV Sarl, a fund structured by Switzerland’s Symbiotics to deploy investments belonging to that firm’s clients.
MICROCAPITAL BRIEF: Indian SKS Trust Advisors Buys 2.7% of SKS Microfinance for $2m, Increasing Stake to 12.6%
SKS Trust Advisors Private Limited, the India-based trustee of five mutual benefit trusts benefiting groups who borrow from SKS Microfinance Limited, reportedly has purchased an additional 2.69 percent of the shares of SKS Microfinance, increasing its stake in the firm to 12.6 percent.
MICROCAPITAL BRIEF: IndiaFirst Life Insurance to Offer Pension Products and Microinsurance
IndiaFirst Life Insurance Company Limited, a joint venture backed by two public-sector Indian banks and the local arm of the UK-based Legal and General Group, reportedly has announced plans to start offering pension products and microinsurance during the financial year 2013-14 following the release of the updates to the Insurance Regulatory and Development Authority (IRDA) guidelines on microinsurance, according to a statement attributed to the IndiaFirst Managing Director and Chief Executive Officer P. Nandagopal [1].
MICROCAPITAL BRIEF: Government of Cameroon Partners with United Nations Development Program (UNDP), International Fund for Agricultural Development (IFAD), United Nations Capital Development Fund (UNCDF) To Consolidate Microfinance Sector
The government of Cameroon recently partnered with three agencies of the United Nations to consolidate the country’s microfinance sector by increasing governmental regulations and mergers of microfinance institutions (MFIs).
MICROCAPITAL BRIEF: Creation Investments Social Ventures Fund II Completes Closing with $75m, Disburses Equity Investments in Grupo Finclusion of Mexico; Sonata, Grameen Koota of India
Creation Investments Social Ventures Fund II, a US-based private equity fund managed by Creation Investments Capital Management, has completed final closing with USD 75 million in committed capital.
MICROCAPITAL BRIEF: Indian Microfinance Institutions Cashpor, Utkarsh Use Technology to Improve Efficency
Nonprofit Indian microfinance institution (MFI) Cashpor Micro Credit and Indian non-banking finance company (NBFC) Utkarsh Microfinance Private Limited each have implemented technology-based procedures to improve efficiency.
MICROCAPITAL BRIEF: Equitas, Ujjivan of India Each Borrow $10m from International Finance Corporation (IFC)
The International Finance Corporation (IFC), the private-arm of the World Bank Group, reportedly has announced it will lend USD 10 million in commercial funds each to Indian microfinance institutions (MFIs) Equitas and Ujjivan Financial Services.
MICROCAPITAL BRIEF: Royal Bank of Scotland (RBS) Sells 4.6% Stake of SKS Microfinance to Merrill Lynch Capital Markets Espana for $12m
The Royal Bank of Scotland Group (RBS), a banking and insurance company with operations in Europe, North America and Asia, reportedly has sold its 4.6-percent stake in SKS Microfinance, an Indian microfinance institution, through the open market to Merrill Lynch Capital Markets Espana, a subsidiary of US-based Bank of America.
MICROCAPITAL BRIEF: Utkarsh Raises $3.7m in Equity from Aavishkaar Goodwell, International Finance Corporation, Norwegian Microfinance Initiative
Utkarsh Micro Finance Private Limited (Utkarsh), an Indian microfinance institution (MFI), reportedly has received an INR 200 million (USD 3.7 million) equity investment from Norwegian Microfinance Initiative (NMI) Frontier Fund, which provides technical and financial support to “emerging” microfinance institutions under the management of the public-private partnership NMI; Aavishkaar Goodwell India Microfinance Development Company (AG), an Indo-Dutch for-profit investor in Indian MFIs; and the International Finance Corporation, the private-sector investment arm of the World Bank Group.
MICROCAPITAL BRIEF: Indian Government Commits $183m Each to Women-Only Bank, Nirbhaya Fund for Women’s Empowerment
The government of India reportedly has plans to create a bank that will exclusively serve women, lending mostly to women-run businesses as well as self-help groups of a dozen or a few dozen women.
MICROFINANCE PAPER WRAP-UP: “2012 MicroMeter;” published by India’s Microfinance Institutions Network (MFIN)
Published by the Microfinance Institutions Network (MFIN); 2013; 40 pages; available at: http://www.microfinancegateway.org/gm/document-1.9.60963/MicroMeter_Feb%202013_Issue%2004_5th%20Feb%202013_for%20distribution.pdf
The Microfinance Institutions Network (MFIN), an association of 47 Indian microlenders, has released the fourth issue of MicroMeter, an analysis of the Indian microfinance industry’s performance during the third quarter (Q3) of fiscal year (FY) 2012-2013 (spanning October to December 2012).
MICROFINANCE PUBLICATION ROUND-UP: Microfinance Handbook; Evolution of Microfinance; Impact of Private Sector Investment on Job Creation
“The New Microfinance Handbook: A Financial Market System Perspective;” edited by Joanna Ledgerwood, Julie Earne and Candace Nelson; published by the World Bank Group; February 2013; 504 pages; available at: https://openknowledge.worldbank.org/handle/10986/12272