Swedfund International, a development finance institution owned by the Swedish government, recently issued a loan of USD 10 million to LOLC Finance PLC of Sri Lanka. LOLC Finance is a member of the LOLC Group, whose name derives
Category: South Asia, East Asia and Pacific
MICROCAPITAL BRIEF: Fusion Microfinance of India Borrows $4.9m from BNP Paribas
France-based BNP Paribas informed MicroCapital that today it disbursed a loan of INR 350 million (USD 4.9 million) to Fusion Microfinance, which offers microloans in amounts from INR 3,000 (USD 42) to INR 60,000 (USD 840) with terms of five months to
MICROCAPITAL BRIEF: BRAC Founder, Microfinance Leader Sir Fazle Hasan Abed Passes Away in Bangladesh
Fazle Hasan Abed, the founder and a former Chairperson of BRAC (Bangladesh Rural Advancement Committee), the Bangladesh-based NGO dedicated to
MICROCAPITAL BRIEF: Hayman Microfinance, Ongo Launch Digital Loan Repayment Service in Myanmar
Hayman Capital (Microfinance) Company Limited, a licensed deposit-taking microfinance institution (MFI) in Myanmar, recently partnered with Ongo, a local digital payment service provider, to launch an electronic loan repayment system for its 110,000 customers, of whom 70 percent reside in rural areas and 77 percent are women. The service allows clients to repay their loans via
MICROCAPITAL BRIEF: Luxembourg Donates $4m to EIB for Technical Assistance for Microfinance in Asia, Caribbean, Pacific (ACP) Countries
The Ministry of Finance and the Ministry for Foreign and European Affairs of the Grand Duchy of Luxembourg recently agreed to give EUR 3.6 million (USD 4 million) to the EU’s European Investment Bank (EIB) for microfinance in low- and middle-income countries of Asia, the Caribbean and the Pacific (ACP). The funding is for institutions serving
MICROCAPITAL BRIEF: Hayman Microfinance of Myanmar Borrows $14m from AGD Bank, BlueOrchard Finance, Maybank, Symbiotics
Hayman Capital (Microfinance) Company Limited, a licensed deposit-taking microfinance institution (MFI) in Myanmar, recently received loans totaling USD 13.75 million to support microlending in the Ayeyarwaddy, Bago, Magway, Mandalay, Nay Pyi Taw, Sagaing and Yangon regions. The MFI is a fully owned subsidiary of Hayman Capital Private Limited, a Singapore-based investment and financial holding group.
The first of Hayman Microfinance’s loans was a 3-year contract of
MICROCAPITAL BRIEF: Canada, UN Collaborate on Women Entrepreneurs’ Access to Microfinance, Technology in Bangladesh
As part of a five-year, six-country effort, Catalyzing Women’s Entrepreneurship: Creating a Gender-responsive Entrepreneurial Ecosystem, the governments of Bangladesh and Canada are collaborating with the UN to create an enabling environment for women in business. With the goal of supporting “poverty reduction, social well-being and
MICROCAPITAL BRIEF: FinTech Lab Accelerator Accepting Applications from Startups in Pakistan Through January 31
The publicly traded National Bank of Pakistan, the Pakistan-based consultancy Trioca Ventures and the Asia, Pacific, Middle East and Africa (APMEA) division of Fern Software recently launched the National FinTech Lab (NFL) Accelerator Program for financial technology (fintech) startups in Pakistan. The 15-week program offers a platform for selected startups to develop a working proof-of-concept of their financial solutions integrated real-time with Fern Software’s core banking system. Participating firms will also collaborate with
MICROFINANCE EVENT: Asia Financial Institutions Forum (AFIFORUM); January 22 – 23, 2020; Bangkok, Thailand
The second Asia Financial Institutions Forum (AFIFORUM) aims to connect stakeholders in Asia’s financial industry to “catalyze debt raising, equity investments and technical assistance programs” to support “a resilient financial system that combines financial inclusion and private sector growth with sustainable development.”
MICROFINANCE EVENT: Livelihoods India Summit; December 12 – 13, 2019; New Delhi, India
Targeting “issues that impede and afflict the livelihoods of the poor,” the ninth Livelihoods India Summit will address topics such as “inclusive value chains, technology infusion for livelihoods enhancement, women[’s] enterprises, [and the impact of] climate change…”. No detailed agenda has been released.
MICROCAPITAL BRIEF: BNP Paribas Loans $4.2m to Annapurna of India for Microfinance Lending
France-based BNP Paribas recently informed MicroCapital that it has issued a two-year loan of INR 300 million (USD 4.2 million) to Annapurna Finance Private Limited, payable in quarterly installments. Annapurna, a microfinance institution
MICROFINANCE EVENT: The Jobs Conference; December 9 – 10, 2019; New Delhi, India
The Jobs Conference 2019 will gather stakeholders to discuss problems in India’s labour market. The event will cover topics ranging from “inclusion of the LGBT [Lesbian, Gay, Bisexual and Transgender] community” to the impact of “automation, digitalization, artificial intelligence and robotics.”
SPECIAL REPORT: SheInvest to Deliver $1.1b to Women in Africa, Access Bank’s “Beta Friends” Bringing Digital Savings to Market Sellers, Women Move Slowly to Mobile Money: All at European Microfinance Week
At
Friday’s session on gender and financial inclusion during European Microfinance Week, Enrico Pini of the European Investment Bank (EIB) argued that, “It’s smart business,” to boost opportunities for women. Such is the motivation for EIB’s SheInvest program, which is scheduled to mobilize EUR 1 billion (USD 1.1 billion) to invest in entrepreneurship, financial inclusion, digital inclusion and climate-resilience efforts for African women.
Njideka Nwabueze of Nigeria’s Access Bank described her company’s product, “Beta,” which translates as “Good” in the local language. She said that many poor women use informal savings schemes because they do not believe that banks offer products that meet their needs. One of these women’s priorities is easy access to funds. Women who sell products in a market, for example, risk losing a good selling spot if they leave during the day to visit a bank. Also, bank lines can be very long.
This is why, six years ago, Access launched Beta, an interest-bearing savings account that leverages mobile money but is
MICROCAPITAL BRIEF: CBSI, SINPF Launch LoMobile, Offering Digital Access to youSave Accounts for Self-employed Workers in Solomon Islands
The Central Bank of Solomon Islands (CBSI) and the Solomon Islands National Provident Fund (SINPF), a government-backed retirement trust, recently launched LoMobile, a digital savings channel that allows SINPF account holders to
SPECIAL REPORT: Sibling Rivalry, Pre-disaster Microinsurance Payments, Protecting Climate-displaced People via International Law at European Microfinance Week
At today’s opening plenary of European Microfinance Week, Manuel Tonnar, who leads Luxembourg’s Directorate for Development Cooperation and Humanitarian Affairs, said that his country “is committed to transforming itself and helping others transform their economies into sustainable economies.” This is “not for charitable reasons,” he argued, “but because it’s the most efficient way” to move forward. Mr Tonnar also said, “Financial inclusion should be closely allied with other development interventions to provide the most value to disadvantaged populations.” In closing, he quoted Jean Monnet, who said, “I am not optimistic. I am not pessimistic. I am
MICROCAPITAL BRIEF: MFIs in Africa, Asia, Latin America Borrow $42m from C-Quadrat Dual Return Vision Microfinance Fund, Including ASA International’s Institutions in Ghana, Uganda
Two microfinance institutions (MFIs) in the ASA International network, those in Ghana and Uganda, recently accepted local-currency loans from the Dual Return Vision Microfinance-Local Currency sub-fund of Austria-based C-Quadrat Asset Management. That sub-fund, together with the Dual Return Vision Microfinance sub-fund issued a total equivalent to USD 42 million during October. The other borrowing MFIs are located in Cambodia,
MICROCAPITAL BRIEF: TVL Launches M-Vatu Mobile Money in Vanuatu
Telecom Vanuatu Limited (TVL), a mobile network operator in Vanuatu, recently launched the mobile money service M-Vatu with technical and financial assistance from the UN’s Pacific Financial Inclusion Programme (PFIP) and the Australian government. The platform, which allows users to
MICROCAPITAL BRIEF: ABC World Asia Raises $281m for Impact Investments
ABC World Asia, a private equity fund launched in May by the philanthropic arm of Singapore’s sovereign fund Temasek Holdings, recently raised SGD 385 million (USD 281 million) to invest in China, Southeast Asia and South Asia. In particular, the fund will target