The Overseas Private Investment Corporation, a self-sustaining agency of the US government, recently agreed to lend USD 20 million to the WaterCredit Investment Fund 3, which will invest in microfinance institutions (MFIs) and other organizations that facilitate the deployment of safe water and sanitation systems. The goal of the fund is to raise USD 50 million to reach 4.6 million people in South and Southeast Asia over
C-Quadrat Asset Management, an arm of Austrian fund manager C-Quadrat, recently informed MicroCapital that its Dual Return Vision Microfinance funds lent a total approximately equivalent to USD 10 million to unidentified microfinance institutions (MFIs) in Guatemala, India, Kazakhstan, Nicaragua and
An arm of Austrian fund manager C-Quadrat, C-Quadrat Asset Management, recently informed MicroCapital that its Dual Return Vision Microfinance and Dual Return Vision Microfinance-Local Currency funds lent a total approximately equivalent to USD 12.5 million to unidentified microfinance institutions (MFIs) in four Latin American countries – Bolivia, El Salvador, Guatemala and Peru – as well as
The Alliance for Microfinance in Myanmar, a Mandalay-based microfinance institution, recently received equity investments totaling USD 5 million from
Myanmar’s Internet Wallet Limited reportedly has received a mobile financial services license from the Central Bank of Myanmar to cover the operations of its subsidiary, OK Dollar,
VisionFund Myanmar, a microfinance institution serving rural Myanmar, recently received a two-year loan of USD 4 million from
Bharat Sanchar Nigam Limited (BSNL), a telecommunications company owned by the government of India, and Indian “mobile wallet platform provider” Mobikwik recently announced a
The Philippine’s Cantilan Bank recently received grant funds of USD 150,000 from the Manila-based Asian Development Bank to migrate its operations to Instafin, a cloud-based software product from Croatia-based Oradian. The migration is expected to help Cantilan carry out its “day-to-day operations more effectively and serve their clients more efficiently.” Cantilan Executive Vice President Tanya Hotchkiss said, “This has given Cantilan more capacity to focus on our core business and financial inclusion
Two firms based in Hong Kong, alternative investor Pacific Alliance Group (PAG) and China-focused Primavera Capital Group, led a recent Series C funding round
Acleda Bank, a commercial bank in Cambodia, recently launched a digital wallet app called Acleda Unity ToanChet
UangTeman, an Indonesian firm offering online loans of up to USD 350, recently announced it has secured USD 12 million in Series A funding from
The Pacific Financial Inclusion Program, a Fiji-based initiative of the UN that works to extend financial services to unbanked Pacific Islanders, recently granted USD 450,000 to the Solomon Islands’ Inland Revenue Division (IRD) with the goal of increasing the availability of electronic payment channels for taxes paid by “123,800 wage and salary employees, 200 corporate taxpayers and 3,684 small businesses.”
During July and August, Italy’s MicroFinanza Rating (MFR) issued five microfinance institutional ratings. Morocco’s Attadamoune Micro-Finance was assigned the grade B+ with a stable outlook. Ecuador’s Fundación Espoir and Albania’s FED Invest both earned grades of BB with stable outlooks. Two institutions earned grades of
“Offshore Financial Centers for Financial Inclusion: A Marriage of Convenience;” by Sam Mendelson and Daniel Rozas; published by the Center for Financial Inclusion (CFI) at Accion; June 2017; 14 pages; available at:
This paper explores the use of offshore financial centers (OFCs) based on interviews with 13 equity impact investors.
The Reserve Bank of India, India’s central banking authority, recently released its “Compendium of Guidelines on Financial Inclusion and Development” for small finance banks, a new classification of institutions intended to increase the “supply of credit to micro- and small enterprises (MSEs), [as well as] agriculture and banking services in unbanked and under-banked regions in the country.”
The Grameen Credit Agricole Microfinance Foundation (GCAMF), a Luxembourg-based provider of financial services primarily to microfinance institutions, recently informed MicroCapital that it has committed to extending the following local-currency loans in phases over three years: the equivalent of USD 3.9 million to KazMicroFinance LLC (KMF) of Kazakhstan, the equivalent of USD 550,000 to Bereke of Kazakhstan, and the equivalent of USD 660,000 to Vasham of Indonesia.
Arohan Financial Services, an Indian non-banking finance company that offers microloans to women, recently raised INR 155 crore (USD 24.1 million) from Maj Invest, a Danish asset management firm; Tano Capital, a US-based asset management firm focusing on emerging markets; Aavishkaar Venture Management Services, a venture capital firm targeting underserved regions of India; and multiple individuals.
The Bank of the Philippine Islands (BPI), which is owned by the Philippines’ Ayala Corporation, recently created BPI Direct BanKo, a microfinance bank intended to cater to “self-employed micro-entrepreneurs.”