Incofin, a Belgium-based investor in lower-income countries, recently invested EUR 7.5 million (USD 7.8 million) through its Water Access Acceleration Fund (W2AF) in Rite Water Solutions, a company seeking to improve access to clean drinking water in India. Founded in 2006, Rite Water specializes in
Category: Technology
MICROCAPITAL BRIEF: Abler Nordic Leads $10m Equity, Debt Investment Round for Ergos, Agtech Offering Crop Storage in India
Abler Nordic, a public-private partnership whose investors include the Danish and Norwegian governments, recently led the Series B fundraising round of Indian agricultural technology (agtech) company Ergos, which offers crop storage and a digital platform linking farmers to markets. The funding round comprised
MICROCAPITAL BRIEF: HugoBank, KT, Mashreq, Raqami Islamic, Telenor Microfinance Earn Regulatory Approval to Pilot Digital Banking Services in Pakistan
The State Bank of Pakistan (SBP) recently furnished five commercial banks with in-principle approval to set up digital banking platforms. Three of the five – HugoBank, KT Bank Pakistan and Raqami Islamic Digital Bank – have been established this year while the others – Mashreq Bank Pakistan and Telenor Microfinance Bank – have longer track records. These banks can now offer digital financial services on a limited basis, before final rollouts are approved by SBP.
MICROCAPITAL BRIEF: Bababos of Indonesia to Expand Digital Platform for Manufacturing SMEs with $3m in Seed Funding
Bababos, an Indonesian raw material procurement startup, recently raised USD 3 million from Singapore-based East Ventures – the lead investor in the funding round – plus Indonesia-based Patamar Capital and US-based Accion Venture Lab. Bababos helps small and medium-sized enterprises (SMEs) in the
MICROCAPITAL BRIEF: AfDB, Ingenosya Create Mada Business Linkage Online Portal to Boost SME Success in Madagascar
The multilateral African Development Bank (AfDB) recently introduced an online service called Mada Business Linkage to facilitate partnerships among companies in Madagascar, including to match firms with suppliers and subcontractors. The Madagascar-based technology company Ingenosya built the platform, which businesses can use for no
MICROCAPITAL BRIEF: IDB Invest, Sura Investments Channeling $25m in Loans to SMEs, Mid-market Firms in Colombia
Colombia’s Sura Investments recently raised COP 100 billion (USD 25 million) for its Sura Private Debt Fund from IDB Invest, a member of the Inter-American Development Bank (IDB) Group. The fund was launched in 2020 with an initial volume of COP 38 billion (USD 9.5 million). The goal is to provide local-currency funding on longer terms than are otherwise available to small and medium-sized enterprises (SMEs)
MICROCAPITAL BRIEF: Money Transfer Firms Suspend Fees for Payments to Libya, Morocco in Response to Disasters
In order to support recovery from the earthquake that damaged many parts of Morocco on September 8 and the flooding that began in Libya on September 11, several money-transfer firms are offering free international transfers to people affected by the disasters.
UAE-based e& Money, the
MICROCAPITAL BRIEF: Vanuatu Launches Vanklia System to Automate Large, Small Payments
The Reserve Bank of Vanuatu recently launched a digital payment platform called Vanklia that allows automated clearing house (ACH) transfers as well as real-time gross settlements. The ACH system is designed for lower-value batch payments such as salaries and retail payments, while the
MICROFINANCE EVENT: Concordia Annual Summit; September 18-20, 2023; New York City, USA
This year’s summit of the US-based NGO Concordia is intended to further the organization’s mission of confronting “the world’s most pressing challenges through
MICROCAPITAL BRIEF: Lipa Later, Mastercard Partner on Buy Now / Pay Later Services in Africa
Lipa Later, a Kenyan financial technology (fintech) firm active in four countries, has partnered with US-based Mastercard to expand its merchant network and technological infrastructure in support of the “buy now-pay later” options that it offers online and in-store consumers. According to
MICROCAPITAL BRIEF: QR Codes to Facilitate Retail Payments Across Cambodia-Laos Border
The National Bank of Cambodia and Bank of the Lao PDR, the central banks of the two countries, recently launched a payment system based on QR codes. The goal of the program is to “promote the usage of national currency,
MICROCAPITAL BRIEF: Moniepoint Microfinance Bank Launches Mobile Banking App, Debit Card in Nigeria
Moniepoint Microfinance Bank, a Nigerian subsidiary of UK-based Moniepoint, recently launched a debit card and a mobile app called Moniepoint Personal Banking. The app allows users to: (1) make bill payments, send money to friends and family, and purchase credit for mobile devices; (2) play games that offer
MICROCAPITAL BRIEF: Fintech Kacha Gets Regulator Approval to Roll Out Mobile Money App in Ethiopia
Kacha Digital Finance Services, an Ethiopian financial technology (fintech) company, recently received approval from the National Bank of Ethiopia (NBE) to offer services such as remittances, bill payments, airtime purchases and accepting merchant payments through its eponymous mobile app. The firm, which
MICROCAPITAL BRIEF: Light Microfinance, IppoPay Partner to Offer Digital Lending to MSMEs in Rural India
Two Indian firms, Light Microfinance and IppoPay, have announced they will work together to offer digital lending services to micro-, small and medium-sized enterprises (MSMEs) in “rural and semi-urban micro-markets” in four states:
MICROCAPITAL BRIEF: Universal Insurance Launches Mobile App, Referral Platform in Nigeria
Nigeria’s Universal Insurance recently launched a mobile app to facilitate its customer service interactions. The app allows users to buy and manage policies as well as to file and receive support on claims. The firm also debuted the Universal Insurance Network, through which customers can
MICROFINANCE PAPER WRAP-UP: “Agritech and Fintech Providers in East and Southern Africa: A Landscape Assessment;” published by IFAD, SAFIN
The authors of this paper address: (1) the environment that financial institutions in East and Southern Africa (ESA) face when lending to agricultural micro-, small and medium-sized enterprises (MSMEs); and (2) how this lending can be increased via agricultural technology (agritech) and financial technology (fintech) firms. The challenges include
MICROCAPITAL BRIEF: Annapurna Finance Borrowing $25m from responsAbility to Boost Renewable Energy, Energy-efficiency in India
The Switzerland-based firm responsAbility Investments recently loaned USD 25 million to Annapurna Finance, a microfinance institution (MFI) seeking to reduce poverty and spread economic opportunity in India. The MFI plans to on-lend the funds to families as well as smaller businesses looking to acquire solar panels and other equipment that reduces the need for fossil fuels. As Annapurna has
MICROCAPITAL BRIEF: DreamStart Labs Adding VisionFund as Preferred Financial Service Provider in Savings Groups App DreamSave
The US-based nonprofit World Vision International and its microfinance subsidiary VisionFund recently entered an agreement with the US-based financial software development company DreamStart Labs with the goal of enrolling 3 million people in 130,000 new savings groups over six years using DreamStart’s mobile app DreamSave. The organizations will focus on