The Oman India Joint Investment Fund (OIJIF), a private equity investor associated with the governments of India and Oman, recently placed an equity investment of INR 1.6 billion (USD 23 million) in Annapurna Microfinance Private Limited, a non-deposit-taking microfinance institution (MFI)
Category: South Asia, East Asia and Pacific
MICROFINANCE PAPER WRAP-UP: Asian Development Bank (ADB): “Embracing the E-commerce Revolution in Asia and the Pacific”
This is a summary of a paper published by the Asian Development Bank (ADB), June 2018, 101 pages, available at:
https://www.adb.org/sites/default/files/publication/430401/embracing-e-commerce-revolution.pdf.
MICROCAPITAL BRIEF: Fusion Microfinance of India Cuts Interest Rate from 24.6% to 23%
Fusion Microfinance Private Limited, an Indian non-banking financial company, recently reduced the interest rate it charges on microloans from 24.6 percent to 23 percent per year for pre-existing customers. The rate for first-time borrowers was also 24.6 percent but is now 23.5 percent.
MICROCAPITAL BRIEF: Alipay, GCash Upgrade AlipayHK App for Users in Hong Kong to Send Remittances to the Philippines Using Blockchain
Mobile payment platforms Alipay, a unit of the China-based Ant Financial, and GCash, a unit of the Philippines-based Globe Telecom, recently partnered to extend the reach of AlipayHK, a mobile app that allows users in Hong Kong to
MICROFINANCE EVENT: GSG Impact Summit; October 8 – 9, 2018; New Delhi, India
The goal of this conference is to consider how to create “impact economies” as part of “a unified vision for the development of impact investing ecosystems across the world.” While the agenda
MICROCAPITAL BRIEF: L&T Finance Rolling Out Instant Loan Approvals, Expanding Microlending to Women in India
Larsen and Toubro (L&T) Finance Limited, a subsidiary of India-based L&T Finance Holdings that lends to women, recently debuted an app that is intended to “enable seamless customer on-boarding by providing instant loan sanctioning.”
MICROCAPITAL BRIEF: India’s RBL Bank Completes Ownership of Microfinance Institution (MFI) Swadhaar Finserve with Equity Purchases from Accion, Individual Investors
RBL Bank Limited, an Indian commercial bank formerly known as Ratnakar Bank Limited (RBL), recently bought out the other owners of Swadhaar Finserve Private Limited (SFPL), a microfinance institution (MFI) providing loan, deposit and insurance services to low-income households as well as micro-, small
MICROCAPITAL BRIEF: Woori Bank of South Korea Acquires VisionFund Cambodia from Microfinance Subsidiary of US-based World Vision
VisionFund International, a UK-based NGO that offers microfinance services for World Vision, a US-based Christian relief and development organization, recently sold VisionFund Cambodia, a microfinance institution (MFI) serving rural
MICROCAPITAL BRIEF: Microfinance Holding Company ASA International to Trade on London Stock Exchange, Citigroup Coordinating IPO
ASA International, a microfinance holding company that owns and operates 12 microfinance institutions in Asia and Africa, is scheduled to become a Premium Listed company on the London Stock Exchange on July 13. The firm, which has offices in Bangladesh and the Netherlands, was co-founded by Md Shafiqual Haque Choudhury, the founder and President of ASA. ASA,
MICROCAPITAL BRIEF: Nucleus Software of India Debuts “FinnOne Neo mFin” Digital Microlending Tool for MFIs
Nucleus Software, an India-based provider of technology to financial services firms, recently announced the launch of FinnOne Neo mFin, a system that microfinance institution (MFI) staff can access via smartphones to perform tasks such as managing loan applications and checking credit reports.
MICROCAPITAL BRIEF: OPIC Loans $100m to IndusInd Bank for Microfinance Lending to Women in India
The Overseas Private Investment Corporation (OPIC), an agency of the US government that seeks to facilitate investment by US-based firms in developing countries, recently issued an eight-year loan in the amount of USD 100 million to India’s IndusInd Bank to increase its microenterprise lending
MICROCAPITAL BRIEF: Nordic Microfinance Initiative (NMI) Raises $105m from DNB, Ferd, IFU, KLP, Norfund for Fund IV for MFIs in Africa, Asia
The Nordic Microfinance Initiative (NMI), a Norway-based public-private partnership that supports microfinance institutions (MFIs) in developing countries, recently debuted its fourth fund with a total of USD 105 million in commitments from the following organizations: Norway’s Den Norske Bank;
MICROCAPITAL BRIEF: Social Finance Global Network, Global Steering Group for Impact Investment (GSG) Launching Social Finance India; Seeking to Raise $2b for Education, Other Double Bottom Line Investing
The UK-based Social Finance Global Network (SFGN), an group of nonprofits supporting impact investing, and the UK-based Global Steering Group for Impact Investment (GSG), which has 19 country members plus the EU, recently announced the debut of Social Finance India. This new NGO is seeking to raise USD 1 billion each for the India Impact Fund of Funds (IIFF) and
MICROCAPITAL BRIEF: OPIC Loans $5m in Local Currency to Grameen Impact Investments India for SMEs
The Overseas Private Investment Corporation (OPIC), an agency of the US government that seeks to facilitate investment by US-based firms in developing countries, recently loaned INR 355 million (USD 5 million) to Grameen Impact Investments India (GIII), a unit of Grameen Capital India (GCI) that
MICROCAPITAL BRIEF: Accion Venture Lab, YourNest Invest $1.3m for Equity Stakes in Digital Lender CredRight of India
CredRight, an online lender to individuals as well as micro-, small and medium-sized enterprises (MSMEs) in India, recently received equity investments totaling INR 90 million (USD 1.3 million) from Accion Venture Labs, a fund of US-based NGO Accion, and YourNest, a venture capital firm
MICROCAPITAL BRIEF: Indonesia’s PT Veritra Sentosa Internasional (Treni) Launches Mobile Money App Paytren eMoney
PT Veritra Sentosa Internasional (Treni), an Indonesia-based digital financial service provider, recently debuted Paytren eMoney, a mobile application that allows users to pay bills, purchase travel, transfer money, and access the deposit and microinsurance services of multiple banks. Rudiantara,
MICROCAPITAL BRIEF: Local Governments in the Philippines Support Smart Communications’ Fintq in Rolling Out KasamaKA to Enable Sari-sari Stores to Act as Mobile-money Agents
KasamaKA, a program of the Philippines’ Fintqnologies (Fintq), recently won a vote of support from the National Executive Board of the League of Provinces in the Philippines (LPP), an association of municipal officials, for its work to help financial institutions deliver services such as
MICROCAPITAL BRIEF: Toffee Insurance of India Secures $1.5m in Equity for Digital Microinsurance from Kalaari Capital, Omidyar Network, Accion Venture Lab
Toffee Insurance, an online microinsurance firm based in India, recently received a total of USD 1.5 million in equity from Accion Venture Labs, a fund of US-based NGO Accion; Kalaari Capital, an Indian for-profit investment firm; and Omidyar Network, a US-based NGO. Toffee will use the