Opportunity International (OI), a global network of microfinance institutions (MFIs) in 24 countries, has celebrated the grand opening of its operations in the Democratic Republic of Congo (DRC). OI DRC is seeking to provide affordable financial services to the country’s working poor through a network of community banks. Continue Reading »

The National League for Democracy (NLD), a banned political opposition party in Myanmar (formerly known as Burma), is reported to be planning the launch of a microcredit program to provide small, interest-free-loans in South Okkalapa Township of Burma’s capital city, Rangoon. Continue Reading »

African Microfinance Transparency Forum (AMT), a Luxembourg-based nonprofit that seeks to promote transparency and efficiency among African microfinance institutions (MFIs), is set to relocate its operations to the African continent in 2011. AMT is inviting organizations based in Africa to apply to host and manage the AMT Secretariat. Continue Reading »

A recent article published by Inter Press Service (IPS), an Italy-based global news agency, written by Lewis Mwanangombe, a Zambian journalist who writes for the Associated Press and the Pan-African News Agency, highlights the limited availability of financial services in Zambia. Referencing a World Bank report, Mr Mwanangombe points out, “less than eight percent of Zambian adults have bank accounts. For the millions who make their living in the informal economy, this prevents them from earning interest on any savings they have or securing credit needed to expand small businesses beyond mere survival” [1]. Continue Reading »

BASIX Group, an Indian company whose holdings include two microfinance institutions (MFIs), reportedly intends to rework its business plan to diversify away from direct microlending and generate more income from allowing commercial banks access to its 3.5 million customers. Continue Reading »

Ericsson, a Sweden-based telecommunications company, has launched an international money transfer and payment service via internet and mobile phone. Ericsson began a pilot program in September 2010 involving 50 service delivery partners in six European countries and the Philippines and is in the process of scaling operations. As of May 2011, the program serves thousands of users with several currencies. Detailed numbers are not available. Continue Reading »

Mejlis, the Legislature of Turkmenistan, has passed a law on “microfinance institutions and microfinance” [1]. According to the official report released by the Mejlis, the law is intended to attract financial resources to the country, facilitate the creation of industrial and business infrastructure and enhance the competitiveness of Turkmenistan’s private sector. Further details on the law are unavailable. Continue Reading »

Microfinance Opportunities (MFO), a microenterprise resource center based in Washington, DC, has announced a partnership with Opportunity International Bank of Malawi (OIBM), a Malawian microfinance institution (MFI) affiliated with US-based microfinance network Opportunity International, to implement its branchless banking program in Africa. OIBM joins Moble Transactions in Zambia, Financial Information Networks and Operation (FINO) Fintech Foundation in India and Rural Bankers Association of the Philippines (RBAP) in the Philippines as partners in MFO’s program, “Consumer Education for Branchless Banking” (CEBB). Continue Reading »

PlaNet Finance, a French nonprofit, has issued a call for students to submit applications for its third University Meets Microfinance (UMM) Scholarship Programme. Continue Reading »

In association with its 15 partner microfinance institutions (MFIs), Indian social venture firm Dia Vikas Capital, a subsidiary of nonprofit Opportunity International Australia, will distribute a micro-pension scheme that was initiated by the Pension Fund Regulatory and Development Authority (PFRDA) of the Indian government. The program, NPS-Lite, will encourage economically disadvantaged people to save money for when they are over age 60 [1]. The Indian government is reported to have committed to match NPS-Lite contributions up to INR 1,000 (USD 22) per client annually [1] [2]. Continue Reading »

Event Name: Global Insurance Conference

Event Date: June 1, 2011 to June 2, 2011

Event Location: Preston Auditorium, World Bank Headquarters, Washington, DC, USA Continue Reading »

The International Development Association, the arm of the World Bank that delivers aid to the poorest countries, has approved credit of USD 70 million to implement a “social safety net” in Niger, wherein cash transfers and employment guarantees will provide income to one million poor people over the course of five years. Continue Reading »

International Finance Corporation (IFC), the private-investment arm of the World Bank Group, is reported to be conducting due diligence on the Nigerian mobile money industry. Mobile Money Africa, a Nigerian-based online mobile financial inclusion news source, reports that IFC is “keen to play a major role in the country’s emerging mobile money ecosystem and was currently evaluati[ng] opportunities [in]…technology acquisition, e-Float management and agency networks” [1]. To address the lack of financial access in the country, the Central Bank of Nigeria has granted licenses to 16 mobile money companies in an effort to encourage growth in this industry. Continue Reading »

SKS Microfinance, an Indian microfinance institution (MFI), has filed a petition with the Supreme Court of India seeking a stay to prevent the enforcement of the Regulation of Microlending Act issued by the government of the Indian state of Andhra Pradesh. Continue Reading »

United Nations Development Program (UNDP), the United Nations’ global development network that seeks to connect countries to knowledge, experience and resources to help people build a better life, organized a session recently to discuss amendments to microfinance regulations in Uzbekistan. Continue Reading »

The International Finance Corporation (IFC), the private investment arm of the World Bank Group, has agreed to train branch managers, loan officers and other staff of microfinance institution (MFI) Advans Cameroun using IFC’s Business Edge program. Continue Reading »

Water.org, a nonprofit organization promoting access to clean water in Africa, South Asia and Central America has launched WaterCredit.org, an online resource that seeks to educate interested parties about the growing intersection between international microfinance and water and sanitation needs. Continue Reading »