Perhimpunan Baitul Maal wat Tamwil (BMT) Indonesia, a financial cooperative coordinating 150 of Indonesia’s microfinance institutions that employ the BMT model of Islamic finance, has implemented a three-stage financial empowerment program that aims to benefit low-income individuals in the country. Continue reading
Kiva, a US-based microfinance intermediary, recently announced that it is winding down its peer-to-peer microfinance lending platform Kiva Zip in Kenya. Continue reading
The European Bank for Reconstruction and Development (EBRD), a multilateral investment institution headquarted in London, England, recently announced that it will loan the local-currency equivalent of USD 13 million to Optima Bank, a commercial bank headquartered in Bishkek, Kyrgyzstan.
The International Finance Corporation (IFC), a member of the US-based World Bank Group that aims to increase economic growth in developing countries, recently signed a memorandum of understanding (MOU) with the Ministry of Commerce of Myanmar. Continue reading
The Food and Agriculture Organization (FAO), a United Nations (UN) organization that engages in “sustainable management” of natural resources and works toward the eradication of hunger, and MasterCard, a US-based payments and technology company, recently formed a partnership to create “inclusive payment systems” to support small-scale farmers and low-income households in developing countries. Continue reading
MicroCapital: Please tell us a bit about how you to came to work in microfinance.
Edvardas Bumsteinas: My interest in microfinance began with a summer job some 20 years ago when I was a student at the London School of Economics. At the request of Lithuania’s Open Society Institute, I spent one of my summers helping to set up external financing facilities for the Lithuanian Credit Union’s network. During my meetings with staff members and clients, I was impressed with positive results that those member-owned financial institutions were having in their communities.
MC: In reading about the European Investment Bank (EIB)-funded Microfinance in Crisis project, I was struck by the language “The main thing is to make the system user-centric, not provider-centric, and to consider microfinance (and more broadly finance) as a common good.” Continue reading
Deutsche Bank, a Germany-based financial services company, recently announced that it had raised USD 100 million from unspecified private investors for the European Fund for Southeast Europe (EFSE), a Luxembourg-based microfinance investment vehicle (MIV). Continue reading
Event Name: Savings Group Conference 2015
Event Date: November 10-12, 2015
Event Location: Intercontinental Hotel, Lusaka, Zambia Continue reading
JMT Network Services Public Company Limited, a debt collector and loan provider in Thailand under Jay Mart Public Company Limited, recently announced that the organization and unnamed partners aim to establish a joint venture, JP Finance Co Ltd. Continue reading
The Central Bank of Nigeria (CBN) recently granted a microfinance banking license to Fortis Microfinance Bank (Fortis MFB), a privately owned microfinance institution in Nigeria . Continue reading
Event Name: Global Youth Economic Opportunities Summit 2015
Event Date: October 6 – 8, 2015
Event Location: Westin Crystal City Hotel, Arlington, Virginia, USA Continue reading
Queen Noor of Jordan, the founder and chairperson of the King Hussein Foundation (KHF), recently announced the launch of Ethmar, a microfinance institution (MFI) that is compliant with Shariah, the Islamic legal system. Continue reading
Bandhan Bank, an Indian commercial bank based in Kolkata, recently announced that it plans to open one branch each in the cities of Bengaluru, Koramangala and Bannerghatta, all of which are located in southern India. Continue reading
The Asian Development Bank (ADB), a Philippines-based multilateral development finance institution, has committed to loaning USD 400 million toward its Financial Market Development and Inclusion Program (FMDIP) for Indonesia. Continue reading
During August 2015, Austrian asset manager C-Quadrat Asset Management issued loans worth the equivalent of USD 7 million via its two Vision Microfinance funds to unspecified microfinance institutions (MFIs) in Cambodia, Ecuador, Nicaragua, Nigeria and India. Continue reading
The Microfinance Institutions Network (MFIN), a trade organization composed of 47 Indian microlenders, has advised its members to reduce their interest rates voluntarily by “at least 25 basis points”  by the end of September 2015. Continue reading
Starbucks Coffee Company, a US-based coffee retailer, recently announced that it would commit an additional USD 30 million to its Global Farmer Fund program, one of the organization’s “ethical sourcing initiatives” that aims to ensure the sustainability of the organization’s production chain up to 2020. Continue reading
IFMR Holdings, an arm of Indian nonprofit IFMR Trust, recently raised USD 25 million from Accion, a US-based nonprofit organization; LeapFrog Investments, a for-profit private equity fund based in Mauritius; and Lok Capital, an India-based microfinance investment vehicle. Continue reading