MICROFINANCE EVENT: Africa Impact Summit; July 13-14, 2023; Cape Town, South Africa

With a focus on impact investing, this event will explore how to build markets in Africa as well as pipeline opportunities and challenges. The agenda includes sessions such as: (1) Investing in SMEs [Small and Medium-sized Enterprises] and Start-ups; (2) Systems and Design Thinking for

MICROCAPITAL BRIEF: Axis Launches axisPay Mobile Money App for Small Businesses in Egypt

The Egypt-based firm axis recently launched its mobile banking app axisPay, after raising USD 8.25 million in seed funding in 2021. The app targets small enterprises and their employees, though a version for individual users is being tested. Among the app’s functions are to

MICROCAPITAL BRIEF: Abler Nordic Sells Equity Stake in Microfinance Institution Baobab Senegal, Retains Holding in Parent Company

Abler Nordic, a partnership of public and private investors based in Denmark and Norway, recently sold its stake in Baobab Senegal for an undisclosed price to the latter’s parent company, Baobab Group, which operates microfinance institutions (MFIs) in Africa and China. Abler, known at the time as the Nordic Microfinance Initiative, bought the stake in 2012. Abler continues to hold a stake in Baobab Group.

“As we hand the baton on, we are very pleased with how the company has grown, the impressive social results they have achieved, and

MICROCAPITAL BRIEF: M-Kopa Raises $250m to Expand Financing of Mobile Phones, Solar Equipment in Africa

M-Kopa, a Kenya-based company serving 3 million customers in four African countries, recently announced that it has raised approximately USD 250 million in fresh funds to expand its facilitation of financial and digital inclusion. In particular, the firm finances devices that it sells, such as

MICROCAPITAL BRIEF: Network International Unveils “Networkpay” Tools for SMEs in Egypt to Accept Digital Payments

UAE-based Network International recently rolled out its “networkpay” brand to bring its “direct-to-merchant” payment systems to Egypt. The service menu includes tools allowing retailers to accept point-of-service and

MICROCAPITAL BRIEF: UNCDF, Bill & Melinda Gates Foundation Launch Mobile Money Program in Ethiopia

The UN Capital Development Fund (UNCDF) and the US-based Bill & Melinda Gates Foundation recently announced a two-year cash-in/cash-out (CICO) program intended to increase financial inclusion in Ethiopia via mobile money agents and other means. The program is to include: (1) training for 15 service providers in “digital money distribution aspects such as gender-intentional design and technology provider selection;” (2) a Digital

MICROCAPITAL BRIEF: Baab Mobile Money App Combines Cryptocurrency, Traditional Financial Accounts

UK-based Babb Group recently launched its eponymous mobile money app, which offers money transfers as well as the option to store funds as “decentralized crypto, backed stable-coins, and regulated fiat money” and convert among these options. Babb’s Currency X is one such “stable coin,” which is

MICROCAPITAL BRIEF: Al Tadamun Circulating Mobile Branches to Boost Microfinance for Women in Egypt

Al Tadamun Microfinance Foundation of Egypt is launching three vehicles that will serve as mobile branches in the regions of Cairo, Dakhalia and Minya. Among the goals of the effort are to “contribute to the speed of disbursement of financing and reducing the cost of time and money incurred by the client in order to

MICROCAPITAL BRIEF: MLF Malawi Partnering with ADA, Grameen Credit Agricole to Develop Digital Finance for Women Farmers

The Malawi-based unit of the UK’s Microloan Foundation (MLF) recently partnered with two Luxembourgish NGOs, the Grameen Credit Agricole (GCA) Foundation and ADA (Appui au Développement Autonome), to boost its services to female smallholder farmers by creating digital loan, savings and transfer products tailored to their needs. A total of 17,000 women are to be trained in using the new products with the aim of

MICROFINANCE PAPER WRAP-UP: “Financial Inclusion in Niger: Challenges and Opportunities,” by Yoro Diallo et al, Published by IMF

This paper examines the inclusivity of financial services in Niger. The data examined indicate that Niger is behind other countries in the West African Economic and Monetary Union (WAEMU) in terms of access to financial services. Only 14 percent of the adult population of Niger accesses and uses formal financial services, such as those offered by commercial banks, e-money service providers and microfinance institutions (MFIs). The WAEMU country closest to Niger in terms of this metric is Mali, in which 55

MICROFINANCE EVENT: FinovateFall; September 11-13, 2023; New York, NY, USA

This event offers two days with approximately 60 demos of new technologies followed by a day of conference sessions. There are also two levels of programming for startups – one for those still developing their business models and another for those ready to solicit funding – as well as a scholarship program for “underrepresented founders and startups tackling climate change, diversity, and financial inclusion.”

While this year’s agenda has not yet been released, session titles from last year’s conference included:

MICROCAPITAL BRIEF: Tingo Mobile Launches Visa Card, TingoPay Super App, Business Portal in Africa

Tingo Mobile, a subsidiary of the US-based Tingo Group that previously focused on providing technology services to farmers in Africa, is now targeting business owners of all types with its recently announced Tingo Visa card, TingoPay app and TingoPay business portal. Through these products, which leverage the firm’s new partnership with US-based digital payments company

MICROCAPITAL BRIEF: Purpl Launches Remittances, Digital Wallets in Lebanon; Partners with Banque Libano-Française, Paysend

Purpl, a financial technology (fintech) firm with offices in Lebanon and UAE, recently launched its app, which allows customers in Lebanon to use their phones to make electronic payments and receive money from individuals abroad. Through the firm’s partnership with UK-based Paysend, Purpl customers can receive payments from

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

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

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