The Central Bank of Nigeria (CBN) recently announced the addition of NGN 50 billion (USD 120 million) to its Targeted Credit Facility, a stimulus program for micro-, small and medium-sized enterprises (MSMEs) as well as households affected by the pandemic. The funding will be disbursed through NIRSAL Microfinance Bank, which is minority-owned by CBN’s Nigerian Incentive-based Risk Sha
Category: Deals
MICROCAPITAL BRIEF: Temasek Commits $500m in Equity to Impact Investor LeapFrog to Boost Financial Services, Healthcare in Africa, Asia
Temasek Holdings, an investment firm owned by the government of Singapore, recently committed USD 500 million to LeapFrog Investments, which is focused on financial and health services in Africa and Asia. Temasek will acquire a minority stake of
MICROCAPITAL BRIEF: EIB to Loan $8.3m to Banco ADOPEM, Targeting Women Microentrepreneurs in Dominican Republic
The EU’s European Investment Bank (EIB) recently agreed to loan approximately DOP 480 million (USD 8.33 million) to Banco de Ahorro y Crédito ADOPEM, a microfinance institution (MFI) in the Dominican Republic, targeting microentrepreneurs as they adjust to the COVID-19 pandemic. The wholesale loan will allow ADOPEM to provide approximately 27,000 re
MICROCAPITAL BRIEF: Equity Bank Secures $144m from EIB, EU to Support Agriculture, SMEs in Kenya in Responding to COVID-19 Pandemic
Equity Bank (Kenya) Limited, a member of the Equity Bank Group, recently secured EUR 100 million (USD 120 million) from the EU’s European Investment Bank (EIB) for on-lending to small and medium-sized enterprises (SMEs). The EU Ambassador to Kenya, Simon Mordue, said,
MICROCAPITAL BRIEF: Fintech Platform Nomanini Secures $500k from FMO; Connecting MSMEs to Retail Distributors, MSME Customers to Financial Services in Africa
Financierings-Maatschappij voor Ontwikkelingslanden (FMO), a Dutch public-private partnership, recently invested USD 500,000 in financial technology (fintech) platform Nomanini in the form of a convertible loan. FMO disbursed the funding from MASSIF, a fund it manages for
MICROCAPITAL BRIEF: CDC, FinnFund Lend $25m to Kashf Foundation for Microfinance for Women in Pakistan
The CDC Group, a development finance institution owned by the UK government, recently disbursed USD 25 million to Kashf Foundation, a Pakistani microfinance institution, in the form of a senior, unsecured term loan. The loan is 40-percent funded by FinnFund, a development finance institution controlled by the government of Finland.
Kashf Managing Director Roshaneh Zafar stated, “We are
MICROCAPITAL BRIEF: ATL Secures $12m from Sanad for SME Leasing in Tunisia During COVID-19 Pandemic
Tunisia-based Arab Tunisian Lease (ATL) recently secured a senior loan of EUR 10 million (USD 12 million) from Sanad Fund for MSME, a Luxembourg-domiciled investor in lenders to micro-, small and medium-sized enterprises (MSMEs), for
MICROCAPITAL BRIEF: Kinara Capital of India Raises $10m from IndusInd Bank for Assisting Small Businesses, with Guarantee from DFC
India’s Kinara Capital recently accepted a five-year loan of USD 10 million from Induslnd Bank, a unit of India’s Hinduja Group, to increase the financial inclusion of small businesses active in manufacturing, trading and services. The loan carries a full guarantee from the US government’s International Development Finance Corporation (DFC). Kinara offers loans primarily for
MICROCAPITAL BRIEF: Google, Inter-American Development Bank (IDB) Invest $12m in Locfund Next to Support Small Businesses in Latin America, Caribbean in Responding to COVID-19
Locfund Next, a debt fund managed by BIM Asset Management, recently received an investment of USD 8 million from US-based technology firm Google as part of USD 200 million Google has committed to support organizations that
MICROCAPITAL BRIEF: EIB Lends $3m to Microfund for Women (MFW) for Entrepreneurs in Jordan
The European Investment Bank (EIB), an institution of the EU, recently lent EUR 2.7 million (USD 3.3 million) to Microfund for Women (MFW) to be on-lent for microenterprise in Jordan. These loans are intended to support 9,100 people, 90 percent of whom are women, whose livelihoods have been threatened by the effects of the COVID-19 pandemic. EIB drew the funds from the Southern Neighborhood Microfinance
MICROCAPITAL BRIEF: Mastercard, Razorpay to Increase Access to Recurring Payments for Startups, SMEs in India
US-based company Mastercard and India-based financial technology firm (fintech) Razorpay recently partnered to increase access to mobile payments for small and medium-sized enterprises (SMEs) in India. The partnership will combine “Razorpay’s payment processing capabilities with Mastercard’s trusted and secure dig
MICROCAPITAL BRIEF: Microfinance Institution Arohan of India Files for IPO, Early Investors to Exit, Deals May Total $247m
The microlender Arohan Financial Services recently filed with the Securities Exchange Board of India in preparation for an initial public offering (IPO) through which it seeks to raise INR
MICROCAPITAL BRIEF: SarvaGram Raises $10m from Elevation Capital, Elevar Equity for Microfinance in India
SarvaGram, a microlender in India, recently secured equity investments totaling USD 10.5 million in a funding round led by Elevation Capital, with participation from Elevar Equity. The terms of the investments have not been released. Elevar Equity previously invested USD 3.5 million in SarvaGram, which offers
MICROCAPITAL BRIEF: Huruma Loans $8m to Microfinance Institutions INSOTEC, FACES; Aiming to Increase Productivity of Farmers in Rural Ecuador
The Huruma Fund, an impact investment vehicle with commitments of EUR 120 million (USD 145 million), recently issued three-year loans to two microlenders in Ecuador: EUR 4 million (USD 4.8 million) to the Instituto de Investigaciones Socioeconómicas y Tecnol
MICROCAPITAL BRIEF: FIE NGO of Bolivia Buys Back Equity Stake in Its Spanish Subsidiary CONFIE from Impact Investor Bamboo Capital
Bamboo Capital Partners, a Luxembourg-based impact fund manager, recently announced its exit from Spain-based Corporación para el Fomento a Iniciativas Económicas (CONFIE), whose holdings include Banco FIE, a microfinance institution in Bolivia. Bolivia-based Fomento a Iniciativas Económ
MICROCAPITAL BRIEF: Satya of India Raises $20m in Equity from Impact Investor Gojo for Microfinance for Rural Women
Indian microfinance institution (MFI) Satya MicroCapital Limited recently raised an additional INR 1.53 billion (USD 20 million) in equity from Japanese microfinance investor Gojo & Company. The investment takes the total funds raised by the company to INR 2.6 billion (USD 36 million).
MICROCAPITAL BRIEF: CBN Rescinds Operating Licenses of 42 Microfinance Banks in Nigeria
The Central Bank of Nigeria (CBN) recently revoked the operating licenses of 42 microfinance banks (MFBs) in the country. The Nigeria Deposit Insurance Corporation
MICROCAPITAL BRIEF: Grameen Credit Agricole Foundation Lends $1.8m to Entrepreneur Financial Center (EFC) in Zambia
The Grameen Crédit Agricole (GCA) Foundation, whose head office is in Luxembourg, has granted its first loan to Entrepreneur Financial Center (EFC), a microfinance institution (MFI) located in Zambia. The three-year loan is in local currency equivalent to approximately USD 1.8 million. EFC Zambia serves micro-, small and medium-sized enterprises (MSMEs) and has eight branches. The MFI holds 20,000 savings and term deposit accounts and as of February 2021 has disbursed 51,000 MSME loans totaling ZMW 155 million (USD 7.2 million). It has 3,000 borrowers, nearly half of whom are women or organizations owned by women. In addition to business loans, the MFI offers