Dutch impact investor Oikocredit recently channeled USD 2 million to RDG Collective, a provider of renewable energy products to households in Zambia. Through this collaboration, RDG plans to supply 12,000 households with “access to clean energy
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MICROCAPITAL BRIEF: TASC Borrows $3.5m from Spark+ Africa to Fund 90k Cookstoves, Reduce Carbon Emissions in Rural Zambia
Spark+ Africa Fund, a partnership of Switzerland-based Enabling Qapital and the Dutch NGO Stichting Modern Cooking (SMC), recently lent USD 3.5 million to The African Stove Company (TASC), which is based in Jersey, to sell 90,000 cookstoves in rural Zambia. Spark+ Africa raised the funds from the sale of “several million tons
MICROFINANCE EVENT: Africa Fintech Summit (AFTS); November 2-3, 2023; Lusaka, Zambia
Twice a year, this event convenes to promote collaboration on entrepreneurship as well as issues and opportunities regarding financial technology (fintech) in Africa. Following a pre-event dinner on November 1, the first day will include a
MICROCAPITAL BRIEF: Zanaco Borrows $50m from BII to Support MSMEs, Climate-change Mitigation in Zambia
Zambia National Commercial Bank (Zanaco) recently borrowed USD 50 million from British International Investment (BII), the UK government’s development finance institution, with the goal of funding micro-, small and medium-size enterprises (MSMEs) as well as climate-focused initiatives such as renewable energy generation. BII is looking to
MICROCAPITAL BRIEF: Zambia Seeking to Leverage Government Infrastructure for Private FSPs to Increase Rural Financial Inclusion
The Zambian government recently announced a plan to give financial services providers access to government buildings in rural areas to expand their service footprints. The authorities are looking to make financial access points available in every district of Zambia, where 18
MICROCAPITAL BRIEF: PAIDEK of DRC, MicroLoan Foundation Zambia Borrow $1m from Grameen Crédit Agricole for Microfinance in Africa
The Luxembourg-based Grameen Crédit Agricole (GCA) Foundation recently announced it has issued a loan of approximately USD 550,000 to Programme d’Appui aux Initiatives de Développement Economique du Kivu (PAIDEK) of the Democratic Republic of Congo (DRC) and
MICROCAPITAL BRIEF: DFC, USAID, African Union’s AUDA-NEPAD Partner to Expand Access to Finance for MSMEs in Tanzania, Zambia, Malawi, Nigeria
The US Agency for International Development (AID) and the US International Development Finance Corporation (DFC) recently joined with the African Union Development Agency (AUDA-NEPAD) to provide loan guarantees to support micro-, small and medium-sized enterprises (MSMEs) in Tanzania, Zambia, Malawi and Nigeria. The goals of the partnership are to
MICROCAPITAL BRIEF: Grameen Credit Agricole Foundation Lends $3.7m to Assilassimé Solidarite of Togo, Agora Microfinance Zambia (AMZ)
The Grameen Credit Agricole (GCA) Foundation, whose head office is in Luxembourg, has announced its disbursal of local-currency loans to Togo-based Assilassimé Solidarite in an amount approximately equivalent to
MICROCAPITAL BRIEF: Alpha Direct of Botswana Expands Insurance Service to Zambia, Plans Equity Raise
Botswana-based insurance underwriter Alpha Direct recently expanded its operations to Zambia under the name Alpha Insurtech Zambia. Alpha Insurtech is partnering with Zambia-based General Alliance Insurance to
MICROFINANCE PAPER WRAP-UP: “The Future of Government-to-Person (G2P) Payments: Three Years of Learning About G2P Choice in Zambia;” by Silvia Baur-Yazbeck et al; Published by CGAP, World Bank Group
The authors of this paper evaluated the methods that Zambia’s Ministry of Community Development and Social Services (MCDSS) uses to issue government-to-person (G2P) payments via its Supporting Women’s Lives (SWL) and Girls Education and Women’s Empowerment and Livelihoods (GEWEL) projects. Launched in
MICROCAPITAL BRIEF: Fintech Zeepay of Ghana Buys Controlling Stake in Mangwee Mobile Money of Zambia
The Ghana-based financial technology (fintech) company Zeepay recently bought a 51-percent stake in Zambia-based digital wallet and remittance platform Mangwee Mobile Money for an undisclosed price. Zeepay Managing Director Andrew Takyi-Appiah noted, “The acquisition… will give Zeepay access to Mozambique, Malawi, Angola and Namibia among others in our effort to
MICROCAPITAL BRIEF: Grameen Credit Agricole Foundation Lends $1.8m to Entrepreneur Financial Center (EFC) in Zambia
The Grameen Crédit Agricole (GCA) Foundation, whose head office is in Luxembourg, has granted its first loan to Entrepreneur Financial Center (EFC), a microfinance institution (MFI) located in Zambia. The three-year loan is in local currency equivalent to approximately USD 1.8 million. EFC Zambia serves micro-, small and medium-sized enterprises (MSMEs) and has eight branches. The MFI holds 20,000 savings and term deposit accounts and as of February 2021 has disbursed 51,000 MSME loans totaling ZMW 155 million (USD 7.2 million). It has 3,000 borrowers, nearly half of whom are women or organizations owned by women. In addition to business loans, the MFI offers
MICROCAPITAL BRIEF: 10 Fintech Startups in Zambia Join FinTech4U Accelerator from BongoHive, UNCDF
The UN Capital Development Fund (UNCDF) and BongoHive, a Zambia-based provider of technology consulting, co-working space and other support to entrepreneurs, recently selected 10 financial technology (fintech) startups for the second iteration of the FinTech4U Accelerator Programme. “For the Fintechs, joining the programme is an opportunity that
MICROCAPITAL BRIEF: Enygma Ventures Places $1m in Equity in Zambia-based MFI Lupiya, Boosting Digital Financial Services, Especially for Women, Rural Clients
South Africa-based Enygma Ventures recently invested USD 1 million in Zambian microfinance institution (MFI) Lupiya, which serves its customers online rather than at retail branches. Lupiya describes its offerings as “simpler and easier so that people and businesses located across the country even in rural, remote areas can access financial services.” The MFI offers personal loans of up to ZMK 20,000 (USD 1,093) for as long as 12 months, categorized into Collateral Backed Loans, Salary Advance Loans and Scheme Loans. Lupiya also offers
MICROCAPITAL BRIEF: Mercy Corps’ AgriFin, UNCDF, Zanaco Bank Roll Out AgriPay Digital Financial Services for Rural Farmers in Zambia
The AgriFin program of US-based NGO Mercy Corps, the UN Capital Development Fund and Zambia National Commercial Bank (Zanaco) recently partnered to create a digital financial services product in Zambia. Within four months, 3,000 farmers – just over half of them women – had enrolled to access the savings and remittances services of the program, dubbed AgriPay. About of a third of the users are
MICROCAPITAL BRIEF: Fenix, MTN, UNCDF Cross-train Staff to Sell Pay-as-you-go Solar Home Power Systems, Facilitate Mobile Money Transactions in Rural Zambia
During a 10-month pilot project, Fenix International, a provider of solar home power systems that is controlled by France-based Engie; MTN, a telecom based in South Africa; and the UN Capital Development Fund collaborated to train 93 “Fenix Traders” to expand the uptake of solar home systems in Zambia. Previously, usage of the systems, which are enabled and disabled remotely based on users’ “pay-as-you-go” payments, were limited by a scarcity of mobile-money agents to accept these payments, particularly in rural areas. To address this problem, these Fenix Traders were cross-trained and equipped for both solar sales and the provision of mobile money services. Of the group, 82 operate in
MICROCAPITAL BRIEF: Grameen Credit Agricole Foundation Loans $1.7m to EFC Zambia, Provider of Housing, Microenterprise Loans
The Grameen Credit Agricole (GCA) Foundation, whose head office is in Luxembourg, has loaned local currency approximately equivalent to USD 1.7 million to Entrepreneur Financial Centre (EFC) Zambia, a microfinance institution offering loans and savings services, mainly in urban areas. Founded in 1996, the microbank offers loans for working capital, invoice
MICROCAPITAL BRIEF: Agora Microfinance Zambia (AMZ) Borrows $324k from Grameen Credit Agricole Foundation
Agora Microfinance Zambia (AMZ) recently borrowed the local-currency equivalent of USD 324,000 from the Luxembourg-based Grameen Credit Agricole (GCA) Foundation. The loan has a term of three years. During 2018, the microfinance institution (MFI) began offering