Kevin Gibbs, a senior software engineer and manager at US-based technology firm Google, has developed an open source application called “Simple MFI” that allows microfinance loan officers to view and enter client data on mobile phones [1]. The application has been designed to run on an Ideos phone, which costs under USD 100, but can run on any phone running Android, a mobile phone operating system designed by Google. Client information can be accessed off-line and data are synchronized automatically with the head office database via the internet. Any microfinance institution can use Simple MFI free of cost. Continue Reading »

Financial Independence Through Entrepreneurship (FITE), an online lending platform designed by US-based microfinance intermediary Kiva, has been established by US-based skincare brand Dermalogica to raise money for on-lending to women worldwide to invest in their businesses. Continue Reading »

An opinion piece by Rural Finance Practitioner Ramesh S Arunachalam that was recently published in Indian personal finance magazine Moneylife highlights the importance of management information systems (MIS) to microfinance institutions (MFIs) and calls for the establishment of minimum MIS standards as a prerequisite for MFI accreditation in India. Continue Reading »

The Kenyan office of MicroEnsure, a subsidiary of US-based microfinance network Opportunity International, is employing M-Pesa, a mobile money service in Kenya, and FrontlineSMS:Credit, a nonprofit software provider specializing in mobile financial services, to offer microinsurance policies independent of savings and credit groups. Continue Reading »

Kiva, a US-based online portal allowing individuals to make loans to microfinance institutions (MFIs), recently posted a video simulation of the flow of funds between its lenders and borrowers across the globe from its incorporation in 2005 until 2011. Continue Reading »

The Seattle, Washington, branch of the Young Men’s Christian Association (YMCA), an organization offering recreation and community development programs that has 45 million members worldwide, recently launched Ymicro.org, a website soliciting donations from the public for on-lending to entrepreneurs in developing countries [1,2]. Continue Reading »

The Microfinance Information Exchange (MIX) a US-based nonprofit organization that publishes financial and social performance information from microfinance stakeholders, recently launched the “Africa Map of Financial Inclusion for the Poor,” an interactive tool that shows country-specific microfinance information in the context of socioeconomic indicators. Continue Reading »

Event Name: Mobile Money Global Summit and Expo, 2011

Event Date: October 31 – November 3, 2011

Event Location: Dubai, United Arab Emirates (UAE)
Continue Reading »

Microfinance institutions (MFIs) in India have increasingly been exploring “crowd sourcing” to raise funds since traditional sources of funding such as banks and private equity houses have significantly decreased their investments following the “microfinance crisis” that began in 2010 in the state of Andhra Pradesh. Continue Reading »

The Central Bank of Nigeria (CBN) recently issued operating licenses to 11 mobile money firms, namely: Fortis Mobile Money, UBA/Afripay, GTBank Mobile Money, Pagatech, eTranzact, Monetise, Eartholeum, Paycom, FET, Ecobank and Kudi. The operating license allows the companies to provide products such as electronic payments through mobile phones. Continue Reading »

Nicole Skibola, of Australian-US firm Apricot Consulting, recently published an article on the website of US-based Forbes magazine, discussing how some insurance companies are “reconfiguring the value chain to create shared social and economic values” through offering microinsurance to underserved consumers [1]. Continue Reading »

M-Pesa, a mobile money transfer service that is operated by Kenyan telecommunication provider Safaricom Limited, recently released financial information for the fiscal year ending March 31, 2011, during which time it reported revenue growth of 56 percent, from KES 7.55 billion (USD 94.2 million) to KES 11.8 billion (USD 139 million). Continue Reading »

The Global Disability Rights Library (GDRL) project, an initiative of the US International Council on Disabilities and the University of Iowa’s WiderNet Project, with funding support from the US Agency for International Development (USAID), has announced a call for applications to receive a free digital GDRL [1]. Continue Reading »

The Smart Campaign, a global initiative to improve client protection in the microfinance industry, recently announced revisions to its “Client Protection Principles,” which are intended to help microfinance institutions (MFIs) improve their business through good ethics [1]. Continue Reading »

Event Name: Mobile Money Southern Asia Conference and Expo

Event Date: September 26 to September 29, 2011

Event Location: Mumbai, India Continue Reading »

Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, reportedly has indicated that the number of mobile banking transactions in the country has reached an aggregate of 150 million, totaling PHP 440 billion (USD 10.4 billion) through December 2010. Continue Reading »

According to a recent story published by The Guardian, a British newspaper, the African continent is now home to more than 500 million mobile phones and is experiencing a wave of innovation in the field of mobile banking. Continue Reading »