La Finance pour Elle (Fin’Elle), a unit of the Côte d’Ivoire-based Groupe Cofina, recently borrowed EUR 5 million (USD 5.7 million) from Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO), a Dutch public-private partnership. Fin’Elle Board President Marema Bao commented that the partnership will
Category: Africa
MICROCAPITAL BRIEF: Medical Credit Fund Raises $37m from the Netherlands’ Government, Philips, European DFIs to Boost Financing for SMEs to Fight Malaria, Boost Maternal Health in Africa
Medical Credit Fund (MCF), one of the four nonprofit members of the Netherlands-based PharmAccess Group, recently raised a mix of equity and debt totaling EUR 32.5 million (USD 36.7 million) to “expand the Fund’s presence and support to healthcare providers in sub-Saharan Africa.” In particular, the new funding is slated for investment in
MICROCAPITAL BRIEF: BOA Kenya Nets IFC Guarantee for Lending to Women-led, Climate-focused SMEs; Potential Performance-based Incentives
The International Finance Corporation (IFC), a member of the World Bank Group, recently announced a partnership with Bank of Africa (BOA) Kenya to expand its lending to women-led and climate-focused small and medium-sized enterprises (SMEs). IFC will reimburse BOA Kenya for
MICROCAPITAL BRIEF: Tugende Raises $17m in Debt from Symbiotics, Goldfinch, Nordic Microfinance Initiative, Lendahand to Expand Vehicle, Equipment Financing for MSMEs in Kenya, Uganda
Tugende, a financial technology (fintech) firm specializing in vehicle finance in Uganda and Kenya, recently raised USD 17 million in debt funding. The firm plans to use USD 12 million of the fresh cash to support growth in
MICROFINANCE PAPER WRAP-UP: “Impact Evaluation of Credit Guarantee Schemes in Agriculture,” Published by FAO
This paper reviews the impacts of multiple agricultural partial credit guarantee schemes (PCGSs), through which governments agree to absorb a portion of lenders’ losses on particular loans or loan portfolios. Governments often use PCGSs to de-risk financial institutions’ lending to small and medium-sized enterprises (SMEs), especially as a countercyclical tool in times of
MICROCAPITAL BRIEF: EIB Lends Ecobank Group $113m for SMEs in Africa, with Emphases on Women, Adjusting to COVID-19
The Togo-based Ecobank Group recently received a 9-year credit facility of EUR 100 million (USD 113 million) from the EU’s European Investment Bank (EIB). The purpose is to help develop the small and medium-sized enterprise (SME) sector, with a particular emphasis on the
MICROFINANCE PAPER WRAP-UP: “A Digital Bookkeeping App to Improve Access to Finance,” Published by UN Capital Development Fund
Ghana-based financial technology firm Ozé and Ecobank, a Togo-based commercial bank that operates in 35 countries, partnered beginning in 2020 to expand usage of the Ozé Business App among young entrepreneurs in rural Ghana. The Ozé mobile phone app is designed to help users track
MICROCAPITAL BRIEF: Retail Capital Borrowing $10m from Triodos Investment Management for Advances to SMEs in South Africa
Retail Capital, a South African lender to small and medium-sized enterprises (SMEs), recently raised ZAR 150 million (USD 10 million) in debt capital from Triodos Investment Management, a Dutch impact investor. Retail Capital issues collateral-free loans to retailers, in amounts based on their monthly cash flow. Since it was established in 2011, Retail Capital has served
MICROCAPITAL BRIEF: BMZ, KfW Creating Clean Energy and Energy Inclusion for Africa (CEI Africa) with Goals Including to Enable Diaspora Investments via Crowdfunding
Two German institutions, Bundesministerium für wirtschaftliche Zusammenarbeit und Entwicklung (BMZ) and KfW, which was formerly known as Kreditanstalt für Wiederaufbau, are launching a foundation called Clean Energy and Energy Inclusion for Africa (CEI Africa). The foundation has EUR 49 million (USD 55.2 million) to donate in support of
MICROCAPITAL BRIEF: Simbatu Begins Selling Solar Energy Products in Nigeria
Simbatu, a retailer of solar equipment in Nigeria, recently launched its website, offering a range of equipment such as solar panels, hot water heaters, water pumps, power inverters and batteries. Pricing ranges from NGN 18,000 (USD 44) to NGN 338,000 (USD 820). Over time, the firm plans to add products powered by wind, water and biomass.
Daniel Andem, the Sweden-based founder of Simbatu, told MicroCapital that
MICROCAPITAL BRIEF: La Fructueuse of Togo Rolls Out Dzinyefa, Connecting Microfinance Accounts to Flooz, T-Money Mobile Money Services
La Fructueuse, a cooperative microfinance institution (MFI) located in the Togolese city of Lomé, recently established a service allowing its customers to use mobile phones to access funds and information about their accounts. The new service, which is called Dzinyefa, allows users to
MICROCAPITAL BRIEF: ATB Secures $23m Loan Guarantee from DFC for Local-currency Lending to MSMEs in Tunisia
Arab Tunisian Bank (ATB) recently acquired a guarantee in the amount of USD 22.75 million from the government-backed US International Development Finance Corporation (DFC) to support its local-currency lending to “inland and hard-to-reach” micro-, small and medium-sized enterprises (MSMEs) in Tunisia. The focus on inland areas is motivated by
MICROCAPITAL BRIEF: DFC Approves $9m, 10-year Loan to Apollo Agriculture of Kenya
Kenya-based Apollo Agriculture, a technology company that works with small-scale farmers to boost their profits, recently agreed to borrow USD 9.5 million for up to 10 years from the government-backed US International Development Finance Corporation (DFC). Apollo provides the following services in Kenya,
MICROCAPITAL BRIEF: Oikocredit Lends $5.6m to Union des Caisses de Credit Mutuel du Sénégal (CMS) to Promote Rural Financial Inclusion
Union des Caisses de Credit Mutuel du Sénégal (CMS), a microfinance institution (MFI) in Senegal, recently borrowed EUR 5 million (USD 5.6 million) from Oikocredit, a cooperative based in the Netherlands. With this funding, CMS aims to
MICROCAPITAL BRIEF: Co-operative Bank of Kenya, European Investment Bank Announce $56m Investment for SMEs Impacted by COVID-19 Pandemic
The EU’s European Investment Bank (EIB) and the Co-operative Bank of Kenya, a publicly traded commercial and investment bank, recently partnered to channel EUR 50 million (USD 56 million) to Kenyan “companies active in sectors most challenged by the COVID-19 pandemic.” In particular, the line of credit from EIB will enable firms with up to 250 employees to access
MICROCAPITAL BRIEF: Bridge Taxi Finance of South Africa Borrows $20m to Boost Leasing Services
Bridge Taxi Finance, which is based in South Africa, recently borrowed ZAR 300 million (USD 20 million) from a group of unidentified “international impact investors” to expand its leasing of minibus taxis with vehicles that are safer and less polluting. In addition to leasing vehicles, the firm provides
SPECIAL REPORT: Networks in Nigeria, Latin America & Caribbean Boost Trajectory of Women Staff, Clients of Microfinance Institutions (MFIs)
At a session titled “Professional Women’s Networks and Women’s Leadership in Financial Inclusion,” Mariana Martinez of FinEquity, a platform hosted by CGAP that promotes women’s financial inclusion, described the platform’s new Spanish-language arm, FinEquityALC. FinEquityALC focuses on Latin America and the Caribbean, serving as a pilot project that could lead to FinEquity establishing other regional projects. The goals of FinEquityALC are to improve public policy that impacts women’s financial inclusion as well as financial products and financial education that are targeted at women. Its 1,100 users span 250 institutions.
Barbara Magnoni of Andares and EA Consultants described how Andares connects
MICROCAPITAL BRIEF: Oikocredit Promotes Mirjam ‘t Lam to Managing Director
The Supervisory Board of Oikocredit recently announced that Mirjam ‘t Lam has accepted the role of Managing Director at the Dutch cooperative. Ms ‘t Lam has acted in the role on an interim basis since August 2021, after having been named