Two Netherlands-based organizations, the NGO Oxfam Novib and for-profit Goodwell Investments recently partnered to create Pepea Fund, with EUR 20 million (USD 22.8 million) from Oxfam Novib to support small and medium-sized enterprises (SMEs) in Kenya, Ethiopia and Uganda. Goodwell Investments will
Search Results for: nigeria mobile
MICROCAPITAL BRIEF: Echosys, Rgreen Raise $93m for Solar Power for SMEs in Africa via Afrigreen Debt Impact Fund
Two French firms, Echosys Invest and Rgreen Invest, recently announced the first close of their Afrigreen Debt Impact Fund with EUR 88 million (USD 93 million) to finance solar power plants for small and medium-sized enterprises (SMEs). The fund will focus on Central and West Africa, and it is to include local-currency financing for projects in
SPECIAL REPORT: Fintechs vs MFIs – a Debate at European Microfinance Week
At Thursday’s debate on “high-tech” versus “high-touch” financial services at European Microfinance Week, Dorcas Thorpe of Nigeria’s LAPO Microfinance Bank argued that customers in rural areas are more likely to access financial services via high-touch channels such as branches and agents rather than mobile money because they have – on average – lower levels of digital literacy and trust in digital financial services. Gregoire Lecomte of
MICROCAPITAL BRIEF: Visa Foundation Donates $2m to Opportunity International to Support Microfinance, Small-business Lending to Women in Africa
US-based nonprofit microfinance network Opportunity International recently secured a grant of USD 2 million from the Visa Foundation, an affiliate of US-based payments firm Visa. The goal is to facilitate Opportunity in routing an additional USD 14 million via its affiliated financial services providers (FSPs) in Democratic Republic of the Congo, Ghana, Nigeria and Uganda to micro- and small businesses owned by women. The two-year grant is to fund services for: (1) business owners and farmers, such as training in financial literacy, business management and agricultural practices; and (2) partner FSPs, such as technical assistance in developing gender-oriented policies and financial incentives for serving women, such as guarantees, interest-rate buy-downs and collateral buy-downs. A collateral buy-down – where an FSP might
MICROCAPITAL BRIEF: Prophius, Mastercard Enable SMEs in Africa to Accept “Tap-on-phone” Payments
Prophius, a Nigeria-based financial technology (fintech) firm, recently entered a partnership with US-based technology provider Mastercard, to equip its PayContactless service to allow its users to accept payments on their Android mobile phones from customers’ payment cards, e-wallets and
MICROCAPITAL BRIEF: In 1st Disbursement, Verdant Capital Hybrid Fund Loans $7m to Watu Credit Uganda to Expand Vehicle Financing
Verdant Capital, a Mauritius-based corporate finance firm, recently issued subordinated debt in the amount of USD 7 million to Watu Credit Uganda, an affiliate of Kenya’s Watu Credit, which funds vehicles and mobile phones in six African countries. While Watu also funds smartphones, tuk tuks (three-wheelers) and cars,
MICROCAPITAL BRIEF: Citibank Pakistan, National Institutional Facilitation Technologies Partner on Digital Financial Services for Retailers in Pakistan
National Institutional Facilitation Technologies (NIFT), a Pakistani payment system operator, and the local arm of US-based financial services provider Citigroup, recently announced a “referral arrangement” under which Citibank Pakistan will refer its clients to NIFT’s infrastructure for processing digital payment services. The deal will allow corporations to
MICROCAPITAL BRIEF: BII Lending $20m to Moove, Financier of Ride-hailing, Delivery Vehicles in Africa
British International Investment (BII), the UK government’s development finance institution, recently announced a four-year structured debt package of USD 20 million for Moove, a Nigeria-based financial technology (fintech) firm that helps drivers in Africa acquire motorcycles, cars and trucks to work for passenger and delivery driving services. Moove plans to use the proceeds to buy fuel-efficient cars for drivers in Nigeria to acquire through payments made over periods of up to four years. Moove’s vehicle financing packages include
MICROCAPITAL BRIEF: Fintech Sava Raises $1.8m in Equity to Launch Spending Management Platform in South Africa
Sava, a firm in South Africa, recently raised USD 1.8 million in “pre-seed funding” for its digital platform focused on “expenditure management and reconciliations” for small and medium-sized enterprises (SMEs) in Africa. The company plans to
MICROCAPITAL BRIEF: Lipa of South Africa Offers Banks Tap-to-pay Service Allowing Informal Merchants to Accept Cashless Payments
Lipa Payments, a financial technology (fintech) firm based in South Africa, is rolling out its flagship digital “tap-to-pay” service, which allows merchants in Africa’s informal sector to accept cashless customer payments using mobile phones, rather than point-of-service terminals. The service, which Lipa is introducing via financial institutions in Nigeria and South Africa, integrates
MICROFINANCE PAPER WRAP-UP: “Financial Solutions for Women in Rural and Agricultural Livelihoods: Evidence and Strategy,” Published by CGAP
The authors of this slide deck have outlined a strategy to increase access to labor and market opportunities for women in rural and agricultural livelihoods (WIRAL). Among the constraints addressed are saved labor, wage labor, hired labor, digital markets, traditional markets and cultural norms.
SPECIAL REPORT: The SAM Innovators’ Village – What About the 2019 Iteration Convinced So Many to Return for the SAM 2021 Coming Up in October in Rwanda?
The SAM (Semaine Africaine de la Microfinance – African Microfinance Week in French) is a major five-day gathering dedicated to inclusive finance in Africa. Since the first SAM in 2013, the SAM has consistently offered a true ecosystem of events, including a two-day conference that this year will deeply explore the resilience of the sector and the populations it serves, thanks to the participation of a range of high-level speakers and panelists. Before and after the conference, participants will meet new partners and learn new skills at the Investors’ Fair, the Innovators’ Village and a wide assortment of free training sessions and workshops.
The Innovators’ Village is a key element of the SAM, showcasing innovative solutions that strengthen the resilience of individuals and organisations in the inclusive finance sector. It is also a meeting place, creating opportunities for synergies among a myriad of actors in the sector. At the Innovators’ Village, you’ll find a range of organisations that can strengthen the resilience to shocks of African institutions and populations through concrete tools, methodologies, products and services. Exhibitors will meet new potential customers and investors to develop their businesses, as well as partners for new projects. Practitioners likewise will identify innovative solutions that meet their needs and find potential partners and investors. Funders can identify innovative solutions with high potential for both social and financial returns.
Probably the most effective way to understand the value of the Innovators’ Village is through the words of leaders who have participated as exhibitors in the past and will return for this next edition of the SAM, which will take place in Kigali, Rwanda, from October 18 to 22, 2021.
Jarek Chuchla, Microfact Coordinator: Every single edition of the SAM is a
MICROFINANCE PAPER WRAP-UP: “Evidence Review of Women’s Groups and COVID-19: Impacts, Challenges, and Policy Implications for Savings Groups in Africa;” by Eva Namisango et al
This brief offers evidence on how COVID-19 has affected women’s savings groups in sub-Saharan Africa – with a specific focus on Nigeria and Uganda – including how these groups have helped to “mitigate the pandemic’s negative consequences.” In a savings group, members pool their savings, lend out these funds and share the resulting profits. In addition to
MICROCAPITAL BRIEF: Pngme, Data Processor for Lenders in Africa, Raises $3m in Seed Equity Round Led by EchoVC, Lateral Capital, Radical Ventures, Raptor Group
Pngme, a US-based financial data firm focused on African markets, recently announced it has closed its seed fundraising round at a volume of USD 3 million. Pngme offers an application program interface (API) that allows financial institutions to access and analyze
MICROCAPITAL BRIEF: Rent-to-Own Car Financier Planet42 of South Africa Secures Final Tranche of $13m Debt, Equity Package
Planet42, a car financier in South Africa, recently secured the closing portion of a funding package arranged by Verdant Capital, an African financial advisory firm, totaling USD 13 million in debt and equity. The names of
SPECIAL REPORT: During Pandemic, VSLAs Support Members Struggling with Barriers to Income, Education, Gender-based Violence, Lack of PPE
During 
a European Microfinance Week session on village savings and loan associations (VSLAs), speakers from several affiliates of Switzerland-based CARE International described their organizations’ responses to the COVID-19 pandemic. As the pandemic set in, they surveyed members of VSLAs, which commonly include 30 women, in various formats to learn how they were adjusting to the pandemic and what support they need.
Maryam Garba Usman of CARE Nigeria described her organization’s survey of 100 VSLAs, largely via an interactive voice response telephone system. The team also used a mobile app to distribute information on COVID-19 and a range of gender-related issues. Most groups continued to meet in person, incorporating social distancing. In addition to accessing financial services, VSLA members addressed problems such as gender-based violence, child marriage, interruptions to children’s education and
MICROCAPITAL BRIEF: Cybercrime Up During Pandemic As FSP Clients, Staff Increase Usage of Digital Payments, Remote Technologies
Amidst the COVID-19 pandemic, the use of digital payment services has risen, leading to an increase in fraud and thus a renewed urgency to educate and otherwise protect consumers of these services. Financial services providers also are boosting their vigilance in
MICROCAPITAL BRIEF: In Response to COVID-19, Western Union Transitions to Home Delivery of Money Transfers in Jordan
The Western Union Company, a US-based financial services and communications firm, recently announced that the company’s agents will deliver money transfers directly to customers’ homes in Jordan. Each delivery is to occur within