WeLight, which operates in Madagascar and Mali, recently raised EUR 19 million (USD 20 million) from the Electrification Financing Initiative (ElectriFI) of Belgium-based European Development Finance Institutions (EDFI), the EU’s European Investment Bank (EIB) and three funds managed by Netherlands-based Triodos Investment Management to build solar mini-grids in Madagascar. These commitments complete the fundraising phase of a EUR 28 million (USD 30 million) project to
MICROFINANCE EVENT: Technology for Change Asia; March 20-21, 2023; Singapore
The third iteration of this annual event will focus on how technology “can be applied to long-standing social challenges to connect with the consumer.” The event offers virtual sessions on March 20 and in-person sessions on March 21 on topics including: (1) Unlocking the Power of
MICROFINANCE PAPER WRAP-UP: “Microfinance, Over-indebtedness and Climate Adaptation: New Evidence from Rural Cambodia;” by Vincent Guermond et al; Published by Royal Holloway, University of London
The authors of this report argue that microfinance loans in Cambodia are leading to over-indebtedness amongst farmers, inhibiting their ability to adapt to climate change. The aggregate
MICROFINANCE EVENT: Financial Inclusion That Works for Women; March 2, 2023; London, UK
This event will review the 2022 edition of the European Microfinance Award, which was themed “Financial Inclusion that Works for Women.” Sam Mendelson of the Luxembourg-based European Microfinance Platform (e-MFP) will discuss
MICROCAPITAL BRIEF: Incofin Closes India Progress Fund with $77m to Promote Financial Inclusion, Agricultural Value Chains
The Belgium-based investment firm Incofin recently completed the final close of its India Progress Fund with a total of USD 77 million raised to support financial services providers and actors in
MICROCAPITAL BRIEF: Ebanx Acquires Payment Initiator License, Accessing Pix to Simplify E-commerce Purchases in Brazil
Ebanx, a Brazil-based payments company with operations in 15 countries, recently received authorization from the Banco Central de Brasil, Brazil’s central bank, to use the bank’s instant payments platform Pix. This follows Ebanx’s acquisition of a Payment Initiation Service Provider (PISP) license from
SPECIAL REPORT: Looking Back to Plan Ahead – The Year of AFISAR
AFISAR© (the Agents for Impact Sustainability Alignment Rating) builds trust and credibility in the microfinance sector. With our partners, we engage in an active rating process, inspiring discussion and increasing awareness and understanding of the UN’s SDGs and environmental, social and governance (ESG) factors, taking a deep dive into the potential of finance to transform people’s lives, especially the lives of members of vulnerable groups. Placing active dialogue at the centre of the AFISAR© rating process, we address sustainability with strategic decision-makers and support our partners to further align their operations to the SDGs.
Having clocked five years of rating experience, culminating with the Year of AFISAR© in 2022, we would like to share some reflections:
Local presence is key Our rating team has grown bigger and stronger: we have a new colleague, Abhinav Soni, who is based in
MICROCAPITAL BRIEF: IMBE Using Finbit Technology from L-IFT to Support Child Care Providers in South Africa
Low-income Financial Transformation (L-IFT), a Netherlands-based firm, recently entered into an agreement with South Africa’s Imbe Enterprise Incubator whereby Imbe will provide L-IFT’s Finbit financial tracking software to its clients. The goal is to reach all of Imbe’s clients, who are primarily Black women who operate creches – child care facilities – in low-income neighborhoods. Finbit helps its users
MICROCAPITAL BRIEF: Arab Women Authority, National Bonds Partner on Financial Inclusion for Women in MENA
The Arab Women Authority, an NGO aimed at empowering Arab women in the Middle East and North Africa (MENA), recently entered into a strategic partnership with National Bonds, a UAE-based investment company owned by the government of Dubai, with the goal of enhancing women’s economic power. In particular, the entities plan
MICROCAPITAL BRIEF: Agricover Credit Raises $9m for Agricultural SMEs in Romania via Symbiotics Bond Issue
Agricover Credit IFN, a non-banking financial institution in Romania that provides agribusinesses with agricultural inputs, technology and finance, recently partnered with Symbiotics Investments, a Switzerland-based investor focused on smaller businesses in low- and middle- income countries, to raise USD 9 million via a bond issue. Symbiotics structured the transaction to be
MICROCAPITAL BRIEF: Cerise+SPTF Updates Social Performance Indicators (SPI) Online Platform
Cerise+SPTF, the joint venture of the NGOs Comité d’Echange, de Réflexion et sur les Systèmes d’Epargne-Crédit (Cerise) of France and the US-based Social Performance Task Force (SPTF), recently launched
MICROCAPITAL BRIEF: Bidhaa Sasa Borrows $500k from Spark+ Africa Fund for Distribution of Efficient Cookstoves in Kenya, Uganda
Bidhaa Sasa, a Kenya-based last-mile distributor of lower-emission cooking and lighting products, recently borrowed USD 500,000 from Spark+ Africa Fund, an investor in “modern energy solutions.” Bidhaa Sasa plans to use the proceeds to
MICROCAPITAL BRIEF: Yabx Raising Equity to Expand Backoffice Fintech for Financial Inclusion in Nigeria
Verdant Capital, a Mauritius-based corporate finance firm, recently announced that it is raising equity financing for Yabx Technologies, a Netherlands-based provider of software that enables digital lending, to expand its operations in Nigeria. The company helps
MICROCAPITAL BRIEF: Kwara of Kenya Raises $3m in Equity to Boost Technology for SACCOs, Acquires KUSCCO Software Subsidiary
Kwara, a woman-led financial technology (fintech) company serving credit unions in Kenya, the Philippines and South Africa, recently raised USD 3 million from its previous investors DOB Equity, Globivest and Willard Ahdritz plus a group of
MICROFINANCE PAPER WRAP-UP: “Sustainable Finance in the MENA Region;” by Natalia Realpe Carrillo, Alexander Reviakin; Published by Sanad Fund for MSME Technical Assistance Facility, HEDERA Sustainable Solutions
This report examines the sustainable finance ecosystem in the Middle East and North Africa (MENA) region, including the capabilities of microfinance institutions (MFIs) in the region to contribute to climate change adaptation and mitigation. The objectives were
MICROCAPITAL BRIEF: Bank of Africa, Sanad Fund Deploying $27m for SME Finance in Morocco
Bank of Africa, which is based in Morocco and serves 32 countries, recently agreed to borrow EUR 25 million (USD 27 million) from the Luxembourg-domiciled Sanad Fund for MSME to on-lend to small and medium-sized enterprises (SMEs) in Morocco. Sanad is supporting the loan with
MICROCAPITAL BRIEF: Microfinance Institution 4 de Octubre Borrows $1.5m from Aequitas Fund for Onlending in Ecuador
The Canadian NGO Desjardins International Development (DID) recently disbursed USD 1.5 million from its financial inclusion fund Aequitas to 4 de Octubre, a microfinance institution (MFI) in Ecuador, to support the MFI’s
MICROCAPITAL BRIEF: EIB Lends Credo Bank $10m for MSMEs in Georgia
The EU’s European Investment Bank (EIB) recently agreed to loan Credo Bank, a commercial bank in Georgia, GEL 28.8 million (USD 10 million) to expand its financing of micro-, small and medium-sized enterprises (MSMEs). The floating-rate loan is synthetic, meaning it is denominated in euros but