MICROCAPITAL BRIEF: Bandhan of India Borrows $26m From International Finance Corporation (IFC), Seeks $16m From Swiss Investor

Bandhan Financial Services, an India-based microfinance institution (MFI) that offers loans for health emergencies and microenterprise, reportedly has raised INR 1.6 billion (USD 26 million) in debt financing from the International Finance Corporation (IFC), the US-based World Bank Group’s private investment arm, and is seeking to raise another INR 1 billion (USD 16 million) from an unnamed Swiss multinational investor. Continue reading

MICROCAPITAL BRIEF: Trade Union “Mobile Money Transfer Agents Association of Zimbabwe” Formed

The Mobile Money Transfer Agents Association of Zimbabwe (MMTAAZ), a trade union representing third-party handlers of retail e-money transactions, reportedly has been formed by co-directors Francis Chinjekure and Thomas Muserepwa to address the concerns of contractors to Econet Wireless Zimbabwe, a subsidiary of South Africa-based telecommunications provider Econet Wireless Group; Telecel Zimbabwe, a joint venture of Egypt-based telecommunications provider Global Telecom Holding and Zimbabwean business consortium Empowerment Corporation; and NetOne, a mobile services provider owned by the government of Zimbabwe. Continue reading

MICROCAPITAL BRIEF: Commercial Credit and Finance of Sri Lanka Raises $12m by Selling 25% Equity Stake to Creation Investments

Commercial Credit and Finance (CCF), a Sri Lanka-based financial company, recently reached an agreement with Creation Investments Social Ventures Fund II, a private equity fund managed by US-based Creation Investments Capital Management, to raise LKR 1.68 billion (USD 12.4 million) in equity funding through an issue of 80 million new shares. Continue reading

MICROCAPITAL BRIEF: European Fund for Southeast Europe (EFSE) Loans $20m to ProCredit Bank Serbia for Small, Medium-sized Enterprises

The European Fund for Southeast Europe (EFSE), a Luxembourg-based microfinance investment vehicle (MIV), has disbursed a loan of EUR 15 million (USD 20.4 million) to ProCredit Bank Serbia, a financial institution that focuses on lending to micro-, small and medium-sized enterprises (MSMEs) and is majority-owned by Germany-based ProCredit Holding. Continue reading

MICROFINANCE PUBLICATION ROUND-UP: Inclusix Index of Financial Inclusion in India; Obstacles to Access in Microinsurance; Microfinance in Kenya

“CRISIL Inclusix: An index to measure India’s progress on Financial Inclusion;” published by Credit Rating Information Services of India Limited (CRISIL); June 2013; 101 pages; available at http://crisil.com/pdf/corporate/CRISIL-Inclusix.pdf

Based on data from 2009 through 2011, this report gives an overview of the findings of the CRISIL Inclusix index, an analytical tool designed by Credit Rating Information Services of India Limited (CRISIL) to measure progress in financial inclusion in India at the national, regional, state and district levels. Continue reading

MICROCAPITAL BRIEF: Telecel Zimbabwe Introduces Debit Cards, International Remittances Via Telecash Mobile Banking Service

Telecel Zimbabwe, a telecommunications company affiliated with Egypt-based Global Telecom Holding, has begun offering the Telecash mobile money service in conjunction with a debit card that may be used to pay for services and conduct bank transactions at point-of-sale (POS) devices located in 4,500 retail stores in the country. Continue reading

MICROCAPITAL BRIEF: Inter-American Development Bank (IDB), MasterCard Partner to Support Financial Inclusion, Transparency in Latin America, Caribbean

The Inter-American Development Bank (IDB), a US-based multilateral financial institution that seeks to support sustainable economic growth in Latin America and the Caribbean countries, has partnered with MasterCard Incorporated, a US-based payments and technology company with operations in 210 countries and territories, to expand electronic payment systems in Latin America and the Caribbean (LAC) [1]. Continue reading

MICROCAPITAL BRIEF: MFX Solutions, Fonds pour l’Inclusion Financière en République Démocratique Congo to Provide Technical Assistance to Banks, Microfinance Institutions (MFIs)

MFX Solutions, a US-based company that provides currency hedging solutions for microfinance institutions (MFIs) and microfinance investment vehicles (MIVs), recently announced that it has entered into a two-year technical assistance partnership with Fonds pour l’inclusion financière en république démocratique Congo, a nonprofit microlending organization in the Democratic Republic of Congo (DRC) that is known by its English acronym FPM, in an effort to help financial institutions better manage risks. Continue reading

MICROCAPITAL BRIEF: Microfinance Provider Khushhali Bank, Smart and Renewable Energy Solutions Partner to Increase Solar Power in Rural Pakistan

Khushhali Bank, a microfinance institution (MFI) in Pakistan, has signed an agreement with Smart and Renewable Energy Solutions (SRE Solutions), a Pakistan-based firm that offers solar energy products, to provide financing for “Solar Magic Box,” a device manufactured and sold by SRE Solutions that generates electricity from the sun [1]. Continue reading

MICROCAPITAL BRIEF: Creditcorp’s Financiera Edyficar of Peru to Acquire 61% Stake in Mibanco for $179m

Peru-based microlender Financiera Edyficar (Edyficar), an operating subsidiary of Peruvian bank holding company Creditcorp, recently announced that it will acquire a 60.7-percent stake in Mibanco, a Peruvian microfinance institution (MFI) that is a subsidiary of nonprofit holding company Grupo Accion Comunitaria del Peru (ACP). Continue reading

MICROCAPITAL BRIEF: Global Index Insurance Facility to Donate $4m to Syngenta Foundation for Sustainable Agriculture in Kenya, Rwanda and Tanzania

The International Finance Corporation (IFC), the US-based World Bank Group’s private investment arm, has approved two grants totaling USD 3.9 million to Syngenta Foundation for Sustainable Agriculture, a Swiss nonprofit organization, to provide index-based weather insurance to rural farmers in Kenya, Rwanda and Tanzania. Continue reading

MICROCAPITAL BRIEF: Arab Gulf Program for Development (AGFUND) Partners with Philippines Chamber of Commerce and Industry (PCCI) to Bring Ibdaa Microfinance Bank to Eighth Country

The Arab Gulf Program for Development (AGFUND), a Saudi Arabia-based development organization, and the Philippines Chamber of Commerce and Industry (PCCI), a policy- and advocacy-oriented group that represents approximately 35,000 businesses in the Philippines, have signed an agreement to create an iteration of the “Ibdaa Microfinance Bank” (IMB) that is intended to increase financial inclusion of poor people and micro-, small and medium-sized enterprises (MSMEs) in the Philippines [1][2]. Continue reading

MICROCAPITAL BRIEF: Nigerian Diamond Bank Partners with African Guarantee Fund to Lend $25m to Micro-, Small, Medium-Sized Enterprises (MSMEs)

African Guarantee Fund (AGF), a Kenya-based organization that aims to increase financial inclusion by underwriting commercial bank lending to small and medium-sized enterprises (SMEs) in Africa, reportedly has agreed to guarantee 50 percent of USD 25 million by Diamond Bank Public Limited Company (PLC), a Nigerian commercial bank, via its affiliate institutions in Benin, Côte d’Ivoire, Nigeria, Senegal and Togo to micro-, small and medium-sized enterprises (MSMEs). Continue reading