MICROCAPITAL BRIEF: Indian State of Andhra Pradesh, Bharat Sanchar Nigam Limited (BSNL) to Implement Mobile Money Service via Post Offices

According to a statement attributed to Killi Kruparani, India’s minister of state for communications and information technology, a mobile money order service will be available at post offices in the Indian state of Andhra Pradesh beginning in October 2013.  Continue reading

MICROFINANCE PUBLICATION ROUND-UP: Social Performance in Nepal, Sharia-Compliant Financial Inclusion, Private Sector Employment

“State of Social Performance in Nepal;” by Mike Krell; published by Microfinance Information Exchange (MIX); March 2013; 10 pages; available at http://www.themix.org/publications/mix-microfinance-world/2013/03/Nepal-development-2013

This report from the US-based nonprofit Microfinance Information Exchange (MIX) examines the social performance (SP) of microfinance institutions (MFIs) in Nepal. Continue reading

MICROCAPITAL BRIEF: CGAP, Grameen Foundation, Mobile Telecommunications Network (MTN) Uganda to Finance $1m Mobile Finance Product Research and Development Initiative

CGAP (Consultative Group to Assist the Poor), a US-based nonprofit research and policy center, the Grameen Foundation, a US-based nonprofit that seeks to increase business opportunities and telecommunication services for poor people in rural areas, and Mobile Telecommunications Network (MTN) Uganda, the Ugandan arm of South African telecommunications company MTN Group, recently announced plans to launch an initiative to research and develop new mobile financial products. Continue reading

MICROCAPITAL BRIEF: Nigeria Deposit Insurance Corporation to Bailout Microfinance Institutions, Primary Mortgage Banks

The Nigeria Deposit Insurance Corporation (NDIC), a quasi-independent agency of the federal government that insures deposit-taking financial institutions, recently announced that it will grant an undisclosed amount of financial assistance to distressed microfinance banks (MFBs) and primary mortgage banks (PMBs) recently closed by the Central Bank of Nigeria (CBN). Continue reading

MICROCAPITAL BRIEF: China Microfinance Institution Association (CMIA) to Introduce Credit Rating System for Microfinance Institutions As Early As July 2013

The China Microfinance Institution Association (CMIA), an organization that advocates for the interests of 92 domestic member microfinance institutions (MFIs) covering 27 provinces, plans to introduce a credit rating system to evaluate MFIs as early as July.

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MICROCAPITAL BRIEF: Investors Commit $73m to as Yet Unapproved Government-backed India Inclusive Innovation Fund, Target Size is $918m

Undisclosed investors have reportedly committed approximately INR 4 billion (USD 73.4 million) to the India Inclusive Innovation Fund, a government-sponsored fund intended to provide capital to early-stage ventures serving low-income clients. Continue reading

MICROCAPITAL BRIEF: Macedonia to Boost Usage of $129m Credit Line from European Investment Bank to Support Small and Medium-sized Enterprises

The government of Macedonia reportedly has announced plans to step up disbursements from a credit line of EUR 100 million (USD 129 million) from the European Investment Bank (EIB), the long-term lending bank of the European Union. Continue reading

MICROCAPITAL BRIEF: Indian Microfinance Institution Satin Creditcare Sells 20% Equity Stake for $8m from Danish Microfinance Partners, MicroVest II, ShoreCap II; Lok Capital Exits

Indian microfinance institution (MFI) Satin Creditcare Network Limited recently raised INR 410 million (USD 7.5 million) by selling a stake of approximately 20 percent to three microfinance investment funds in undisclosed portions: Danish Microfinance Partners K/S (DMP), MicroVest II LP and ShoreCap II Limited. Continue reading

MICROCAPITAL BRIEF: Virtual Terminal Network’s (VTN’s) VCash to Allow Mobile-phone Access to Western Union Money Transfers in Nigeria

Virtual Terminal Network (VTN), a Nigerian mobile payment company, is reportedly partnering with Western Union Company, a US-based financial services company, to allow VTN customers to deposit Western Union money transfers directly into their VTN VCash accounts for access via their mobile phones.  Continue reading

MICROCAPITAL BRIEF: MoneyGram, Globe Telecom to Offer Remittances at G-Xchange Outlets in the Philippines

MoneyGram, a U.S.-based money transfer company with 310,000 agent locations in 185 countries, reportedly has partnered with G-Xchange Incorporated (GXI), a subsidiary of Philippines-based Globe Telecom, to make funds sent via MoneyGram available to customers of GCash, GXI’s mobile micropayment system, at GXI retail outlets in the Philippines.  Continue reading