INTER-AMERICAN FORUM ON MICROENTERPRISE (FOROMIC), XI EDITION

OCTOBER 8-10, 2008, CONVENTION CENTER CONMEBOL in ASUNCION, PARAGUAY Continue Reading »

A new United States non-profit organization, MicroFinance Transparency (MF Transparency), will publish the interest rates and other basic information about the lending practices of microfinance institutions (MFIs) worldwide. Supported by many throughout the world of microfinance, the founding of this new organization comes at a time of fierce debate over the role of commercial microfinance. Continue Reading »

Global Youth Enterprise Conference 2008

September 15-16, 2008, George Washington University Center for International Business Education and Research (CIBER) in Washington, DC Continue Reading »

Written by Brad Swanson, a Managing Partner at Developing World Markets, published in Microfinance Insights, a quarterly print magazine produced by Intellecap, June 2007, 2 pages, available at: http://www.dwmarkets.com/Resources.htm. Continue Reading »

Muhammad Yunus, the microfinance pioneer and winner of the Nobel Prize for founding the Grameen Bank, spoke out against the growing trend of commercial microfinance. In an interview with CNNMoney.Com, Yunus chastised those involved with for-profit microfinance by saying that “poor people should not be considered an opportunity to make yourself rich.” These remarks come at the start of the Asia-Pacific Regional Microcredit Summit 2008 in Bali Indonesia. Continue Reading »

The government of Uganda has set interest rates for Savings and Credit Cooperative Organizations (SACCOs) at 9 to 13 percent. SACCOs became regulated in June 2008 after a rash of investigations into illegal behavior and fraud. These microfinance institutions are now controlled by the The Uganda Cooperative Savings and Credit Cooperative Union, a newly established government regulatory agency. Continue Reading »

The Commercial Bank of Ethiopia (CBE), a government controlled for-profit corporation, has announced that it will provide finance to four unnamed microfinance institutions (MFIs) in addition to the five it already supports. CBE already provides financial support to the Amhara Credit and Savings Institution and the Dedebit Credit and Savings Institution, which are two of the top fifty MFIs according to Forbes magazine, as well as the Addis Credit and Savings Institution and two others located in Tigray and the SNNP regional States. Continue Reading »

A recent article in the Business Standard reported an increase of urban microfinance in India. The piece pointed to facts from a study conducted by Sa-Dahn, an Indian NGO that serves as a trade association for MFIs. According to the study, recent experiences in urban microfinance show that success is possible despite higher start-up costs necessitating larger loans. Continue Reading »

Nigerian microfinance institution (MFI) Prosperity Microfinance Bank Ltd (Pmbank) plans to launch a new set of microfinance products. The products cover a wide range of services and will expand the offerings of pmbank, which had previously been focused on microcredit. Continue Reading »

The ICICI Foundation, IFMR Trust, and CRISIL have entered into a deal to rate microfinance Institutions (MFIs). The organizations believe that rating evaluations will help MFIs develop into viable commercial entities with increased access to mainstream financial investors. In the agreement, CRISIL will rate the institutions and develop rating criteria to be used by others, IFMR will provide access to enterprises working in microfinance and the ICICI Foundation will assist in the dissemination of new ratings criteria. Continue Reading »

The Government of Sierra Leone, the United Nations Development Program (UNDP), the United Nations Capital Development Fund (UNCDF), the Catholic Organization for Relief and Development Aid (CORDAID), and KfW Entwicklungsbank (KFW) have decided to seek outside funding to support their joint program, the Microfinance Investment and Technical Assistance Facility (MITAF) project. The goal of MITAF is to bolster the microfinance sector in Sierra Leone. Continue Reading »

Blue Financial Services (BFS), a South African microfinance institution (MFI), has opened its first branch office in Mbabane, Swaziland as part of a plan to expand across the African continent. According to CEO Dave van Niekerk, the for-profit corporation “is committed to servicing the unbanked and underserved employed citizens of the kingdom who presently do not qualify for financial offerings from the traditional banks” (press release 15.07.2008) Continue Reading »

Equity Bank, a leading provider of microfinance in Kenya, plans to cross-list on the Uganda Securities Exchange. This decision was spurred by the finalization of Equity Bank‘s acquisition of Uganda Microfinance Ltd (UML), which had been pending shareholder and regulator approval. Continue Reading »

The International Finance Corporation (IFC) has arranged an investment of USD 65m in LOCKO-bank, a Russian commercial bank focused on small and medium enterprises (SMEs). The loan consists of two parts: a three year USD 20m loan from the IFC and a USD 45m syndicate loan. Continue Reading »

In the rural Indian village of Jaltara, the village council is extending microfinance loans to villagers by issuing Gram Sabha (village council) Credit Cards (GSCCs). As part of the government-sponsored Madhya Pradesh Rural Livelihoods Project, the council issues the GSCCs, which serve as loans from the village treasury, instead of distributing money. The size of each loan, which must be repaid in six months, and the repayment schedule are decided in the council meetings. Continue Reading »