The Participatory Microfinance Group for Africa (PAMIGA), a Paris-based microfinance network, has opened an office in Ethiopia with the support of the United Nations Capital Development Fund (UNCDF) MicroLead Program, which aims to promote microsavings. Through a joint program with BASIX, an Indian provider of microfinance and other services to poor people, PAMIGA will aim to help Ethiopian microfinance institutions (MFIs) Buusaa Gonofaa and Wasasa strengthen their operations, mobilize savings and improve their outreach [1]. Further details on the project are not available.
PAMIGA offers MFIs technical assistance, financial resources, new technologies and management information. As of January 2012, PAMIGA has 17 partner MFIs, 10 of which are in West Africa.
MicroLead is a microfinance program that was founded in 2009 with funding from UNCDF and the Bill & Melinda Gates Foundation, a US-based nonprofit organization. It provides loans and grants to microfinance institutions, commercial banks and financial cooperatives in developing countries that are committed to savings-based approaches [2]. In September 2011, UNCDF and Canada’s MasterCard Foundation launched a six-year expansion of the program with a budget of USD 23.5 million and plans to bring access to microfinance, particularly savings services, to 450,000 low-income people in Sub-Saharan Africa [1].
By Kristha Abores, Research Associate
About United Nations Capital Development Fund (UNCDF): United Nations Capital Development Fund (UNCDF) is the UN’s capital investment agency for the world’s 48 least developed countries. It endeavors to create opportunities for poor people and their small businesses by increasing access to microfinance and other forms of investment capital. UNCDF focuses on Africa and the poorest countries of Asia, with a particular commitment to countries emerging from conflict or crisis. In 2010, UNCDF received a total of USD 41.1 million in contributions and reported total assets of USD 81.6 million.
About MasterCard Foundation: Based in Canada, the MasterCard Foundation is a private foundation with the goal of enabling people living in poverty to improve their lives with increased access to microfinance and education. The foundation was established in 2006 by a gift of shares from global payment processor MasterCard Worldwide during the company’s initial public offering. As of 2010, the MasterCard Foundation reported approximately CAD 3 billion (the equivalent of USD 2.9 billion) in assets.
About Participatory Microfinance Group for Africa (PAMIGA): Based in Paris, France, the Participatory Microfinance Group for Africa (PAMIGA) is a microfinance network that seeks to enhance access to financial services in Africa. PAMIGA offers microfinance institutions (MFIs) technical assistance, financial resources, new technologies and management information. As of January 2012, PAMIGA has 17 partner MFIs, 10 of which are in West Africa. Financial information on PAMIGA is not available.
About BASIX: BASIX Group is an Indian entity whose institutional members provide poor people services including microfinance, mobile payments, health insurance and agricultural and business development services. BASIX Group operates through a holding company, Bhartiya Samruddhi Investments and Consulting Services Limited (BASICS). BASIX Group’s microfinance activities are carried out by two microfinance institutions (MFIs): Bhartiya Samruddhi Finance Limited (BSFL), a non-banking finance company (NBFC), and Krishna Bhima Samruddhi Local Area Bank Limited (KBSLAB), a rural bank. BASIX Group also promotes BASIX Academy for Building Lifelong Employability Limited, BASIX Consulting and Training Services Limited, BASIX Krishi Samruddhi Limited, BASIX Sub-K iTransactions Limited and Ctran Consulting Limited. As of September 2011, BASIX Group reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 207 million, a gross loan portfolio of USD 197 million, approximately 1.32 million active borrowers and operations in 16 Indian states and 6 other countries.
Sources and Additional Resources:
[1] “Pamiga opens an office in Ethiopia, in cooperation with the MicroLead programme,” http://www.uncdf.org/english/news_and_events/index.php?record=263
[2] MicroCapital.org article, November 7, 2011, “MICROCAPITAL BRIEF: United Nations Capital Development Fund Seeks Financial, Technical Service Providers to Expand Savings Microfinance Program MicroLead,” https://www.microcapital.org/microcapital-brief-united-nations-capital-de…
UNCDF: “Support to Savings-Led Microfinance Market Leaders to Enter Underserved Countries 2011-2017 (MicroLead Expansion Programme)”,http://www.uncdf.org/english/microfinance/uploads/project/MicroLead%20Ex…
MicroCapital.org article, September 22, 2011, “MICROCAPITAL BRIEF: MasterCard Foundation, UN Capital Development Fund (UNCDF) Announce $23m Expansion of MicroLead Program to Promote Savings in Developing Countries”,https://www.microcapital.org/microcapital-brief-mastercard-foundation-un-capital-development-fund-uncdf-announce-23m-expansion-of-microlead-program-to-promote-savings-in-developing-countries/
MicroCapital.org article, May 6, 2011, “MICROCAPITAL BRIEF: Opportunity International to Receive Grant of $2.5m from United Nations Capital Development Fund’s (UNCDF’s) MicroLead Program to Begin Microfinance Services In Democratic Republic of Congo”, https://www.microcapital.org/microcapital-brief-opportunity-international-to-receive-grant-of-2-5m-from-united-nations-capital-development-funds-uncdfs-microlead-program-to-begin-microfinance-services-in-democratic-republic-of-co/
MicroCapital Universe Profile: United Nations Capital Development Fund (UNCDF), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=United+Nations+Capital+Development+Fund+%28UNCDF%29
MicroCapital Universe Profile: MasterCard Foundation, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=MasterCard+Foundation
MicroCapital Universe Profile: Participatory Microfinance Group for Africa (PAMIGA), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Participatory+Microfinance+Group+for+Africa+%28PAMIGA%29
MicroCapital Universe Profile: BASIX Group, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=BAS…
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
Similar Posts:
- MICROCAPITAL BRIEF: 24 Education Technology Startups in Kenya, Nigeria Joining Mastercard Foundation EdTech Fellowship
- MICROCAPITAL BRIEF: UNCDF, Bill & Melinda Gates Foundation Launch Mobile Money Program in Ethiopia
- MICROCAPITAL BRIEF: OPEC Fund Donating $1m to UNCDF to Boost Energy Access, Reduce Emissions, Starting in Madagascar, Tanzania
- MICROCAPITAL BRIEF: ILO, UNCDF to Expand PICAP Climate Microinsurance Program to 8 Pacific Countries
- MICROCAPITAL BRIEF: Lipa Later, Mastercard Partner on Buy Now / Pay Later Services in Africa
