MICROCAPITAL BRIEF: European Bank for Reconstruction and Development (EBRD) Likely to Loan Mongolian XacBank $5m for On-lending to Micro‑, Small, Medium-Sized Enterprises (MSMEs); $10m for Sustainable Energy

The London-based European Bank for Reconstruction and Development (EBRD) is considering disbursing a local-currency loan equivalent to USD 5 million to XacBank, a lender to micro-, small and medium-sized businesses in Mongolia. Continue reading

MICROCAPITAL BRIEF: International Finance Corporation (IFC) Commits $15m to Private Equity Fund EuroMena III to Support Small, Medium-sized Enterprises (SMEs) in Middle East, North Africa

The International Finance Corporation (IFC), the private-investment arm of the World Bank Group, reportedly has committed USD 15 million to EuroMena III, a 7-year closed-end private equity fund that aims to invest in small and medium-sized enterprises (SMEs) in Egypt, Lebanon and Jordan. Continue reading

MICROCAPITAL BRIEF: Reserve Bank of India Simplifies “Know Your Customer” Requirement for Establishing Bank Accounts

The Reserve Bank of India (RBI), India’s central banking authority, has announced that it has simplified the “Know Your Customer” (KYC) process that it requires commercial banks in India to undertake before opening bank accounts for individuals. Continue reading

MICROCAPITAL BRIEF: Homeless International Purchases T24 MCB Banking Software from Temenos

Homeless International, a UK-based nonprofit housing consultancy and finance agency that focuses on reducing urban poverty in Africa and Asia, has purchased T24 MCB, a cloud-based core banking software platform that was developed for the microfinance and community banking (MCB) segment by Temenos Group AG, a software company based in Switzerland. Continue reading

MICROCAPITAL BRIEF: National Social Security Authority (NSSA) of Zimbabwe Losing License for Capital Bank, Seeks to Establish Microfinance Institution (MFI)

The Reserve Bank of Zimbabwe (RBZ), the authority that supervises the financial sector and formulates monetary policy in Zimbabwe, reportedly has canceled the operating license of Capital Bank Corporation Limited (Capital Bank), a financial institution in Zimbabwe that offers corporate banking, wealth management, trade finance and financial advisory services, due to insufficient liquidity. Continue reading

MICROCAPITAL BRIEF: Industrial Development Bank of India Federal Life Insurance Launches Seven Individual, Group Plans

Industrial Development Bank of India (IDBI) Federal Life Insurance, a joint venture of the government-backed IDBI, the commercial Federal Bank of India, and Belgian insurer Ageas, has launched four individual and three group insurance plans in India. Continue reading

MICROCAPITAL BRIEF: FINCA International Raises $30m in Debt in Nine Local Currencies to Support Financial Inclusion of Microentrepreneuers

The Foundation for International Community Assistance (FINCA International), a US-based nonprofit microfinance network, has announced that it has raised debt funding equivalent to USD 30 million in nine local currencies to support the financial inclusion of low-income microentrepreneurs through its Local Currency Microfinance Note III [1]. Continue reading

MICROCAPITAL BRIEF: BNP Paribas, Orange to Allow Money Transfers Between Bank Accounts, Mobile Money Accounts in Cote D’Ivoire

BNP Paribas, a France-based financial services provider with operations in 84 countries, and Orange, a French telephone and Internet service provider, have announced that their customers in Cote D’Ivoire will now be able to transfer money between their bank accounts and their accounts with Orange Money, Orange’s mobile money service. Continue reading

MICROCAPITAL BRIEF: Absolute Portfolio Management’s Vision Microfinance Funds Loan $9.4m to Microfinance Institutions (MFIs) in Armenia, India, Kazakhstan, Kyrgyzstan, Mongolia, Peru, Sri Lanka, Tanzania

Absolute Portfolio Management (APM), an arm of Austria-based asset group C-Quadrat, recently informed MicroCapital that it has distributed credits worth approximately USD 9.4 million through its two Vision Microfinance funds to unspecified microfinance institutions (MFIs) in Armenia, India, Kazakhstan, Kyrgyzstan, Mongolia, Peru, Sri Lanka and Tanzania. Continue reading

MICROCAPITAL BRIEF: Kaah Express, Silatech, American Refugee Committee (ARC) to Launch Kaah Islamic Microfinance Services in Somalia

Kaah Express, a US-based international remittances company, reportedly has partnered with Silatech, a Qatar-based enterprise focused on increasing employment and entrepreneurship among youth in the Middle East and North Africa, and the American Refugee Committee (ARC), a US-based nonprofit that offers humanitarian aid across the globe, to create Kaah Islamic Microfinance Services (KIMS), a commercial microfinance institution (MFI) in Somalia. Continue reading

MICROCAPITAL PUBLICATION ROUND-UP: Microcredit Summit Campaign Report; responsAbility Financial, Social Impact Assessment; Microinsurance Education in Zambia

“Resilience: The State of the Microcredit Summit Campaign Report, 2014;” published by RESULTS Educational Fund; 2014; 68 pages; available in web format at http://stateofthecampaign.org/2014-report-executive-summary/or for purchase as a PDF or in print form at http://www.scribd.com/doc/229959504/Resilience-The-State-of-the-Microcredit-Summit-Campaign-Report-2014

This report examines the reach and effectiveness of microfinance institutions (MFIs) on a global scale using data as recent as from 2012. Continue reading

MICROCAPITAL BRIEF: JPMorgan Chase Commits $30m to “Financial Solutions Lab”

JP Morgan Chase, a US-based investment and banking firm, reportedly has committed USD 30 million for the establishment of a “Financial Solutions Lab.” The lab will be created as a five-year project with the Center for Financial Services Innovation, a US-based nonprofit consultancy specializing in serving unbanked and underbanked consumers. Continue reading

MICROCAPITAL BRIEF: IFMR of India Receives Approval to Launch “FImpact Investment Fund”

The Securities and Exchange Board of India (SEBI) has approved the launch of the “IFMR FImpact Investment Fund” (IFMR FImpact), a social-venture scheme managed by IFMR Investment Managers Private Limited (IFMR Investments), the asset management arm of the Chennai-based, nonprofit IFMR Trust Group. Continue reading

MICROFINANCE PUBLICATION WRAP-UP: “Financial Inclusion and Development: Recent Impact Evidence;” by Robert Cull, Tilman Ehrbeck, Nina Holle; published by CGAP (Consultative Group to Assist the Poor)

“Financial Inclusion and Development: Recent Impact Evidence;” by Robert Cull, Tilman Ehrbeck and Nina Holle; published by CGAP (Consultative Group to Assist the Poor) as Focus Note Number 92; April 2014; 12 pages; available at http://www.cgap.org/sites/default/files/FocusNote-Financial-Inclusion-and-Development-April-2014.pdf

The authors of this document argue that “financial inclusion is an important development priority”[1] that helps poor people around the world improve their lives. Continue reading

MICROCAPITAL BRIEF: Bank of Punjab, MasterCard Launch Electronic Government-To-Person Social Security Payment System in Pakistan

The Bank of Punjab, which is owned by the government of the Pakistani province of Punjab, and MasterCard Incorporated, a US-based payments and technology company with operations in 210 countries and territories, recently announced a “Social Security Program” to convert government assistance to individuals to electronic payments. Continue reading