Category: Africa

MICROCAPITAL BRIEF: MicroEnsure to Tap Data from Meteo Rwanda to Provide Weather Index Insurance for Farmers

MicroEnsure, a UK-based microinsurance subsidiary of US-based nonprofit Opportunity International, recently announced that it will be partnering with Meteo Rwanda, the country’s meteorological agency, in order to provide weather index insurance (WII) to small-scale Rwandan farmers. Continue reading

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MICROCAPITAL BRIEF: Nigeria’s Bank of Industry (BOI) to Set Up Microcredit Fund for Microentrepreneurs in Effort to Promote Financial Inclusion

The Bank of Industry (BOI), which was established by the Nigerian government to promote the industrial sector in Nigeria, recently announced plans to establish a microcredit fund to assist microentrepreneurs in an effort to promote financial inclusion and reduce the risks associated with the small and medium-sized enterprise (SME) industry. Continue reading

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MICROCAPITAL BRIEF: Cross River State of Nigeria, Bank of Agriculture to Establish $1.27m Loan Fund for Small and Medium-Sized Enterprises (SMEs)

The government of The Nigerian State of Cross River reportedly has signed a memorandum of understanding with the Bank of Agriculture, a development finance institution owned by the federal government of Nigeria, to raise NGN 200 million (USD 1.27 million) for a loan fund to support agricultural small and medium-sized enterprises (SMEs) in the state. Continue reading

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MICROCAPITAL BRIEF: Austria’s Absolute Portfolio Management Loans $11m to Microfinance Institutions Through Vision Microfinance Funds, Including $1.5m to Pro Mujer Bolivia, $1.5m to PRIDE Tanzania, $750k Renewed to FINCA Tanzania

In December 2012, Dual Return-Vision Microfinance and Dual Return-Vision Microfinance Local Currency, two funds managed by Austria-based asset management company Absolute Portfolio Management (APM), disbursed a total equivalent to USD 11.75 million in loans to microfinance institutions (MFIs) worldwide, including MFIs in Latin America and Africa. Continue reading

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MICROCAPITAL BRIEF: Zimbabwean Government’s Small Enterprises Development Corporation (SEDCO) Looking to Collect Microsavings to Bailout Itself

The Cabinet of Zimbabwe reportedly has approved a proposal by the Small Enterprises Development Corporation (SEDCO), a publicly funded business development agency, to set up a microfinance bank with the intent of recapitalizing the state enterprise by raising deposits from cooperatives and small and medium-sized enterprises (SMEs). Continue reading

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MICROCAPITAL BRIEF: African Charitable Society for Mother and Child Care of Sudan Obtains $100k for Microfinance from Islamic Solidarity Fund of Palestine

The African Charitable Society for Mother and Child Care, a Sudan-based nongovernmental organization (NGO) also known as the African Maternity and Childhood Welfare Society, reportedly has signed an agreement to access USD 100,000 from the Islamic Solidarity Fund, a Palestinian fund that aims to elevate the living standard of Muslim people worldwide. Continue reading

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MICROCAPITAL BRIEF: Silatech Sponsors Financial Literacy Training Course Expected to Benefit 1,000 Credit Officers in Sudan

Silatech, a Qatar-based social enterprise that aims to increase employment and entrepreneurship among youth in the Middle East and North Africa, recently delivered a three-day Financial Literacy Training of Trainers course to 20 instructors from the Sudan Academy for Banking and Financial Sciences (SABFS), a Sudanese technical university. Continue reading

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MICROCAPITAL BRIEF: Millicom, Cherie Blair Foundation for Women, US Agency for International Development Offer Financial Literacy Training, Loans to Rwandan Women to Become Tigo Mobile Money Agents

Millicom International Cellular, a Luxembourg-based telecommunications company also known as Tigo; the Cherie Blair Foundation for Women, a UK-based charity promoting women’s entrepreneurship; and the United States Agency for International Development (USAID), a US government agency that provides international economic and humanitarian assistance, have partnered to assist 4,000 women in Rwanda  to become Tigo mobile money agents. Continue reading

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MICROCAPITAL BRIEF: Nigeria’s Corporate Affairs Commission (CAC) Threatens to Shut Down Microfinance Banks That Fail to Meet International Financial Reporting Standards (IFRS) During 2013

Nigeria’s Corporate Affairs Commission, an independent regulatory body, reportedly has warned microfinance banks (MFBs) in the country that they risk being shut down in 2013 if they do not adhere to the International Financial Reporting Standards (IFRS), a set of standards meant to harmonize accounting practices globally. Continue reading

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MICROCAPITAL BRIEF: FirstRand Bank of South Africa Receives $300m Line of Credit from African Development Bank (AfDB)

The African Development Bank (AfDB), a multilateral institution that provides loans and grants to governments and private companies in Africa, recently approved a seven-year line of credit in the amount of USD 300 million to FirstRand Limited, a financial service provider based in South Africa that operates in seven African countries. Continue reading

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