Source: Advans Group.
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Source: Lok Capital.
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Source: Mastercard Foundation.
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Telenor Pakistan, a subsidiary of Telenor, a Norwegian communications, IT, and media company, has acquired 51 percent of Tameer Microfinance Bank Limited (TMBL) for PKR 1 billion, approximately USD 12.5 million, sources say.  Established in 2001, Tameer Microfinance Bank is a USD 20.3 million commercial microfinance bank in Pakistan.  The transaction is subject to full regulatory approval including a no-objection certificate (NOC) issued by the State Bank of Pakistan.  This partnership with Telenor will extend the bank’s operation and network across the country, specifically in rural areas, to promote the microfinance business in the country. Continue Reading »

Source: Pro Pakistani.

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Ujjivan Financial Services, a Bangalore-based microfinance institution (MFI), has completed the fourth round of equity infusion by raising Rs 940 million (USD 18.7 million) making it the fourth highest capitalised MFI in India with total paid up capital and reserves standing at over Rs 1.08 billion (USD 21.5 million) The increase in capital was largely invested by existing shareholders including Unitus Equity Fund (UEF) managed by Elevar Equity L.L.C., Bellwether Microfinance Fund, Michael & Susan Dell Foundation, A.W. Holdings and individual investors including promoter & CEO Samit Ghosh. The five new investors in this private placement transaction will include: Sequoia Capital, Lok Capital, Unitus Equity Fund II, India Financial Inclusion Fund and SIDBI. Continue Reading »

Source: Nhan Dan.

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Source: Global Partnerships.
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Source: VC Circle.
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Source: Classifeye.
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Oikocredit, a Dutch cooperative investment fund, and the United States Agency for International Development (USAID) announced a partnership which will leverage USD 36.2 million in private financing to support microfinance. USAID will provide a 50 percent guarantee on loans made by Oikocredit for ten years, and this guarantee is intended to increase private-sector financing to microenterprises and small-scale farmers, according to a press release by USAID. USAID has guaranteed loans for Oikocredit in the past, beginning in 2003 but this is the largest guarantee to date. Oikocredit’s loans are channelled through a network of regional offices worldwide and managed by local professionals. Continue Reading »

Source: UNICEF.
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Under an agreement between the governments of Germany and Afghanistan, Germany’s Kreditanstalt für Wiederaufbau (KfW) signed an agreement with Afghanistan’s First MicroFinanceBank (FMFB-A).  Under the agreement, KfW will lend EUR 4 million to Afghanistan’s Finance Ministry, which will then lend the funds to FMFB-A in a 15 year long term credit facility in local currency.  Proceeds will be used to fund the growth of FMFB’s loan portfolio which was USD 19.8 million in loans to over 101,000 borrowers at the end of 2007.

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Christian Super, an Australian Christian-based superannuation (pension) fund, has announced that it will invest an undisclosed amount in two separate microfinance funds run by JP Morgan and Triodos Investment Management. The fund, worth AUS 450 million (US 304 million) is reportedly interested in investing in JP Morgan’s Microinvest II Fund and Triodos Investment Management’s Triodos-Doen, Hivos-Triodos Fund, and Triodos Fair Share Fund. Christian Super CEO Peter Murphy spoke to Australia’s Financial Standard saying that these investments present an excellent opportunity for the super fund as it will provide a good risk diversification tool. He also said that Christian Super has been interested in investing in microfinance for 12 months but that the microfinance market was lacking the sophistication level required for super funds. Continue Reading »

Ayala Corporation, the Philippines’ largest conglomerate, and two of its subsidiaries, inked a deal that will establish what it claims will be the Philippines’ first microfinance bank.  Ayala Corporation, Bank of the Philippine Islands (BPI), the country’s largest bank by market capitalization, and Globe Telecom, the country’s second largest telecommunications company, will form a new company that will extend wholesale microfinance loans to microfinance institutions (MFIs) and use mobile technology to reach retail customers.  The new company has authorized capital of P 500 million, approximately USD 10.2 million.  The group will use BPI’s wholly-owned subsidiary, Pilipinas Savings Bank, as the vehicle for the venture.  The closing of the deal is subject to approval by  the Bankgko Sentral ng Pilipinas (BSP), the central bank of the Philippines, and other regulators.  Ayala Corporation will retain a 20 percent stake and BPI and Globe Telecom will each retain a 40 percent stake. Continue Reading »

BBVA Microfinance Foundation, the microfinance arm of BBVA Group, a multinational financial services group, and BanCredito, the state owned bank formerly known as Cartago Agricultural Credit Bank,  have signed a collaboration agreement for an undisclosed amount to promote initiatives that would make credit and other financial products accessible to the most disadvantaged sectors of Costa Rica’s population and others in Central America.  “This alliance will result in important benefits for the development of Costa Rica’s microfinance sector, as both of our entities share common objectives: allow people who currently don’t have access to the traditional financial system to be able to establish small production activities that would help them improve their quality of life and that of their families in a sustainable manner,” BBVA’s Mendez del Rio said. Continue Reading »

Source:  China Daily

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Opportunity International (OI) announced the launch of OptINnow, a project that allows people to donate online funds which will then be disbursed as microloans. The donor selects an entrepreneur online and then chooses how much he or she will donate. The funds are disbursed through the relevant OI microfinance institution (MFI) Kenya, Mexico or the Philippines, with additional countries being added in the future. The minimum donation is USD 25. While the launch of OptINnow was announced on October 21^st, 2008, it began advertising in June, using Facebook and MySpace. Continue Reading »