IDBI Fortis Life Insurance Co. Ltd., a relatively new Indian private life insurance company, has launched a new Group Microinsurance Plan.  The plan provides affordable life insurance coverage to groups such as microfinance institutions (MFIs), self help groups (SHGs), and non-governmental organizations (NGOs).  The plan insures the lives of the group members as well as provides protection from loan liabilities in the case of death of the primary earner of the family.  Continue Reading »

Incofin, a Belgian private social investment company that invests in MFIs, has signed an agreement with Asomi, an MFI operating in Assam, India.  Incofin’s Rural Impulse Fund, which makes debt and equity investments in rural MFIs, acquired 25% of the capital of Asomi for an undisclosed amount.  The investment represents Incofin’s first entry into India.  Continue Reading »

The Small Industries Development Bank of India (SIDBI) intends to lend Rs 300 crore, USD 61.7 million, to microfinance institutions in Orissa, India, by the end of 2010.  To date, SIDBI has disbursed Rs 250 crore, or USD 51.4 million to MFIs in Orissa.  The terms of the financing were not disclosed.  Currently Rs 100 crore is outstanding to 20 Orissa MFIs.    The bank plans to increase this number by 50 new MFIs over the next two years.  Continue Reading »

Founded in 1999, Neptune Software Plc is a banking software provider.  The UK-based company has over 170 employees and offices in the UK, South Africa, Nigeria, Kenya, Uganda, and India.  Neptune partners with technology leaders such as BEA, Oracle, Sybase, IBM, and Business Objects.  While Neptune also provides financial services software to the broader financial services industry, the company has created a niche with microfinance institutions.  In Nigeria, Neptune has partnered with over 45 successful microfinance institutions.  In 2005, CGAP awarded the company the highest rating, 4 stars, for its operational excellence.  Continue Reading »

The MasterCard Foundation and Mennonite Economic Development Associates (MEDA), a Canadian Christian organization, have announced a USD 5 million five-year program that will provide financial services to youth between the ages of 15 and 24 in Morocco and Egypt.  Microfinance services for the youth market have traditionally been scarce due to the perception that youth borrowers are higher risk because they lack collateral or work experience.  The program, titled Youth Invest, will enable microfinance institutions to develop and test innovative products designed specifically for the youth maket.  Continue Reading »

Source: International Finance Corporation Continue Reading »

Source: All Africa. Continue Reading »

Unitus, Inc. and Whole Planet Foundation (WPF), a Whole Foods Market foundation, announced plans to fuel the growth of microfinance in the coffee-growing regions of Kenya.  Specifically, the two will support Jamii Bora Trust, one of Kenya’s fastest growing microfinance institutions and a Unitus partner since 2003, expand into the rural coffee-growing regions of Central and Eastern provinces in Kenya.  This agreement, the amount of which was undisclosed, marks Whole Planet Foundation’s first entry into Africa. Continue Reading »

Norwegian Microfinance Initiative (NMI), a microfinance joint venture between two government agencies, the Norwegian Investment Fund for Developing Countries (Norfund) and the Norwegian Agency for Development Cooperation (Norad) and several private institutions, has established two investment funds: NMI Global Fund and NMI Frontier Fund.  A total of USD 100 million has been committed by NMI’s owners, half of which was committed by Norfund.  The funds are expected to make their initial investments during the first quarter of 2009. Continue Reading »

Emerging Capital Partners (ECP), an international private equity firm focused on investing in Africa, purchased a USD 28 million stake in Financial BC SA (FBC), a privately held Lomé, Togo-based regional commercial bank.  The investment consists of common shares and convertible notes.  FBC will use the funds to expand its presence through central and western Africa. Continue Reading »

Source: MarketWatch.
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The International Finance Corporation (IFC), a member of the World Bank Group, will provide up to COP 4 billion, approximately USD 2.1 million, to Colombia’s Corporacion Mundial de la Mujer de Medellin (WWB-Medellin) in order to support the bank’s expansion.  This financing follows another loan of up to USD 2.1 million that IFC committed earlier this year to WWB Medellin. Continue Reading »

Source: SNS Asset Management.
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MicroCred, an investment company that creates companies and banks specialized in microfinance, approved a capital increase which includes investments from a new shareholder, Developing World Markets (DWM) and a founding shareholder, AXA Belgium. DWM will take a 22% stake in the company, while AXA Belgium will increase its shareholding to 25%. MicroCred’s total equity capital stood at USD 23.2 million at the end of November 2008. Continue Reading »

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 »