Opportunity International, a nonprofit microfinance organization founded in 1971 by Al Whittaker and David Bussau, announced at the Clinton Global Initiative’s Fifth Annual Meeting that it will expand its Banking on Education program to five additional countries over the next 24 months.  Opportunity will commit USD 10 million to its education finance program, which provides loans for entrepreneurs to open schools in poor areas where it is difficult for children, particularly girls, to access public schools [1, 2].  Opportunity reaches over one million clients globally with products including loans, insurance and technical services.  As of December 2008, it had USD 799 million in assets [3].  To view the 2008 Annual Report, see [4] in the bibliography. Continue Reading »

Written by Gen. Caleb Akandwanaho S.S., published on July 24, 2009 by the Ministry of State for Finance, Planning and Economic Development (MoFPED) as number 008 of MoFPED’s released documents, 8 pages, available at: http://www.finance.go.ug/docs/Introduction%20to%20Microfinance%20bklet.pdf. Continue Reading »

Source: The Guardian (Nigeria). Continue Reading »

The Central Bank of Nigeria (CBN) has granted permission to Integrated Micro Finance Bank Plc (IMFB) to temporarily shut its doors due to a lack of short-term liquidity [1].  The announcement comes shortly after the unexpected resignation of IMFB Chief Executive, Mr. Simon Akinteye.  According to Mr. Femi Fabamwo, Deputy Director of the Other Financial Institutions Department of the CBN, the short-term liquidity problems of IMFB were intensified when huge numbers of enraged customers demanded their money back.  Lacking sufficient financial resources to meet depositors´ requests, IMFB appealed to the CBN, which has allowed it until next month to reopen. Continue Reading »

Jamii Bora Trust, a Kenya-based microfinance institution (MFI), has teamed up with Seattle, Washington-based non-profit MFI Unitus to launch an ecologically friendly town in Kenya, Africa. It is estimated that approximately 2, 500 families will purchase homes with microloans in Kaputei, a 160-hectare plot of land located 22 miles (36 kilometers) away from Kenya’s capital, Nairobi. In June 2009, 700 homes had been built, or in the process of being built. By the end of the project, 2, 000 homes are expected to be constructed. Continue Reading »

Source: This Day. Continue Reading »

Source: AllAfrica.com. Continue Reading »

Source: AllAfrica.com. Continue Reading »

According to the Guardian, an African based news provider, the Pan African Women Projects (PAWP), (a non-government organization), announced that they plan to establish a microfinance financial institution in Africa with a capital base of USD 5 billion [1]. The formal plan for the bank will be presented at this year’s Pan African Women Conference October 21st-23rd, 2009 in South Africa [3]. The proposed pan African women bank would create the largest financial institution in the country according to Mrs. Eno Ben Udensi, President of the PAWP [8]. No additional information regarding the capital base is provided. Continue Reading »

Christopher Okumu, chief administrative officer of Kitgum District in northern Uganda, has announced that teachers in Lira, a neighbouring district of approximately 674,744 people in northern Uganda, have ‘fled’ from their respective schools as a result of defaulting on their loan payments to various microfinance institutions (MFIs) [1]. Continue Reading »

As mentioned in a previous MicroCapital.org story, in May 2009, Citadel Capital’s Platform Company, Finance Unlimited, announced that it would team up with a microfinance management team and the Egyptian Gulf Bank to solidify plans to open Tanmeyah Micro Enterprise Services in Egypt. [1] Continue Reading »

Source: The Guardian. Continue Reading »

Source: CARE. Continue Reading »

Event Name: Developing Inclusive Financial Systems: The CGAP Course for Funders of Microfinance

Event Description: This course provides participants with knowledge of the microfinance industry and tools needed to make financing decisions. It will use case studies and group work based on real-life situations. It also involves a visit to a MFI. Those who opt to attend the full course (5 days) will be able to attend both sessions and practical application of principles learned, while those staying for the short course (3 days) will receive an overview of the fundamentals of microfinance.

See Our Comprehensive Event Calendar Here: http://microfinanceassociation.ning.com/events

Continue Reading »

Mr. Gregory W. Meeks, a United States (U.S.) Congressman representing New York State’s Sixth Congressional District in the U.S. House of Representatives recently led a delegation to Kigali, Rwanda. The representatives met to explore the existing microfinance situation in sub-Saharan Africa, and to better understand the needs for expanding micro-banking services in the region. Continue Reading »

Source: The Seattle Times. Continue Reading »

Source: Zawya. Continue Reading »

Source: Voice of America / Africa Microfinance Network. Continue Reading »