Mabroor Mahmood, who operates the online “Ideas for Development” think tank, recently began selling his Biniog Sathi banking model, which incorporates Zakat, a Muslim practice of giving charity, to protect against credit default [1].
Category: Latin America & Caribbean
MICROCAPITAL BRIEF: “Harry Potter” Cinema Actress Emma Watson to Serve as Goodwill Ambassador for United Nations (UN) Women
United Nations (UN) Women, the UN organization “dedicated to gender equality and the empowerment of women,” has announced Emma Watson, a British actress, will serve as Goodwill Ambassador for the organization.
MICROCAPITAL BRIEF: Absolute Portfolio Management’s Vision Microfinance Funds Loan $9.4m to Microfinance Institutions (MFIs) in Armenia, India, Kazakhstan, Kyrgyzstan, Mongolia, Peru, Sri Lanka, Tanzania
Absolute Portfolio Management (APM), an arm of Austria-based asset group C-Quadrat, recently informed MicroCapital that it has distributed credits worth approximately USD 9.4 million through its two Vision Microfinance funds to unspecified microfinance institutions (MFIs) in Armenia, India, Kazakhstan, Kyrgyzstan, Mongolia, Peru, Sri Lanka and Tanzania.
MICROCAPITAL PUBLICATION ROUND-UP: Microcredit Summit Campaign Report; responsAbility Financial, Social Impact Assessment; Microinsurance Education in Zambia
“Resilience: The State of the Microcredit Summit Campaign Report, 2014;” published by RESULTS Educational Fund; 2014; 68 pages; available in web format at http://stateofthecampaign.org/2014-report-executive-summary/or for purchase as a PDF or in print form at http://www.scribd.com/doc/229959504/Resilience-The-State-of-the-Microcredit-Summit-Campaign-Report-2014
This report examines the reach and effectiveness of microfinance institutions (MFIs) on a global scale using data as recent as from 2012.
MICROCAPITAL BRIEF: International Finance Corporation (IFC) Loans $18m to Microfinance Institution Financiera Confianza of Peru to Support Low-Income Entrepreneurs
The International Finance Corporation (IFC), the private-investment arm of the World Bank Group, has announced that it is loaning USD 18 million to Financiera Confianza, a Peruvian microfinance institution (MFI) that offers microloans and deposit services to low-income entrepreneurs [1].
MICROCAPITAL BRIEF: CoopCentral of Colombia Receives Authorization to Convert Into Cooperative Bank
CoopCentral, a Colombian financial cooperative with 17 branches around the country, reportedly has received approval to become a cooperative banking institution.
MICROCAPITAL BRIEF: Absolute Portfolio Management’s Vision Microfinance Funds Loan $5m to Microfinance Institutions (MFIs) in Azerbaijan, El Salvador, Tajikistan
Two funds controlled by Absolute Portfolio Management (APM), an arm of Austria-based asset group C-Quadrat, have distributed credits worth approximately USD 5 million to unspecified microfinance institutions (MFIs) in Azerbaijan, El Salvador and Tajikistan.
MICROCAPITAL BRIEF: International Finance Corporation (IFC), Colombian Federation of Chambers of Commerce, Superintendence of Corporations to Facilitate Lending Based on Movable Collateral
The International Financial Corporation (IFC), the private investment arm of the World Bank Group, has partnered with the Superintendence of Corporations of Colombia, a government agency that regulates corporations, and Confecamaras, the Colombian Federation of Chambers of Commerce, to launch a lending framework that is intended to facilitate financial access for micro-, small and medium-sized enterprises (MSMEs) in the country [1].
MICROFINANCE EVENT: Microcredit Summit Campaign, Mexican Ministry of Economy to Host 17th Microcredit Summit “Generation Next: Innovations in Microfinance,” September 3-5, 2014, Merida, Mexico
Event Name: 17th Microcredit Summit “Generation Next: Innovations in Microfinance”
Event Date: September 3-5, 2014
Event Location: Centro de Convenciones Yucatán Siglo XXI, Merida, Mexico
MICROCAPITAL BRIEF: International Finance Corporation (IFC) Invests $4.8m in Fondo Para el Desarrollo (FONDESA) to Support Financial Inclusion in Dominican Republic
The International Finance Corporation (IFC), the private-investment arm of the World Bank Group, has disbursed a three-year, DOP 200 million (USD 4.8 million) loan to Fondo Para el Desarrollo Incorporated (FONDESA), a nonprofit microfinance institution in the Dominican Republic.
MICROFINANCE EVENT: Munich Re Foundation, Microinsurance Network to Host 10th International Microinsurance Conference, November 11-13, 2014, Mexico City
Event Name: 10th International Microinsurance Conference
Event Date: November 11-13, 2014
Event Location: Sheraton Maria Isabel Hotel and Towers, Mexico City,
MICROCAPITAL BRIEF: Uruguayan Financial Inclusion Law Mandates Government Payments be Made Electronically, Gives Tax Brake to Cash-less Transactions
The Uruguayan Parliament reportedly has announced the approval of a new financial inclusion law that mandates that workers and retired people must start receiving their paychecks and work benefits through bank accounts or electronic money services within four years.
MICROCAPITAL BRIEF: Cable and Wireless Panama (CWP) Introduces “Movilcash” Mobile Money Service
Cable and Wireless Panama (CWP), a subsidiary of London-based Cable and Wireless Communications (CWC), reportedly has unveiled “Movilcash,” a new mobile money service that will allow customers to transfer money and make purchases from their mobile devices.
MICROFINANCE PUBLICATION ROUND-UP: Over-indebtedness in Mexico; Achieving Customer Centricity; Managing Over-indebtedness
“Over-Indebtedness in Mexico: Its Effect on Borrowers;” published by Microfinance CEO Working Group; May 2014; 32 pages; available at http://microfinanceceoworkinggroup.org/wp-content/uploads/2014/05/Over-Indebtedness-in-Mexico-Its-Effect-on-Borrowers-552014.pdf
This report cautions lending institutions in Mexico about rising levels of over-indebtedness – meaning more borrowers cannot reasonably repay their debts – which can threaten the financial system as well as the economic outlook of low-income individuals.
MICROCAPITAL BRIEF: Skoll Foundation Awards Microfinance Institution Fundación Capital of Colombia, 6 Others $1.25m Each for Social Entrepreneurship
The Skoll Foundation, an organization that seeks to promote sustainability, peace and prosperity in the developing world by investing in social enterprises, recently honored seven organizations with the Skoll Award for Social Entrepreneurship, which is given to social enterprises to fund business initiatives deemed innovative.
MICROCAPITAL BRIEF: Grameen Foundation Anticipating $1m in Donations to Last Mile Initiative for Latin America
The Grameen Foundation, a US-based nonprofit organization, recently announced that it is anticipating donations to its Last Mile Initiative totaling USD 1 million after receiving a USD 500,000 donation from David and Susan Russell, which must be matched with an equal amount of funds from other sources.
MICROCAPITAL BRIEF: Multilateral Investment Fund (MIF) Allocates $5.3m to Test, Develop Social Impact Bond Market in Latin America, Caribbean
The Multilateral Investment Fund (MIF), a member of the US-based Inter-American Development Bank (IDB) Group, recently announced that it has allocated USD 5.3 million for the testing, development and implementation of social impact bond (SIB) programs in Latin America and the Caribbean.
MICROFINANCE PAPER WRAP-UP: “Financial Capability in Colombia: Results from a National Survey on Financial Behaviors, Attitudes, and Knowledge;” by Rekha Reddy, Miriam Bruhn and Congyan Tan; Published by The World Bank
“Financial Capability in Colombia: Results from a National Survey on Financial Behaviors, Attitudes, and Knowledge;” by Rekha Reddy, Miriam Bruhn and Congyan Tan; published by The World Bank; 2013; 87 pages; available at http://documents.worldbank.org/curated/en/2013/07/18054984/financial-capability-colombia-results-national-survey-financial-behaviors-attitudes-knowledge
This report, which was published by The World Bank, a US-based multilateral institution, analyzes a survey carried out in Colombia regarding “financial capabilities,” including behaviors, attitudes and knowledge regarding financial products.