MICROCAPITAL BRIEF: MasterCard Foundation Scholarship Applications for Sustainable Microenterprise and Development Program (SMDP) in Tanzania Due by October 4, 2013

MasterCard Foundation, a Canadian organization founded by the US-based payments firm MasterCard, is offering an undisclosed number of full and partial scholarships for African women who have experience in the microenterprise development field to attend the Sustainable Microenterprise and Development Program (SMDP), an educational workshop that will be held in the Tanzanian city of Arusha from November 11-22 of 2013. Continue reading

MICROCAPITAL BRIEF: Bank of Ghana Increases Liquidity Requirement for Microfinance Financial Institutions

The Bank of Ghana, a regulatory and supervisory authority over banking and financial institutions in Ghana, recently increased the minimum capital requirements of microfinance institutions (MFIs) to GHS 300,000 (USD 138,000) for MFIs that do not accept deposits and GHS 500,000 (USD 230,000) for deposit-taking MFIs [1]. Continue reading

MICROCAPITAL BRIEF: Luxembourg-based Appui au Developpement Autonome (ADA) Appoints Arnaud Servais Executive Director

Appui au Développement Autonome (ADA), a nonprofit organization based in Luxembourg that supports microfinance institutions with product development, capacity building and information dissemination, has appointed Arnaud Servais to serve as its executive director. Continue reading

MICROCAPITAL BRIEF: Bangladesh Bank Asks Commercial Banks to Provide Services to Readymade Garment (RMG) Workers

The Bangladesh Bank (BB), the country’s central bank, recently asked commercial banks to provide readymade garment (RMG) workers with bank accounts so they can receive wages through direct deposit. BB requested commercial banks not to require a minimum balance or charge for banking services. Continue reading

MICROCAPITAL BRIEF: Microfinance Providers in Pakistan Report 19.4% Increase in Savings, 5.55% Increase in Microinsurance Clients in Second Quarter of 2013

Between April and June of 2013, the value of savings held by Pakistan’s microfinance providers (MFPs) reportedly increased by 19.4 percent from the previous quarter to total PKR 30 billion (USD 282 million). Continue reading

MICROCAPITAL BRIEF: Ujjivan Financial Services Raises $7.9m from Oikocredit for On-Lending to Microfinance Clients

Ujjivan Financial Services, a Bangalore-based microfinance institution, has raised INR 500 million (USD 7.9 million) of debt capital from Oikocredit, a Dutch cooperative investment fund, for on-lending to microfinance clients in an effort to support economic development in poor Indian communities. Continue reading

MICROCAPITAL BRIEF: Rizal Microbank of the Philippines Sets Up Eight Mobile Microbusiness Offices (MBOs)

Rizal Microbank, a Philippines-based microfinance subsidiary of Rizal Commercial Banking Corporation (RCBC) that offers microloans, deposits, and microinsurance, reportedly is spending PHP 16,000,000 (USD 367,000) to set up eight mobile microbusiness offices (MBOs) to increase microfinance services in the Philippines [1]. The MBOs, which will be made up of two container vans and run by two bank employees, will allow customers to deposit and withdraw cash and apply for loans without needing to travel to a bank branch [1]. The transactions will be cashless and done through Automated Teller Machines (ATMs) or RCBC’s “My Wallet” debit card [2].

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MICROCAPITAL BRIEF: European Bank for Reconstruction and Development (EBRD) Establishes $2m Local Currency Credit Line for Bank of Asia

The UK-based European Bank for Reconstruction and Development (EBRD) recently opened a local-currency credit line equivalent to USD 2 million for the Bank of Asia Closed Joint Stock Company (CJSC), a public bank based in the Kyrgyz Republic, to support the bank’s micro-, small and medium-sized enterprise (MSME) clients. Continue reading

MICROCAPITAL BRIEF: Indian SKS Trust Advisors Buys 2.7% of SKS Microfinance for $2m, Increasing Stake to 12.6%

SKS Trust Advisors Private Limited, the India-based trustee of five mutual benefit trusts benefiting groups who borrow from SKS Microfinance Limited, reportedly has purchased an additional 2.69 percent of the shares of SKS Microfinance, increasing its stake in the firm to 12.6 percent. Continue reading

MICROFINANCE PAPER WRAP-UP: “Microfinance in Africa: Opportunities for Social Entrepreneurs;” by Daniel Schriber; Published by The African Business Review

“Microfinance in Africa: Opportunities for Social Entrepreneurs,” by Daniel Schriber, Published by The African Business Review, May-June 2013, http://theafricanbusinessreview.com/wp-content/uploads/2013/06/TABR_May-June2013_55-57.pdf Continue reading

MICROCAPITAL BRIEF: European Fund for Southeast Europe (EFSE) Loans $1.3m to Microfinance Institution Microinvest of Moldova

The European Fund for Southeast Europe (EFSE), a Luxembourg-based, government-backed microfinance investor that aims to foster regional development in southeastern Europe and parts of central Asia, recently announced that it has provided a loan of EUR 1 million (USD 1.3 million) to Microinvest, a microfinance institution (MFI) founded by the Soros Foundation in Moldova, to support micro- and small enterprises (MSEs) [1]. Continue reading

MICROCAPITAL BRIEF: Standard Chartered Bank (SCB) Loans $11m to India’s Equitas Microfinance, Satin Credit Care

Standard Chartered Bank (SCB), a UK-based financial services company, recently notified MicroCapital that it disbursed loans of INR 450 million (USD 7.2 million) to Equitas Microfinance, a microfinance institution in Chennai, India, and INR 350 million (5.5 million) Satin Credit Care, a microfinance institution in Delhi, India, during August 2013. The purpose of both loans is to support on-lending to microentrepreneurs. It is estimated that 30,000 microenterprises will receive financing as a result of these two wholesale loans. Standard Chartered Bank has been associated with Equitas since 2012 and Satin since 2006. Further information on the loans has not been released. Continue reading

MICROCAPITAL BRIEF: Asociación Dominicana para el Desarrollo de la Mujer (ADOPEM) of the Dominican Republic Collaborates with Codespa, La Agencia Española de Cooperación Internacional para el Desarrollo (AECID) of Spain to Launch Agricultural Loan Program

Asociación Dominicana para el Desarrollo de la Mujer (ADOPEM), a microfinance institution based in the Dominican Republic, recently announced that it will collaborate with Codespa, a Spanish NGO that aims to increase access to jobs, healthcare and information technology, and La Agencia Española de Cooperación Internacional para el Desarrollo (AECID), a Spanish nongovernmental humanitarian organization, to provide loans to farmers in the Dominican Republic [1]. Continue reading