Norway’s Spenn Technology recently expanded its partnership with the Rwandan unit of Kenya’s Investments & Mortgages (I&M) Bank to allow users of the Spenn mobile application to send money to any financial services provider in Rwanda, including banks and competing mobile money services. The app’s other features include
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MICROCAPITAL BRIEF: Credit Café Africa, Sterling Bank Partner on $22m in Loans for Providers of Health, Education in Nigeria
Two Nigeria-based companies, the financial services portal Credit Café Africa and Sterling Bank, recently agreed to collaborate to distribute NGN 10 billion (USD 21.7 million) in loans to health and education facilities. The loans, which will be sized between NGN 100,000 (USD 217) and NGN 20 million (USD 43,400) are to focus on
MICROFINANCE EVENT: 3rd CIS Islamic Banking and Finance Forum; March 14-16, 2023; Tashkent, Uzbekistan
This event offers a one-day summit on March 14 and a two-day workshop on March 15 and 16, all with the aim of promoting Islamic finance in the 10 member countries of the Commonwealth of Independent States (CIS). The summit offers sessions titled Islamic Finance and Financial Inclusion; Investment
MICROCAPITAL BRIEF: BSP Promoting E-money Usage, Financial Access in the Philippines via “Digital Payments Transformation Roadmap 2020-2023”
Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, recently released its Digital Payments Transformation Roadmap 2020-2023, which outlines steps for reaching: (1) half of retail sales volume being paid via digital channels; and
MICROCAPITAL BRIEF: Bangko Sentral Ng Pilipinas (BSP) Allows Micro-Banking Offices (MBOs) to Approve New Deposit Accounts
Bangko Sentral Ng Pilipinas (BSP), the central bank of the Philippines, recently authorized micro-banking offices (MBOs) of financial institutions to extend the range of “allowable activities” [1] with the aim of increasing financial inclusion in the rural parts of the country.
MICROCAPITAL BRIEF: Vietnam Bank for Social Policies (VBSP) Deploys Intellect Core Banking Solution of Indian Software Firm Polaris
The Vietnam Bank for Social Policies (VBSP), a government-owned bank that offers microfinance and other services in Vietnam, recently has deployed the Intellect (R) Core Banking Solution (CBS), an enterprise platform offered by India-based Polaris Financial Technology Limited (Polaris) [1].
MICROCAPITAL BRIEF: Bangko Sentral Ng Pilipinas (BSP) Increases Maximum Microinsurance Benefits for Clients in the Philippines to $11k
The Bangko Sentral Ng Pilipinas (BSP), the central bank of the Philippines, has issued Circular Number 841, which amends the Manual of Regulation for Banks, increasing mandated maximum microinsurance premiums and benefits.
MICROCAPITAL BRIEF: Bangko Sentral ng Pilipinas (BSP) Revises Reporting Requirements, Other Guidelines for Banks’ Microfinance Operations
Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, has expanded the amount of reporting that banks must perform regarding their microfinance operations with the aim of helping BSP create “evidence-based policies that are responsive to the needs of the market” [1].
MICROCAPITAL BRIEF: Bangko Sentral ng Pilipinas (BSP) Raises Maximum Microbanking Office Savings Balance to $968
The Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, reportedly has increased the maximum allowable account balance for savings accounts at microbanking offices (MBOs) to PHP 40,000 (USD 968) from PHP 15,000 (USD 363).
MICROCAPITAL BRIEF: Bangko Sentral ng Pilipinas (BSP) May Broaden “Special” Program for Distressed Rural Banks as 3rd Straight Quarterly Rise Brings Bad Loan Ratio to 10%
Bangko Sentral ng Pilipinas (BSP), the central banking authority of the Philippines, has announced it is considering strengthening its Special Program for Rural Banks (SPRB), which lays out guidelines for assisting “distressed” rural banks.
MICROCAPITAL BRIEF: Bangko Sentral ng Pilipinas (BSP) Tightens CAMELS, Other Requirements for Banks Offering Agricultural Microfinance Loans in the Philippines
The Monetary Board of the Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, recently released a circular amending the minimum requirements for banks offering micro-agri loans [1].
MICROCAPITAL BRIEF: Bangko Sentral ng Pilipinas (BSP) Reports 198 Banks Have Lent $165m to 964k Borrowers in the Philippines
According to Bangko Sentral ng Pilipinas (BSP) the central bank of the Philippines, 198 banks in the Philippines have lent PHP 7.15 billion (USD 165 million) to 963,717 microborrowers during the year ending June 2011.
MICROCAPITAL BRIEF: Bangko Sentral ng Pilipinas (BSP) Doubles Microfinance Loan Ceiling to USD 6,835, BPI Globe BanKO to Provide Micro-Agri Loans to Farmers in the Philippines
A new microfinance loan category called “microfinance plus” has been approved by the Monetary Board of the Bangko Sentral ng Pilipinas (BSP), raising the overall microloan ceiling from PHP 150,000 (USD 3,417) to PHP 300,000 (USD 6,835).
MICROCAPITAL BRIEF: Philippine Central Bank, Bangko Sentral ng Pilipinas (BSP), Issues Microinsurance Licenses to Bangko Mabuhay, Mallig Plains Rural Bank
Bangko Sentral ng Pilipinas (BSP), the Philippine central bank, has issued licenses to two rural banks, Bangko Mabuhay and Mallig Plains Rural Bank Incorporated, allowing them to provide microinsurance services [1].
MICROCAPITAL BRIEF: Bangko Sentral ng Pilipinas (BSP) Places New Restrictions on Lending to Related Parties by “Microfinance-Oriented Banks” in the Philippines
Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, has imposed a conflict-of-interest restriction on 18 thrift and rural banks that have added microfinance operations through affiliated nongovernmental organizations (NGOs) and foundations in an effort to limit the credit available to directors, owners, stockholders and related interests (DOSRIs).
MICROCAPITAL BRIEF: Bangko Sentral ng Pilipinas (BSP) Expands Eligibility for Microfinance Services in the Philippines
The Bangko Sentral ng Pilipinas (BSP) recently issued an order applicable to thrift, rural and cooperative banks expanding the range of applicants that is eligible for microcredit.
MICROCAPITAL BRIEF: Planet Rating Recognized as Microfinance Rating Agency by Philippine Central Bank, Bangko Sentral ng Pilipinas (BSP)
Planet Rating, a microfinance rating agency and member of the France-based PlaNet Finance Group, has been recognized by Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, as a microfinance institution (MFI) rating agency. This recognition follows the company’s establishment of a regional office in Manila in 2009.
MICROCAPITAL BRIEF: Bangko Sentral ng Pilipinas (BSP) Convenes Microfinance Stakeholders Summit Celebrating “Microscope” Ranking from the Economist
Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, has convened a “National Microfinance Stakeholders Summit” bringing together approximately 300 microfinance industry players including policymakers, regulators, microfinance institution representatives, donors and investors with the purpose of encouraging a greater commitment to microfinance and financial inclusion [1].