Category: Key Players

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. Continue reading

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MICROCAPITAL BRIEF: Reserve Bank of India Asks Rural Banks to Open 25 Percent of New Branches in Unbanked Areas

The Reserve Bank of India (RBI), the country’s financial regulatory authority, recently tasked regional rural banks (RRBs) to ensure that at least one-quarter of their proposed branches are sited in unbanked parts of the country.  Continue reading

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SPECIAL REPORT: Responsible Microfinance Implementation Action Group Looks to Boost Usage of Existing Tools, Distributes Template of Covenants for Investors to Attach to Loans to Microbanks

At the European Microfinance Week conference today in Luxembourg, representatives of the European Microfinance Platform (e-MFP) Action Group on the Implementation of Responsible Microfinance led a discussion on its work. The group presented graphics compiling existing social performance tools such as social audits and the publication of pricing data via the US-based nonprofit Microfinance Transparency. One of the suggested steps for microbanks embarking on the process of evaluating its social performance is to make a public commitment through an effort such as the Smart Campaign, which is backed by US-based nonprofit Accion, or the Global Appeal for Responsible Microfinance, which is promoted by a set of institutions led by Oxus Group, an initiative of French NGO Agency for Technical Cooperation and Development (ACTED). Continue reading

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SPECIAL REPORT: Alalay Sa Kaunlaran Incorporated (ASKI) of the Philippines Takes $127k European Microfinance Award for Innovation in Food Security

The fourth European Microfinance Award, which focused this year on food security, has been awarded to Alalay Sa Kaunlaran Incorporated (ASKI) of the Philippines for its work serving people in rural areas with traditional financial services as well as community development efforts. Executive Director Rolando Victoria of ASKI, who is pictured at the right, stated that, “The motivation at the time [of our founding] was credit…. Now we were able to install a hanging bridge…linking farmers to markets.” Another way that ASKI has assisted its clients is by linking groups of customers with major buyers. A signature achievement was working with government partners to connect small-scale growers of onions and cassava with fast-food restaurant chain Jollibee Foods Corporation, which reported sales of PHP 44 billion (USD 1 billion) during the year ending June 2012. Mr Victoria reported that one of the challenges ASKI had to overcome was convincing farmers of the value of having a guaranteed customer with a price set in advance, even if market prices might turn out to be higher after the harvest. The award was presented as part of European Microfinance Week, which closes in Luxembourg on November 16. Continue reading

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MICROCAPITAL BRIEF: Agricultural Sector To Benefit from Central Bank of Nigeria’s $3.9b Loan

The Central Bank of Nigeria (CBN), the country’s apex financial regulator, recently announced plans to disburse the sum of NGN 600 billion (USD 3.9 billion) as loans to small holder farmers. Continue reading

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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.” Continue reading

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MICROCAPITAL BRIEF: European Bank for Reconstruction and Development (EBRD) Lends $70m to Garanti Bank of Turkey, Hipotekarna Banka of Montenegro, Bai Tushum of Kyrgyz Republic

The European Bank for Reconstruction and Development (EBRD), a development finance institution based in London, recently extended a USD 60 million credit line to Garanti Bank, a Turkish private bank, to develop small and medium-sized enterprises (SMEs) owned by women. Continue reading

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MICROCAPITAL BRIEF: Private Equity Firms Investing in Indian Microfinance Institutions (MFIs) After Two-Year Hiatus

Private equity firms are beginning to invest in Indian microfinance institutions (MFIs) that offer products such as insurance, pension plans and chit funds in order to diversify their portfolios. It is reported that private equity firms have invested INR 7.5 billion (USD 138 million) in Indian MFIs this year, as compared to INR 2.5 billion (USD 46 million) invested in 2011. Continue reading

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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. Continue reading

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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. Continue reading

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MICROCAPITAL BRIEF: European Fund for Southeast Europe (EFSE) Loans $453k to Opportunity Microcredit Romania

The European Fund for Southeast Europe (EFSE), a Luxembourg-based investment fund that mobilizes capital for microfinance institutions (MFIs), recently informed MicroCapital that it has loaned the local-currency equivalent of USD 453,000 to Opportunity Microcredit Romania (OMRO), a Romanian MFI that is a member of the US-based Opportunity International network. Continue reading

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MICROCAPITAL BRIEF: ResponsAbility loans $1.2m to Caja Municipal de Ahorro y Credito de Maynas of Peru, Disburses First Tranche of $15m Loan to Vision Fund International

ResponsAbility Social Investments, a for-profit Swiss fund manager, recently informed MicroCapital that it has loaned the local-currency equivalent of USD 1.2 million as subordinated debt to Caja Municipal de Ahorro y Crédito de Maynas, a Peruvian microfinance institution (MFI). Continue reading

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Written by Comments Off on MICROCAPITAL BRIEF: ResponsAbility loans $1.2m to Caja Municipal de Ahorro y Credito de Maynas of Peru, Disburses First Tranche of $15m Loan to Vision Fund International Posted in Deals, Key Players, Latin America

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. Continue reading

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MICROCAPITAL BRIEF: isePankur.com Now Connecting Lenders From Across Europe With Borrowers in Estonia

IsePankur, an Estonian online lending platform allowing individuals and small and medium-sized enterprises to borrow and lend to each other, recently began allowing anyone within the European Union to loan as little as EUR 5 (USD 6.40) to individuals and organizations in Estonia. Continue reading

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MICROCAPITAL BRIEF: Brazil Doubles Microfinance Loan Ceiling to $19,000

Brazil’s National Monetary Council, a body charged with regulating and monitoring Brazilian capital markets and financial institutions, recently increased the limit for each microcredit loan from BRL 20,000 (USD 9,840) to BRL 40,000 (USD 19,677). Continue reading

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MICROCAPITAL BRIEF: International Finance Corporation (IFC) Commits Technical Assistance To Indian Credit Bureau, High Mark

The International Finance Corporation (IFC), the private investment arm of the World Bank Group, recently agreed to provide technical assistance to High Mark, an Indian credit bureau, in an effort to encourage microfinance lenders in India to use credit bureaus in assessing the repayment capacity of borrowers. Continue reading

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MICROCAPITAL BRIEF: Absolute Portfolio Management Dual Return Funds Loan $5m to Microfinance Institutions in Ecuador, Peru

Absolute Portfolio Management GmbH (APM), an Austrian investment company that specializes in asset allocation, analysis and management as well as microfinance, recently disbursed loans to four microfinance institutions (MFIs) in Peru and one in Ecuador. Continue reading

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