MICROCAPITAL BRIEF: Fintechs Carticard, egabi, Mastercard Partner to Offer Microloans via Payment Cards in Egypt

Carticard, an affiliate of Egypt-based online business solutions platform egabi, recently partnered with Mastercard, a US-based payments technology company, through which Carticard will issue loans via Mastercard payment cards. This will increase to 400,000 the number of payment cards

MICROCAPITAL BRIEF: Pakistan Launches Digital Payment System Raast to Promote Financial Inclusion, Strengthen Rule of Law, Boost Government Services

The country of Pakistan recently began the rollout of Raast, an “instant digital payment system,” through which the government will route payments to individuals, such as salaries, pensions and welfare. Individuals and businesses

MICROCAPITAL BRIEF: Mexico, Morocco Report Increases in Remittances Despite Dire Predictions Due to COVID-19 Pandemic

Residents of Mexico and Morocco received more in remittances from family members living abroad during most of 2020 versus 2019. This despite predictions from sources including the World Bank that the COVID-19 pandemic would cause global remittances to decrease 20 percent “due to a fall in the wages and emplo

MICROCAPITAL BRIEF: Samunnati Borrows $12m from FMO, Triodos to Boost Agricultural Producer Organizations, SMEs in India

Samunnati, a non-banking financial company in India dedicated to the agricultural sector, recently borrowed EUR 5 million (USD 6.1 million) each from Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO), a development bank controlled by the Dutch government, and Triodos Investment Management (Triodos IM), a subsidiary of Netherlands-based Triodos Bank, for on-lending to farmer producer organizations (FPOs) and small and medium-sized enterprises (SMEs) in the agricultural sector. Triodos IM is disbursing the funds from

MICROCAPITAL BRIEF: EFSE Loans $6m to Agroprosperis Bank to Support Farmers in Ukraine

The European Fund for Southeast Europe (EFSE), a microfinance investment vehicle domiciled in Luxembourg, recently loaned EUR 5 million (USD 6.1 million) to Agroprosperis Bank to support agricultural micro- and small enterprises (MSEs) in Ukraine. In particular,

MICROCAPITAL BRIEF: City Express Markets, Money King Platform Receive Remittance Licenses from Central Bank of Myanmar

The Central Bank of Myanmar (CBM) recently granted licenses to City Express Myanmar and Money King that allow them to perform international money transfers. The service is intended only for people from Myanmar who work in other countries

MICROCAPITAL BRIEF: Blue Mahoe Buying 40% Equity Stake in Microfinance Provider Sprint of Jamaica

Blue Mahoe Capital, an investment firm based in the US city of Miami, recently agreed to purchase a 40-percent equity stake in Sprint Financial Services Limited, a Jamaican microfinance company, for an undisclosed sum. The transaction is scheduled to close in March. Sprint plans to

MICROCAPITAL BRIEF: MB Investment, NSP Asia Launch Myanmar Credit Bureau

MB Investment Limited, an entity created in 2015 by the Myanmar Banks Association, and NSP Asia Investment Holding, a subsidiary of Singapore-based Credit Bureau Asia (CBA), recently launched the Myanmar Credit Bureau (MMCB). While the firm has begun by serving only banks, it plans to bring on microfinance institutions and

MICROCAPITAL BRIEF: CARD MRI to Borrow Up to $15m from IFC, Mainly to Support Women’s MSMEs During COVID-19 Pandemic

The International Finance Corporation, the private-investment arm of the World Bank Group, recently agreed to provide up to PHP 750 million (USD 15 million) of debt financing to the Center for Agriculture and Rural Development – Mutually Reinforcing Institutions Group (CARD MRI) to support micro-, small and medium-sized enterprises (MSMEs) during the COVID-19 pandemic. The investment

MICROCAPITAL BRIEF: Equity Bank Kenya Secures $50m Nasira Loan Guarantee from FMO for COVID-19 Support to Agricultural MSMEs Led by Youth, Women

Equity Bank Kenya, a Kenya-based bank focused on micro-, small and medium-sized enterprise (MSME), recently signed an agreement with Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO), a Dutch development bank, whereby FMO’s Nasira Risk Sharing Facility will guarantee USD 50 million in lending by Equity Bank Kenya. This lending is meant to help agricultural MSMEs run by female and young entrepreneurs

MICROCAPITAL BRIEF: Aye Finance Borrows $10m from Catalyst Trusteeship for On-lending to MSEs in India

Aye Finance, an online lender in India, recently received USD 10 million in debt financing from India-based Catalyst Trusteeship via Catalyst’s investment vehicles Masala Investment Sarl and Asian Access Vehicle (AAV) Sarl. Through a mobile-phone application,

MICROFINANCE EVENT: FinovateFall; September 13-15, 2021; New York, New York, USA

FinovateFall is one of a series of conferences focusing on financial technology (fintech). The event includes demonstrations of new fintech products, networking opportunities and approximately 120 speakers. Although the agenda for this year has yet to be announced, the 2020 agenda included sessions such as Keynote presentations by Pablos Holman, inventor at the Intellectual Ventures Lab; Sarika Sangwan, Global Head of strategy and marketing at Pinterest; and a panel discussion of post-Covid innovation. Details regarding an option to participate virtually are under development.

MICROCAPITAL BRIEF: Nigeria-based Microbank Citygate Global Introduces Fintech App Monéé

Citygate Global, a Nigeria-based microfinance institution, recently introduced Monéé, a digital application allowing customers to access financial services such as loans, savings, investments and bill payments via mobile phones. The app also offers fund transfers to

MICROCAPITAL BRIEF: Symbiotics Introduces $10m Bond to Fund Affordable Housing in Colombia via Hipotecaria Compañía de Financiamiento

Symbiotics, a Switzerland-based impact investing platform, recently agreed to issue a 4.5-year, senior, unsecured loan of COP 35.8 billion (USD 10.5 million) to La Hipotecaria Compañía de Financiamiento (HCF), a Panama-based mortgage lender, from the proceeds of a social bond Symbiotics is launching for this purpose. The goal is to increase access to

MICROCAPITAL BRIEF: Oikocredit Lending up to $8.6m Along Cocoa Value Chain in Côte d’Ivoire

Netherlands-based cooperative investor Oikocredit recently opened credit lines for entities involved in the cocoa industry in Côte d’Ivoire with ceilings of: EUR 3.5 million (USD 4.3 million) for Entreprise Coopérative Kimbe (Ecookim), a union of

MICROCAPITAL BRIEF: Rent-to-Own Car Financier Planet42 of South Africa Secures Final Tranche of $13m Debt, Equity Package

Planet42, a car financier in South Africa, recently secured the closing portion of a funding package arranged by Verdant Capital, an African financial advisory firm, totaling USD 13 million in debt and equity. The names of