Figures released by Jordan’s Planning Ministry indicate that over 120,000 citizens have borrowed from local microfinance institutions (MFIs) with loans outstanding at JD 65 million, the dollar equivalent of over USD 91 million.  Specifically, 7 Jordanian MFIs were recognized at a Ministry ceremony where each signed a code of ethics governing this joint effort. Continue Reading »

SOURCE: The Daily Star

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The World Bank Group recently published a publicly-available online database of global remittance prices in 120 “country corridors” (i.e. two countries between which remittances are transferred) with the aim of informing low-income migrant workers and households in emerging economies.   While global leaders have talked about reducing remittance-sending costs for some time, little has been done on the issue in the way of substantial quantitative data until now, says remittances specialist Dilip Ratha.     Continue Reading »

ACCION International, a microfinance organization founded in 1961 to address the desperate poverty in Latin America’s cities, has recently launched The Center For Financial Inclusion , a collaborative effort to promote commercial microfinance and simultaneously ensure that the needs of poor clients are being met. A key aspect of the Center is to connect the expertise of the non-profit, private and academic sectors to enhance the quality of microfinance. It is a sign of the times as commercial banks have been increasingly involved in socially responsible investing and the debate about what role for-profit activity should play in the microfinance sector continues to intensify. Continue Reading »

Source: Microfinance Information Exchange, Inc.
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Ernst & Young LLP (E&Y), a “Big Four” accounting firm headquartered in London, has donated up to USD 1 million of in-kind resources over the next three years to provide oversight and accountability to the micro-lending process of Kiva Microfunds LLC, a micro-lending website that connects individual lenders with target entrepreneurs via microfinance institutions (MFIs).  The partnership was announced at the 2008 Clinton Global Initiative (CGI) summit, an annual gathering of global leaders in government, business and civil society for the purpose of discussing pressing development challenges and their solutions. Continue Reading »

Source: CSR Wire.
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Source: MarketWatch

Original press release available here. Continue Reading »

A new United States non-profit organization, MicroFinance Transparency (MF Transparency), will publish the interest rates and other basic information about the lending practices of microfinance institutions (MFIs) worldwide. Supported by many throughout the world of microfinance, the founding of this new organization comes at a time of fierce debate over the role of commercial microfinance. Continue Reading »

Source: Microfinance Gateway. Continue Reading »

Produced by the United States Agency for International Development (USAID) Nigeria PRISMS Project, for presentation at the International Year of the Microcredit (IYMC) Workshop, 16 December 2005, 8 pages, available here. Continue Reading »

Nepal’s government recently unveiled a new national microfinance policy that aims to expand the lending capacity of its microfinance sector by addressing problems that have arisen from the relatively unregulated industry. Continue Reading »

Earlier this year, the Centrale de Communications Luxembourg (CCLux), a subsidiary of the Luxembourg Stock Exchange, began listing the Luxembourg Fund Labelling Agency (LuxFLAG) Microfinance Label as a searchable classification on its online Consultation Portal. For users of CCLux, this means that they can now quickly and easily identify microfinance investment vehicles (MIVs) which have been approved by LuxFLAG. Continue Reading »

At the Microfinance Leaders Retreat, a meeting to discuss the future development of microfinance, leaders of microfinance institutions, investment organizations and development agencies agreed that a code of ethics aimed at guiding lending practices of microfinance institutions should be established. Continue Reading »

The World Bank will grant USD 6 million to the Rwandan government for the ongoing reform of the microfinance sector. The injection will also support the improvement of auditing and accounting standards and strengthen the regulation and supervision of non-bank financial institutions (NBFI) and microfinance institutions (MFI). Continue Reading »

Authored by Nigar Pirmamedova, the Chief Accountant and Financial Manager for the Azerbaijan Micro-finance Association (AMFA), a Baku-based institution with 22 member organizations, in partnership with the Microfinance Information eXchange (MIX), released January 2008, nine pages, available at http://www.mixmbb.org/Publications/002-REG/EASTERN%20EUROPE%20AND%20CENTRAL%20ASIA%20(ECA)/04-Azerbaijan%20Benchmarking%20Reports/Azerbaijan%20Benchmarking%20Report%202006.pdf Continue Reading »

Authored and published by staff members of the Microfinance Information eXchange (MIX), initiated and funded by the Consultative Group to Assist the Poor (CGAP) and The World Bank, released January 2006, 100 pages, available at http://microfinancegateway.com/files/31049_file_MIX_South_Asia_Performance_and_Transparency_2_.pdf Continue Reading »

An online product for the creation of financial statements by microfinance institutions (MFIs) has been launched by Sheer Intelligence, an American technology consulting and software firm.  The tool should help address concerns of transparency and consistency of reporting by MFIs, as corporate governance is oft-cited as a risk by industry observers.

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