Indian microfinance institution (MFI) Bandhan Financial Services Private Limited reportedly has announced plans to apply for a banking license under the revised regulations on new bank licenses recently issued by the Reserve Bank of India, the country’s central bank.
According to a statement attributed to Killi Kruparani, India’s minister of state for communications and information technology, a mobile money order service will be available at post offices in the Indian state of Andhra Pradesh beginning in October 2013.
“State of Social Performance in Nepal;” by Mike Krell; published by Microfinance Information Exchange (MIX); March 2013; 10 pages; available at http://www.themix.org/publications/mix-microfinance-world/2013/03/Nepal-development-2013
This report from the US-based nonprofit Microfinance Information Exchange (MIX) examines the social performance (SP) of microfinance institutions (MFIs) in Nepal.
The China Microfinance Institution Association (CMIA), an organization that advocates for the interests of 92 domestic member microfinance institutions (MFIs) covering 27 provinces, plans to introduce a credit rating system to evaluate MFIs as early as July.
Undisclosed investors have reportedly committed approximately INR 4 billion (USD 73.4 million) to the India Inclusive Innovation Fund, a government-sponsored fund intended to provide capital to early-stage ventures serving low-income clients.
Indian microfinance institution (MFI) Satin Creditcare Network Limited recently raised INR 410 million (USD 7.5 million) by selling a stake of approximately 20 percent to three microfinance investment funds in undisclosed portions: Danish Microfinance Partners K/S (DMP), MicroVest II LP and ShoreCap II Limited.
Indian microfinance institution (MFI) SKS Microfinance Limited recently completed two securitizations totaling INR 2.3 billion (USD 41.2 million), reportedly bringing the company’s total to 12 securitizations worth INR 12.1 billion (USD 220 million) during 2012 and 2013.
MoneyGram, a U.S.-based money transfer company with 310,000 agent locations in 185 countries, reportedly has partnered with G-Xchange Incorporated (GXI), a subsidiary of Philippines-based Globe Telecom, to make funds sent via MoneyGram available to customers of GCash, GXI’s mobile micropayment system, at GXI retail outlets in the Philippines.
ACLEDA Bank, a Cambodia-based microfinance institution (MFI), has reportedly launched a new microfinance operation in Myanmar under the name of ACLEDA MFI Myanmar.
The International Finance Corporation (IFC), a member of the US-based World Bank Group, plans to loan up to USD 11 million to Indian microfinance institution (MFI) Suryoday Micro Finance Private Limited.
The International Finance Corporation (IFC), the commercial arm of the World Bank Group, recently paid USD 2.2 million to acquire a 15-percent stake in the National Bank of Vanuatu, a financial institution that offers traditional banking services, microfinance and rural banking services in Vanuatu.
MicroEnsure, a UK-based nonprofit microinsurance intermediary, has partnered with Bankers Assurance Corporation, a Filipino for-profit insurance company, and MI Central Corporation, a Filipino marketing and distribution company, to roll out a retail microinsurance product called Triple 10 in the Philippines.
The Flat Pyramid, an Indian organization, has been launched with the goal of applying market-based solutions to socio-economic issues.
As Indian microfinance institution (MFI) SKS Microfinance prepares to resume operations in the Indian state of Andhra Pradesh under a recent Supreme Court order, the Andhra Pradesh state government is moving to challenge the Supreme Court’s decision.
The Overseas Private Investment Corporation (OPIC), a development finance institution backed by the US government, recently finalized a USD 5 million loan to Thaneakea Phum Cambodia Limited (TPC), a Cambodian microfinance institution (MFI).
Janalakshmi Financial Services (JFS), an Indian microfinance institution (MFI) focusing on urban areas, and Manipal Global Education Services, a subsidiary of India-based Manipal Education and Medical Group, reportedly have launched the Janalakshmi-Manipal Institute of Financial Inclusion (JMIFI), which offers a three-week training program for newly hired JFS employees.
World Vision International, a US-based Christian humanitarian organization, and its subsidiary VisionFund International, a US-based nonprofit organization, have supplied microfinance loans to 400 families supplement initiatives to increase access to clean water in Sri Lanka.
The government of India reportedly has plans to create a bank that will exclusively serve women, lending mostly to women-run businesses as well as self-help groups of a dozen or a few dozen women.