The CDC Group, a development finance institution owned by the UK government’s Department for International Development, has made an equity investment of USD 16 million in Equitas Holdings Private Limited (Equitas), a microfinance company based in Chennai, India [1].
Category: South Asia, East Asia and Pacific
MICROCAPITAL BRIEF: Kotak Mahindra Bank Launches Financial Inclusion Programme for Amul Milk-Cooperative Members in West Bengal, India
Kotak Mahindra Bank, a private bank in India, has launched a financial inclusion programme in the Indian state of West Bengal that is aimed at members of 75 cooperatives that supply milk to Amul, the brand owned by the Gujarat Cooperative Milk Marketing Federation (GCMMF), a federation of 17 district-level cooperative unions with a combined membership of 3.18 million milk producers [1] [2].
MICROCAPITAL BRIEF: Standard Chartered Bank Loans $5m to Cambodia’s Prasac for Microlending
The Indian unit of UK-based commercial institution Standard Chartered Bank (SCB) recently notified MicroCapital that it has disbursed a loan of USD 5 million to Cambodia’s Prasac, a microlender that seeks to support agricultural development.
MICROCAPITAL BRIEF: Hindustan Co-operative Bank (HCBL) of India Provides Bank Accounts to Beggars
Hindustan Co-operative Bank (HCBL), a bank in India, recently announced that it is providing bank accounts to “beggars” and other poor urban residents such as rickshaw drivers and artisans in order to increase financial inclusion in the country. The bank has opened 160 accounts for beggars in the city of Lucknow since 2013 [1].
MICROCAPITAL BRIEF: Standard Chartered Bank Loans $12m to India’s Bandhan Financial Services for Microenterprise Lending
The Indian unit of UK-based commercial institution Standard Chartered Bank (SCB) recently notified MicroCapital that it has disbursed a loan of INR 750 million (USD 12 million) to Kolkata-based Bandhan Financial Services, which offers loans for microenterprise and health emergencies.
MICROCAPITAL BRIEF: Dutch Development Bank Nederlandse Financierings-Maatschappijvoor Ontwikkelingslanden (FMO) Planning to Loan $10m to Bank Andara of Indonesia for On-lending to Microfinance Institutions (MFIs)
Dutch development bank Nederlandse Financierings-Maatschappijvoor Ontwikkelingslanden (FMO) recently signed a letter of intent with Bank Andara (Andara), an Indonesian provider of retail and wholesale microfinance services, to provide a local-currency senior loan equivalent to USD 10 million for on-lending to local microfinance institutions (MFIs).
MICROCAPITAL BRIEF: Accion Venture Lab Invests in Kenyan Mobile Money System Kopo Kopo, MeraDoctor of India
US-based nonprofit Accion has announced that its Accion Venture Lab, a USD 10 million investment vehicle that provides seed capital and management support to financial inclusion startups, has invested unspecified amounts of money in two companies: Kopo Kopo, a Kenya-based service that allows small businesses to accept customer payments through mobile phone; and MeraDoctor, which provides low-cost health insurance in India as well as 24-hour access to doctors by telephone that is intended to lessen health impacts by reducing delays in seeking care [1].
MICROCAPITAL BRIEF: Reserve Bank of India Approves State-Run Savings Scheme for Poor People in West Bengal After Collapse of Saradha Group
The Reserve Bank of India, the country’s central banking authority, has approved a savings scheme in the state of West Bengal aiming to provide poor people a safe avenue to save money [1].
MICROCAPITAL BRIEF: Sequoia Capital Sells 1.75% Stake in India’s SKS Microfinance to WestBridge Capital for $4.7m
Sequoia Capital, a US-based venture capital firm, has sold its 1.75-percent stake in SKS Microfinance, an Indian for-profit microfinance institution, to WestBridge Capital, an investment group with offices in India, Mauritius, and the United States.
MICROCAPITAL BRIEF: Habib Bank Limited, NADRA to Expand “HBL Express” Money Transfer Service to 5,500 Additional Locations in Pakistan
NADRA Technologies Limited, a subsidiary of Pakistan’s National Database and Registration Authority (NADRA), has partnered with Karachi-based commercial bank Habib Bank Limited (HBL) to expand HBL Express, a service that allows for the payment of utility bills and sending domestic money transfers without the need for a bank account [1][2].
MICROFINANCE EVENT: Clarion to Host “Mobile Money and Digital Payments Asia 2014,” January 21-23, 2014, Jakarta, Indonesia
Event Name: Mobile Money and Digital Payments Asia 2014
Event Date: January 21 – January 23, 2014
Event Location: Ritz Carlton Hotel, Jakarta, Indonesia
MICROCAPITAL BRIEF: Orix of Japan Buys 6% Stake in Acleda Bank of Cambodia
Orix Corporation, a Japanese financial services conglomerate, reportedly has purchased a 6-percent stake in Acleda Bank Public Limited Company, a microfinance bank in Cambodia [1].
MICROFINANCE EVENT: Magenta Global to Host “5th Annual Mobile Payments & E-Commerce Emerging Markets/Asia Pacific 2014 Summit,” February 13-14, 2014, Yangon, Myanmar
Event Name: 5th Annual Mobile Payments & E-Commerce Emerging Markets/Asia Pacific 2014 Summit
Event Date: February 13 – February 14, 2014
Event Location: Inya Lake Hotel, Yangon, Myanmar
MICROCAPITAL BRIEF: Thailand’s Ministry of Finance Caps Microfinance Interest Rate at 3% Monthly, Sets Capital Requirement at $311k
Thailand’s Ministry of Finance has announced that beginning early in 2014, microfinance institutions (MFIs) will be able to apply for microfinance operating licenses from the Bank of Thailand, the country’s central bank [1] [2].
MICROFINANCE PUBLICATION ROUND-UP: ANDE 2012 Impact Report; Microfinance Performance Evaluation; Status of Microfinance in Karnataka, India
“ANDE 2012 Impact Report”; The Aspen Institute; 2013; 39 pages; available at http://www.aspeninstitute.org/publications/ande-2012-impact-report
This document covers aspects of small and growing businesses including the barriers women business owners face in the marketplace.
MICROCAPITAL BRIEF: International Finance Corporation (IFC) Issues $165m in Bonds to Support Women-owned Businesses
The International Finance Corporation (IFC), of the World Bank Group, reportedly has issued USD 165 million in five-year, AAA-rated bonds to support women-owned businesses in emerging markets [1].
MICROFINANCE PAPER WRAP-UP: “The State of Microfinance Investment 2013,” Published by MicroRate
MicroRate, a for-profit microfinance rating agency based in the U.S., has recently released its eighth annual survey of international microfinance investment vehicles (MIVs).
MICROCAPITAL BRIEF: International Finance Corporation (IFC) Loans $31m to Fullerton Credit to Support Small, Medium-Sized Enterprises (SMEs) in China
The International Finance Corporation (IFC), a member of the US-based World Bank Group, has announced an investment of CNY 186 million (USD 30.5 million) in Fullerton Credit (FC), a subsidiary of Singapore-based Fullerton Financial Holdings (FFH), to support financial access to small and medium-sized enterprises (SMEs) in western and central provinces of China [1].