MicroCapital » Latin America

MICROCAPITAL BRIEF: Opportunity International Receives Grant from Credit Suisse to Expand Electronic Financial Services, Train Personnel in Africa and Latin America

Charlotte Newman — Fri, 27 Jan 2012 19:51:16 +0000

Opportunity International, a US-based nonprofit organization with a focus on microfinance, has received a three-year grant of unspecified size from Credit Suisse’s Microfinance Capacity Building Initiative, a Credit Suisse program that aims to contribute to the strengthening of microfinance institutions.

Opportunity plans to use the grant to further develop its mobile phone banking services, increase the number of point-of-sale (POS) devices which clients can use to conduct business transactions at non-bank retailers and grow its mobile bank services, in which mobile banks equipped with netbook computers travel to communities that do not have access to traditional banks. The grant will largely focus on expanding these services in Ghana, Malawi, Mozambique, Uganda and Colombia. An unspecified portion of the grant will also help fund Opportunity’s Next Generation Microfinance Bankers training program, which will create and implement training programs for loan officers and customer service staff.

At the end of 2010, Credit Suisse reported total assets of USD 1.1 trillion. For the same year, Opportunity reported total assets of USD 150 million, and as of 2012 it has 44 partner microfinance organizations.

About Credit Suisse
Credit Suisse is a global financial services company that was founded in 1856 and has its headquarters in Zurich, Switzerland. Credit Suisse provides advisory services and financial products to institutions and individuals around the world. As of December 31, 2010, Credit Suisse reported total assets of USD 1.1 trillion.

About Opportunity International
Based in the United States, Opportunity International is a nonprofit organization that was founded in 1971. Today, Opportunity International provides small business loans, savings, insurance and training to approximately two million poor people in 24 countries in Africa, Asia, South America and Eastern Europe. As of December 31, 2010, Opportunity International reported total assets of USD 150 million with an annual revenue of USD 32 million.

By Charlotte Newman, Research Associate

Sources and Additional Resources:

MarketWatch: “Opportunity International Gains Funding to Expand Technology and Training Programs, Provide Financial Tools to the World’s Poorest Citizens,” http://www.marketwatch.com/story/opportunity-international-gains-funding-to-expand-technology-and-training-programs-provide-financial-tools-to-the-worlds-poorest-citizens-2012-01-24

MicroCapital.org story, January 17, 2012, “MICROCAPITAL BRIEF: responsAbility Lends $3m to Microfinance Institutions Advans Cameroun, Opportunity International Bank of Malawi,” http://www.microcapital.org/microcapital-brief-responsability-lends-3m-to-microfinance-institutions-advans-cameroun-opportunity-international-bank-of-malawi/

MicroCapital Universe Profile: Credit Suisse
http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Credit+Suisse

MicroCapital Universe Profile: Opportunity International
http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Opportunity+International

Browse the MicroCapital Universe and add your entry to the wiki at http://www.microcapital.org/microfinanceuniverse/

MICROFINANCE EVENT: “Mobile Money: Connected Americas” to be held in Mexico City, March 26 – March 29, 2012

Ariana Malushi — Tue, 24 Jan 2012 13:56:00 +0000

Event Name: Mobile Money Americas 2012

Event Date: March 26 – March 29, 2012

Event Location: Mexico City, Mexico

See Our Comprehensive Event Calendar at: http://microfinanceassociation.ning.com/events

Cost: Registration packages are available for USD 1,799 just for the two-day conference; USD 2,099 for the workshop or the post workshop; and USD 2,499 for the conference and two additional workshop days. You may save up to USD 300 by paying the registration fee prior to February 24, 2012.

Summary of Event: This conference will focus on academic research on mobile money with an emphasis on the Americas. Representatives of mobile money technology firms will lay out a roadmap for recommended mobile money deployment in Latin American markets including Brazil, Mexico, Peru, Ecuador, Colombia, Nicaragua, Honduras, Haiti and the Caribbean Islands. The agenda will include:

· Examining case studies from the following service providers: Telefonica, Tigo, Citi and Telcel

· Achieving profitability from mobile money

· Exploring the evolution of mobile money into adjacent areas such as mobile health, mobile agriculture and mobile education

· Developing partnerships with new mobile money players in Latin America, the Caribbean and the US

Event Website: http://mobile-money-gateway.com/event/mobile-money-americas-2012

For additional information, you may contact the organizers via email at mmt at clarionevents.com or via telephone at +44 (0) 20 7067 1831

Submit Your Event: http://microfinanceassociation.ning.com/events

By Ariana Malushi, Research Associate

Sources and Additional Resources:

Mobile Money:“ Mobile Money Americas 2012”? http://mobile-money-gateway.com/event/mobile-money-americas-2012

MicroCapital.org: “MICROFINANCE EVENT: African Mobile Money Research Conference (AMMREC), Nairobi, Kenya, April 2-3, 2012, Papers Solicited for Special Issues of International Journal of Computing and ICT Research (IJCIR) and African Journal of Science, Technology, Innovation and Development (AJSTID)”

http://www.microcapital.org/microfinance-event-african-mobile-money-research-conference-ammrec-nairobi-kenya-april-5-6-2012-papers-solicited-for-special-issues-of-international-journal-of-computing-and-ict-research-ijci/

MicroCapital.org: MICROFINANCE EVENT: “Mobile Money Transfer (MMT) Americas Conference and Expo, Sao Paulo, Brazil, March 21 – 24, 2011” http://www.microcapital.org/microfinance-event-mobile-money-transfer-mmt-americas-conference-and-expo-sao-paulo-brazil-march-21-–-24-2011/

Browse the MicroCapital Universe and add your entry to the wiki at http://www.microcapital.org/microfinanceuniverse/

MICROCAPITAL BRIEF: Banorte, Rev Worldwide Announce Launch of Microfinance Program Offering Mobile Payments, MasterCard Services in Mexico

Charlotte Newman — Sat, 21 Jan 2012 20:13:53 +0000

Mexican bank Banorte, with total assets at USD 47.6 billion as of 2010, has partnered with Rev Worldwide, a Texas-based payment solutions company, to launch a mobile-phone-based financial services program called MiFon. The program primarily targets Mexicans who do not have access to traditional financial services. MiFon links a deposit account at Banorte to a MasterCard debit card and a mobile payment service that is compatible with multiple mobile-phone carriers. Cards issued by New York- based MasterCard are accepted by approximately 30 million merchants.

Clients do not need to visit a Banorte branch to open their account, and they will be able to withdraw money from approximately 6,200 Banorte automated teller machines. Participants will also be able to transfer money from one bank account to another via text messages, also known as short message service (SMS). The companies plan to introduce additional services such as mobile top-ups over time.

The first stage of this program will be launched jointly with Telecomm Telegrafos, a Mexican financial and telecommunications provider, in the state of Oaxaca and will expand nationally from there.

About Rev Worldwide
Rev Worldwide is a global payments solution company aiming to bring financial services to underserved populations. Based in the US state of Texas, it partners with financial and telecommunications institutions, merchants and public and private sector institutions to extend the reach of its partners and bring financial services to the poor. Financial information on Rev Worldwide is currently unavailable.

By Charlotte Newman, Research Associate

Sources and Additional Resources:

San Antonio Business Journal: “Banorte and Rev Launch MiFon, First Out-of-the-Branch Mobile-Based Financial Services Program Aimed at Millions of Underserved Mexicans,” http://www.bizjournals.com/sanantonio/prnewswire/press_releases/Texas/2012/01/17/DA35928

MicroCapital.org Story, November 4, 2011, “MICROCAPITAL BRIEF: Microfinance Bank Compartamos of Mexico Seeking Acquisitions in Microinsurance, Mobile Banking Arenas,” http://www.microcapital.org/microcapital-brief-microfinance-bank-compartamos-of-mexico-seeking-acquisitions-in-microinsurance-mobile-banking-arenas/

MicroCapital.org Story, February 7, 2007, “US-Based Microfinance Network Women’s World Banking and Mexican Grupo Financiero Banorte Host Rural Microfinance Workshop in Mexico Feb 21-23,” http://www.microcapital.org/us-based-microfinance-network-womens-world-banking-and-mexican-grupo-financiero-banorte-host-rural-microfinance-workshop-in-mexico-feb-21-23/

MicroCapital Universe Profile: Rev Worldwide
http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Rev+Worldwide

Browse the MicroCapital Universe and add your entry to the wiki at
http://www.microcapital.org/microfinanceuniverse/

MICROCAPITAL BRIEF: FMO of the Netherlands to Loan $10m to Microfinance Institution Vision Banco of Paraguay for On-Lending to Micro- and Small Enterprises

Nisha Koul — Mon, 16 Jan 2012 16:16:12 +0000

The Netherlands Development Finance Company (FMO in Dutch), a public-private partnership, has signed an agreement to loan the equivalent of USD 10 million to Vision Banco, a microfinance institution (MFI) in Paraguay [1]. The four-year loan will be used to finance micro- and small enterprises in Paraguay. Half of the USD 10 million will be provided in local currency, and half will be provided in USD.

As of September 2011, Vision Banco reported USD 652 million in total assets, a gross loan portfolio of USD 457 million, return on assets of 2.02 percent and return on equity of 25.2 percent. As of December 31, 2010, FMO reports total assets of EUR 4.3 billion (USD 5.5 billion), including investments in Africa, Asia, Eastern Europe and Latin America.

By Nisha Koul, Research Associate

About Vision Banco: Founded in 1992, Vision Banco is a microfinance institution (MFI) based in Asunción, Paraguay. It aims to contribute to economic development, job creation and poverty alleviation. As of September 2011, Vision Banco reported USD 652 million in total assets, a gross loan portfolio of USD 457 million, return on assets of 2.02 percent and return on equity of 25.2 percent.

About the Netherlands Development Finance Company (FMO): The Netherlands Development Finance Company (FMO in Dutch) is a Dutch public-private partnership that aims to promote growth in the economies of developing countries by promoting entrepreneurship. Founded in 1970, FMO reports total assets of EUR 4.3 billion (USD 5.5 billion), including investments in Africa, Asia, Eastern Europe and Latin America, as of December 31, 2010.

Sources and Additional Resources:

[1] Press release submitted to MicroCapital, January 2012.

MicroCapital.org story, December 14, 2011, “MICROCAPITAL BRIEF: Incofin Lends $6m to Microfinance Institutions Vision Banco of Paraguay, Lazika Capital of Georgia, Credit Mongol of Mongolia, Forus Bank of Russia,” http://www.microcapital.org/microcapital-brief-incofin-lends-6m-to-microfinance-institutions-vision-banco-of-paraguay-lazika-capital-of-georgia-credit-mongol-of-mongolia-forus-bank-of-russia/

MicroCapital.org story, April 15, 2011, “MICROCAPITAL BRIEF: International Finance Corporation (IFC) Loans $30m to Banco Regional of Paraguay to Improve Access to Financial Services for Small and Medium-Sized Enterprises (SMEs),” http://www.microcapital.org/microcapital-brief-international-finance-corporation-ifc-loans-30m-to-banco-regional-of-paraguay-to-improve-access-to-financial-services-for-small-and-medium-sized-enterprises-smes/MicroCapital Universe Profile:

MicroCapital Universe Profile: Vision Banco, http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Vision+Banco

MicroCapital Universe Profile: Netherlands Development Finance Company (FMO), http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Netherlands+Development+Finance+Company+%28FMO%29#Description

Browse the MicroCapital Universe and add your entry to the wiki at http://www.microcapital.org/microfinanceuniverse/

MICROCAPITAL BRIEF: Microfinance Information Exchange (MIX) Releases 2010 Latin America & the Caribbean Regional Snapshot

Kristha Abores — Fri, 13 Jan 2012 05:03:13 +0000

The Microfinance Information Exchange (MIX), a US-based nonprofit organization that publishes financial and social performance information from microfinance stakeholders, recently released an analysis of microfinance institutions (MFIs) in Latin America and the Caribbean based on 2010 data. The study illustrates the urban/rural distribution of loan portfolios across the region, shows the segmentation deposits and analyses the Mexican and Nicaraguan markets in more detail.

One of the highlights from Mexico is an increase in first quarter 2010 loan portfolio growth from 14.3 percent to 24.8 percent. South America showed an 89-percent increase in loans granted in rural areas between 2008 and 2010. The study also outlined the impact of the “No Payment” movement in the Nicaraguan market.

By Kristha Abores, Research Associate

About Microfinance Information Exchange (MIX): The Microfinance Information Exchange (MIX) is a US-based nonprofit provider of performance data and analysis on microfinance institutions (MFIs), funders, networks and service providers dedicated to serving the financial needs of low-income clients. The mission of MIX is to strengthen the microfinance sector and financial inclusion in general by promoting transparency. The organization’s MIX Market website offers access to financial and social performance information covering approximately 2,000 MFIs. MIX publications include the MicroBanking Bulletin and MIX Microfinance World, which feature periodic research and data analysis. Incorporated in 2002, MIX is headquartered in Washington, DC, with regional offices in Azerbaijan, India, Morocco and Peru. Its supporters include the Bill & Melinda Gates Foundation, CGAP (Consultative Group to Assist the Poor), Omidyar Network, The MasterCard Foundation, the UN’s International Fund for Agricultural Development, the Michael & Susan Dell Foundation, Citi Foundation, Ford Foundation and Deutsche Bank.

Sources and Additional Resources:

[1] “2010 Latin America & the Caribbean Regional Snapshot,” http://www.themix.org/publications/mix-microfinance-world/2012/01/2010-l…

MicroCapital.org article, October 14, 2011, “MICROCAPITAL BRIEF: Microfinance Information Exchange (MIX) Launches Fee-Based ‘MIX Silver’,”http://www.microcapital.org/microcapital-brief-microfinance-information-…

MicroCapital.org article, September 20, 2011, “MICROCAPITAL BRIEF: Microfinance Information Exchange (MIX) Launches Interactive “Africa Map of Financial Inclusion for the Poor” With Funding From Canada’s MasterCard Foundation,” http://www.microcapital.org/microcapital-brief-microfinance-information-…

MicroCapital.org article, July 27, 2011, “MICROCAPITAL BRIEF: Microfinance Information Exchange (MIX) Announces 2,000 Microfinance Institutions Now Reporting to MIX Market,” http://www.microcapital.org/microcapital-brief-microfinance-information-…

MicroCapital.org article, May 25, 2011, “MICROCAPITAL BRIEF: Members of “No Pago” Movement in Nicaragua Propose to Pay Back Microfinance Debts Over 10 Years, Government Would Repay $25m Upfront,” http://www.microcapital.org/microcapital-brief-members-of-%E2%80%9Cno-pa…

MicroCapital.org article, November 6, 2009, “NEWS WIRE: Nicaragua: “No Payment Movement” Attacking Microfinance Industry,”http://www.microcapital.org/news-wire-nicaragua-no-payment-movement-atta…

MicroCapital Universe Profile: Microfinance Information Exchange (MIX), http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Mic…

Browse the MicroCapital Universe and add your entry to the wiki at: http://www.microcapital.org/microfinanceuniverse/

MICROCAPITAL BRIEF: Insurer Mongeral Aegon, Microfinance Institution Finsol Team Up to Sell Microinsurance in Brazil

Kristha Abores — Thu, 12 Jan 2012 07:35:02 +0000

Brazilian insurance company Mongeral Aegon reportedly has partnered with microfinance institution Finsol to begin selling microinsurance policies in January 2012 [1]. Details on the terms and pricing of the policies to be offered are not available.

Mongeral Aegon is a joint venture between Aegon, a Dutch insurance group, and Mongeral, a Brazilian company involved in the insurance and pension markets. As of 2010, Mongeral Aegon reported total assets of BRL 382 million (USD 212 million), approximately 214,900 clients and BRL 362 million (USD 201 million) in premiums collected from January to December 2010 [2]. The company has signed a number of distribution partnerships in 2011 and has opened 20 new points of sale. The strategy reportedly resulted in a 13 percent growth in new clients and a 20 percent increase in revenue for 2011 [1].

Founded in 2006, Instituto Finsol Brazil is a microfinance institution (MFI) based in Recife, Brazil. In 2010, it was acquired by Mexican MFI Financiera Independencia. For the nine months ending September 30, 2011, Finsol Brazil reported a net loss of MXN 70.4 million (USD 5.18 million), net operating revenues of MXN 51.9 million (USD 3.82 million) and interest income of MXN 180 million (USD 13.2 million).

By Kristha Abores, Research Associate

About Mongeral Aegon: Mongeral Aegon is a joint venture between Aegon, a Dutch insurance group, and Mongeral, a Brazilian company involved in the insurance and pension markets. As of 2010, Mongeral Aegon reported total assets of BRL 382 million (USD 212 million), approximately 214,900 clients and BRL 362 million (USD 201 million) in premiums collected from January to December 2010.

About Instituto Finsol: Founded in 2006, Instituto Finsol Brazil is a microfinance institution (MFI) based in Recife, Brazil. In 2010, it was acquired by Mexican MFI Financiera Independencia. For the nine months ending September 30, 2011, Finsol Brazil reported a net loss of MXN 70.4 million (USD 5.18 million), net operating revenues of MXN 51.9 million (USD 3.82 million) and interest income of MXN 180 million (USD 13.2 million)

Sources and Additional Resources:

[1] “Mongeral Aegon teaming up with Finsol to sell microinsurance policies,” http://www.bnamericas.com/news/insurance/mongeral-aegon-teaming-up-with-…

[2] “Mongeral Aegon,” http://www.aegonins.com/Company.aspx?co=MNGRL

MicroCapital.org article, March 1, 2010, “MICROCAPITAL BRIEF: Mexican Microfinance Institution (MFI) Financiera Independencia Closes $41m Acquisition of Financiera Finsol,” http://www.microcapital.org/microcapital-brief-mexican-microfinance-inst…

MicroCapital Universe Profile: Mongeral Aegon, http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Mongeral+Aegon

MicroCapital Universe Profile: Instituto Finsol, http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Ins…

Browse the MicroCapital Universe and add your entry to the wiki at: http://www.microcapital.org/microfinanceuniverse/

MICROCAPITAL BRIEF: Omtrix Raises $35m for New Higher Education Finance Fund (HEFF), Loans to be Distributed via Microfinance Institutions

Kristha Abores — Fri, 06 Jan 2012 11:39:18 +0000

Omtrix, a Costa Rica-based fund manager and financial consulting firm, has announced the launch of the Higher Education Finance Fund (HEFF), a student loan financing fund to promote and finance higher education opportunities for low-income youth in Bolivia, the Dominican Republic, Guatemala, Honduras, Paraguay and Peru. HEFF will provide loans to microfinance institutions (MFIs) for on-lending to underprivileged youth seeking funding for higher education. Omtrix, which was responsible for the structuring and fundraising for HEFF, also will manage the fund.

So far USD 35 million has been committed to HEFF. Initial equity funding has been provided by US-based nonprofit Calvert Foundation, German development bank KfW Bankengruppe, investment fund Luxembourg Microfinance and Development Fund (LMDF), Norway-based investment company Norwegian Investment Fund for Developing Countries (Norfund) and development finance institution Swiss Investment Fund for Emerging Markets (SIFEM). Corporación Andina de Fomento (CAF), a multilateral financial institution headquartered in Venezuela, will also be providing equity funding. Debt funding is anticipated from the Deutsche Bank Foundation, an affiliate of the German bank; the Overseas Private Investment Corporation (OPIC), a development finance institution of the US government; and the Inter-American Development Bank’s Oportunidades para la Mayoria initiative.

By Kristha Abores, Research Associate

About Omtrix: Founded in 1995, Omtrix Incorporated is a privately owned financial consulting firm based in Costa Rica. Its services include developing and managing investment funds and technical assistance programs, appraising and supervising investments for multi- and bi-lateral development institutions, performing institutional diagnostic assessments and overseeing institutional strengthening programs. As of January 2012, Omtrix manages the Antares Equity Participation Fund, the Emergency Liquidity Facility and the Higher Education Financing Fund (HEFF). Financial information on Omtrix is not available.

Sources and Additional Resources:

[1] Press Release: “Omtrix Announces Launching of the Higher Education Finance Fund,” http://www.microfinancegateway.org/gm/document-1.9.56020/HEFF_Press_Rele…

MicroCapital.org article, June 29, 2010, “MICROCAPITAL BRIEF: The Inter-American Development Bank’s (IDB’s) Multilateral Investment Fund (MIF) to Provide $2m to Haitian Emergency Liquidity Program (HELP),” http://www.microcapital.org/microcapital-brief-the-inter-american-develo…

MicroCapital.org article, February 21, 2008, “PRESS RELEASE: Omtrix Announces Creation of the Risk Management Facility for Microfinance Institutions in Latin America and the Caribbean,” http://www.microcapital.org/press-release-omtrix-announces-creation-of-t…

MicroCapital Universe Profile: Omtrix, http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Omtrix

MicroCapital Universe Profile: Calvert Foundation, http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Calvert+Social+Investment+Foundation

MicroCapital Universe Profile: KfW Bankengruppe (KfW Bank Group), http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=KfWBankengruppe+%28KfW+Bank+Group%29

MicroCapital Universe Profile: Norwegian Investment Fund for Developing Countries (Norfund), http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Norwegian+Investment+Fund+for+Developing+Countries+%28Norfund%29

MicroCapital Universe Profile: Corporación Andina de Fomento (CAF), http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Corporaci%C3%B3n+Andina+de+Fomento+%28CAF%29

MicroCapital Universe Profile: Overseas Private Investment Corporation (OPIC), http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Overseas+Private+Investment+Corporation+%28OPIC%29

MicroCapital Universe Profile: Inter-American Development Bank (IDB), http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Inter-American+Development+Bank+%28IDB%29

Browse the MicroCapital Universe and add your entry to the wiki at: http://www.microcapital.org/microfinanceuniverse/

MICROCAPITAL BRIEF: Peruvian Microfinance Institutions Have Received $158m from Spain Since 1998

Ariana Malushi — Wed, 28 Dec 2011 05:38:35 +0000

Since 1998, Peru has received a total of around EUR 121 million (USD 158 million) from the Spanish government’s Microcredit Fund (FCM in Spanish). These funds have been on-lent to approximately 59,000 Peruvian microentrepreneurs through development finance institutions such as the Corporación Financiera de Desarrollo SA (COFIDE) and microfinance institutions such as Confianza, Crear, Edyficar, Caja Municipal de Ahorro y Credito (CMAC) and Mibanco. The Microcredit Fund is managed by the Spanish Agency for International Development Cooperation (AECID in Spanish), which has 42 offices, 19 cultural centers and four training centers around the world. There is no financial information available on the organization.

The US-based nonprofit Microfinance Information Exchange lists 65 microfinance institutions in Peru serving 3.3 million borrowers with an outstanding loan portfolio of USD 7 billion. In addition, these institutions hold USD 5.3 billion in deposits for 3 million costumers.

By Ariana Malushi, Research Associate

Sources and Additional Resources

Andina: “Peru receives over 121mln euros worth of microcredits from Spain”
http://www.andina.com.pe/Ingles/Noticia.aspx?Id=Bz+n0MGJ96g=

AECID: “AECID around the world”
http://www.aecid.es/galerias/AECID/descargas/FOLLETO_AECID_09_ING_ref.pdf

MicroCapital.org Story, October 23, 2011, “MICROCAPITAL BRIEF: Peru Tops 2011 Global Microscope Index on Microfinance Business Environment”
http://www.microcapital.org/microcapital-brief-peru-tops-2011-global-microscope-index-on-microfinance-business-environment/

MicroCapital.org Story, November 17, 2011, “MICROCAPITAL BRIEF: International Finance Corporation (IFC) Mobilizes $40m to Support Peruvian Microfinance Institution Mibanco”
http://www.microcapital.org/microcapital-brief-international-finance-corporation-ifc-mobilizes-40m-to-support-peruvian-microfinance-institution-mibanco/

Browse the MicroCapital Universe and add your entry to the wiki at http://www.microcapital.org/microfinanceuniverse/

MICROCAPITAL BRIEF: World Bank Approves $100m Loan to Facilitate Implementation of “Financial Consolidation and Inclusion Project” in Mexico

Ariana Malushi — Mon, 26 Dec 2011 06:00:55 +0000

The World Bank’s (WB’s) Board of Directors recently approved a loan of USD 100 million to support the “Financial Consolidation and Inclusion Project” in Mexico. The project seeks to improve the performance of the country’s credit and savings institutions and help them expand into under-served areas of the country. The effort is expected to cost a total of USD 210 million, of which USD 100 million will be financed by the WB, USD 94.3 million will be financed by the Treasury and Public Credit Ministry, and the balance will be financed by the project’s beneficiaries.

The program seeks to improve the performance of the Banco del Ahorro Nacional y Servicios Financieros (BANSEFI), a government agency charged with working with cooperatives and savings and loans to increase financial inclusion. Program FOCI are to include expanding access to financial products and services; providing technical assistance, training and supporting materials; and improving communications systems.

About the World Bank:
A member of the World Bank Group, the World Bank is comprised of two development institutions, the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA), which provide leveraged loans to developing countries for capital programs. IBRD makes loans and grants and provides analytical and advisory services to middle-income countries and poorer countries that are deemed creditworthy, with the aim of promoting sustainable development to reduce poverty. IDA offers interest-free credits and grants to the world’s 81 poorest countries, where a majority of the people lives on less than USD 2 per day. IDA resources and technical assistance support country-led poverty reduction strategies in the following policy areas: increased productivity, better governance and accountability, an improved private investment climate and access to education and healthcare. Also housed in the World Bank is CGAP (Consultative Group to Assist the Poor), an independent policy and research center guided by the aim to promote financial access for the world’s poor. The World Bank was one of the founding donors of CGAP in 1995.

By Ariana Malushi, Research Associate

Sources and Additional Resources

The World Bank: “WB Supports Financial Inclusion in Marginal Areas of Mexico” http://web.worldbank.org/WBSITE/EXTERNAL/NEWS/0,,contentMDK:23059509~pagePK:34370~piPK:34424~theSitePK:4607,00.html

MicroCapital.org Story, November 4, 2011, “MICROCAPITAL BRIEF: Microfinance Bank Compartamos of Mexico Seeking Acquisitions in Microinsurance, Mobile Banking Arenas”
http://www.microcapital.org/microcapital-brief-microfinance-bank-compartamos-of-mexico-seeking-acquisitions-in-microinsurance-mobile-banking-arenas/

MicroCapital.org Story, May 11, 2011, “MICROCAPITAL BRIEF: CGAP (Consultative Group to Assist the Poor) Technology Blog Analyzes Developments in Mexico’s Microfinance and Banking Sectors, Publishes Summary Note Covering Mexico’s Branchless Banking Industry”
http://www.microcapital.org/microcapital-brief-cgap-consultative-group-to-assist-the-poor-technology-blog-analyzes-developments-in-mexicos-microfinance-and-banking-sectors-publishes-summary-note-covering-mexicos-branchle/

MicroUniverse Profile: The World Bank
http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=The+World+Bank+Group

Browse the MicroCapital Universe and add your entry to the wiki at http://www.microcapital.org/microfinanceuniverse/

MICROCAPITAL BRIEF: Mexico to Offer Insurance, Bank Accounts to 6m Families Via Oportunidades Public Benefit Program

Ariana Malushi — Tue, 20 Dec 2011 19:35:52 +0000

President Felipe Calderon, the President of Mexico, recently announced that the 6 million families that are currently participating in Mexico’s public benefit program Oportunidades will be offered bank accounts with prepaid debit cards and the option to purchase life insurance. In towns with no banks, recipients will be able to access benefits via retail stores such as Liconsa or Conasupo.

By Ariana Malushi, Research Associate

Sources and Additional Resources

New America Foundation: “President Calderon Announces Largest ‘Banking the Poor’ Effort in the World”
http://assets.newamerica.net/blogposts/2011/president_calderon_announces_largest_banking_effort_in_the_world-61063

MicroCapital.org Story, November 4, 2011,“MICROCAPITAL BRIEF: Microfinance Bank Compartamos of Mexico Seeking Acquisitions in Microinsurance, Mobile Banking Arenas”
http://www.microcapital.org/microcapital-brief-microfinance-bank-compartamos-of-mexico-seeking-acquisitions-in-microinsurance-mobile-banking-arenas/

MicroCapital.org Story, October 3, 2011,”MICROCAPITAL BRIEF: Mexican Microfinance Institution Banco Compartamos Issues $147m in Long-Term Debt”
http://www.microcapital.org/microcapital-brief-mexican-microfinance-institution-banco-compartamos-issues-147m-in-long-term-debt/

Browse the MicroCapital Universe and add your entry to the wiki at http://www.microcapital.org/microfinanceuniverse/