MICROCAPITAL BRIEF: MicroEnsure Ghana Unveils “Edusave”, Incorporating Insurance, Savings, Education Finance

The Ghanaian arm of MicroEnsure UK, a microinsurance intermediary and subsidiary of US-based nonprofit Opportunity International, recently unveiled Edusave, a savings-linked life insurance and education finance product.

MICROCAPITAL BRIEF: Virtual Terminal Network (VTN) Boosts Mobile Payment System In Nigeria

Virtual Terminal Network (VTN), a mobile payment company in Nigeria, recently announced plans to launch VCASH, a mobile payment service that recently received approval from the Central Bank of Nigeria (CBN), the country’s financial regulator.

MICROCAPITAL BRIEF: Grameen Credit Agricole Microfinance Foundation (GCAMF) Loans $989k to WAGES of Togo, $445k to Azeri Star of Azerbaijan, $153k to Berendina Microfinance of Sri Lanka

Grameen Credit Agricole Microfinance Foundation (GCAMF), an organization that provides funding and financial services to microfinance institutions (MFIs) and social business projects, recently issued an AZN 350,000 (USD 445,000) loan to Azeri Star, an Azerbaijani MFI.

MICROCAPITAL BRIEF: African Development Bank (AfDB) Microfinance Capacity Building Fund (MCBF) Offering up to $500k per Institution

The African Development Bank (AfDB), a multilateral institution that provides loans and grants to governments and private companies in Africa, recently announced its second call for proposals for the Microfinance Capacity Building Fund (MCBF), which was launched by AfDB and the government of Spain to expand the outreach of the African financial sector.

MICROCAPITAL BRIEF: Bank of Ghana Warns of False Advertising by Microfinance Institutions Medlorm Microfinance, African Guarantee Trust, AbbeyCash Microfinance, Swift Financial Services

The Bank of Ghana (BOG), the regulatory and supervisory body with authority over financial institutions in the country, is warning customers of the following Ghanaian microfinance institutions (MFIs) falsely claiming to be licensed by BOG in Ghana: Medlorm Microfinance Limited, African Guarantee Trust, AbbeyCash Microfinance Limited and Swift Financial Services.

MICROCAPITAL BRIEF: First National Bank Namibia Releases Mobile Money Service

After awaiting regulatory approval for over a year, First National Bank (FNB) Namibia, a unit of FNB South Africa, recently released its e-Wallet service, which allows customers to transfer funds via the mobile phones of individuals, including to recipients who do not have bank accounts.

MICROCAPITAL BRIEF: First Bank of Nigeria, Computer Warehouse Group (CWG) Launch Firstmonie Mobile Money Service

First Bank of Nigeria, a commercial bank based in the Nigerian state Lagos, recently launched Firstmonie Mobile Service in collaboration with Computer Warehouse Group (CWG), a Nigeria-based information technology utility provider.

SPECIAL REPORT: Sanjay Sinha of M-CRIL Calls Overexuberant Growth “Recipe for Disaster” at European Microfinance Week Opening

This morning, following a day of member meetings, the European Microfinance Platform (e-MFP) opened its eighth European Microfinance Week, which is themed “Combining Strength, Delivering Results” and aims to address the loss of confidence in many circles that microfinance benefits poor people. In the opening plenary session, Sanjay Sinha, managing director of India’s Micro Credit Rating International Limited (M-CRIL), said that, “Moderate growth is good for inclusion. Rampant growth, which is what we had for a long time in India, is a recipe for disaster…. In order to reduce growth, we need to temper the egos of the promoters of microfinance institutions (MFIs). And we all know we need to dampen the expectations of investors – I’m talking mainly of the Indian commercial banking sector.”

MICROCAPITAL BRIEF: To Boost Usage, Mobile Money Service Providers in Nigeria Told To Focus on the Unbanked

A representative of the Nigerian arm of Accenture, a consulting firm with its headquarters in Dublin, Ireland reportedly has advised mobile money service providers in Nigeria to re-strategize their operations so as to increase patronage of their services.

MICROCAPITAL BRIEF: International Finance Corporation (IFC), Daiwa Securities of Asia to Issue Microfinance Bond in South Africa, Turkey

The International Finance Corporation (IFC), a member of the US-based World Bank Group, will issue a microfinance bond to Japanese retail and institutional investors in an effort to expand financial access for poor people in South Africa and Turkey.

MICROCAPITAL BRIEF: FinMark Trust 2012 FinScope South Africa Survey: Banking Population Increased from 63% to 67% in Past Year

According to the recent FinScope South Africa survey from South African nonprofit FinMark Trust, 22.5 million individuals over the age of 16 are part of South Africa’s banking population, which is equivalent to 67 percent of the country’s adult population.

MICROCAPITAL BRIEF: Making Finance Work for Africa (MFW4A), Munich Re Foundation Survey: African Microinsurance Tripled in 3 Years

A recent study being released this week by Making Finance Work For Africa (MFW4A), an initiative that aims to coordinate financial sector development among African governments, and Munich Re Foundation, the charitable arm of the German reinsurance company, indicates the microinsurance market in Africa has grown by 200 percent in the past 3 years.

MICROCAPITAL BRIEF: Vodafone’s M-Pesa Mobile Money Service to Expand International Options with HomeSend Partnership

Vodafone, a UK-based telecommunications company, and Safaricom, a Kenya-based cell phone service provider, reportedly plan to expand its mobile money program M-Pesa by linking it with HomeSend, a Belgian-based service that increases the inter-compatibility of money transfer systems.

MICROCAPITAL BRIEF: Global Initiative Microfinance Bank (GIMFB) of Nigeria Turns to Group Lending to Cut Default Rate

The Global Initiative Microfinance Bank Limited (GIMFB), a Nigerian microfinance bank (MFB), reportedly has released two new products with the aim of minimizing bad debt: GIMFB village banking and GIMFB medal deposit accounts.

MICROCAPITAL BRIEF: FinScope Rwanda Survey Indicates Rise in Rural Lending Penetration to 58%, Reaches Savings to 68%

FinMark Trust, a South African  nonprofit, recently released the FinScope Rwanda report titled “Financial Inclusion in Rwanda 2008-2012”, which indicates a growing demand for loans in rural Rwanda.

MICROFINANCE PAPER-WRAP UP: “The Jipange KuSave Experiment in Kenya;” by Sarah Rotman, David Ferrand, Stephen Rasmussen; published by CGAP

By Sarah Rotman, David Ferrand, Stephen Rasmussen; published by CGAP (Consultative Group to Assist the Poor); October 2012; 4 pages; available at:http://www.cgap.org/sites/default/files/CGAP-Brief-The-Jipange-KuSave-Experiment-in-Kenya-Oct-2012.pdf