Category: Africa

MICROCAPITAL BRIEF: Rejecting Kenya’s M-Pesa Model, Central Bank of Nigeria Bars Telecommunications Companies from Becoming Licensed Mobile Money Operators

The Central Bank of Nigeria (CBN), the country’s central banking authority, reportedly has decided that telecommunications companies will not be allowed to become licensed mobile money operators for fear that they will limit competition within the industry. Continue reading

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MICROCAPITAL BRIEF: Grameen Crédit Agricole Microfinance Foundation (GCAMF) Loans $751k to Komida of Indonesia, $812k to Alidé of Benin

Grameen Crédit Agricole Microfinance Foundation (GCAMF), a Luxembourg-based organization that offers financial services to microfinance institutions (MFIs) and social business projects in Sub-Saharan Africa and Eurasia, has recently loaned Koperasi Mitra Dhuafa (Komida), an Indonesian MFI, the local-currency equivalent of USD 751,000 with a three-year term. Continue reading

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MICROCAPITAL BRIEF: IFC, Global Agriculture and Food Security Program Invest $10m in Root Capital for Farmers in Africa, Latin America

The International Finance Corporation (IFC), the private-investment arm of the US-based World Bank Group, and the private-sector office of the Global Agriculture and Food Security Program (GAFSP), a multilateral mechanism established by the G20 group of 20 large economies, have announced that each of the organizations will invest USD 5 million in Root Capital, a US-based nonprofit social investment fund. Continue reading

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MICROCAPITAL BRIEF: YouthStart Supports Opening of 40,000 Savings Accounts, Grants $640k to Faitiere des Unites Cooperatives d’Epargne et de Credit du Togo (FUCEC)

YouthStart, a program that aims to increase access to financial services for low-income youth in Sub-Saharan Africa, recently reported that approximately 40,000 young people in Burkina Faso, Ethiopia, Malawi, Rwanda, Senegal and Uganda have opened savings accounts with YouthStart’s partner institutions and deposited approximately USD 550,000 into those accounts since September 2012.

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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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