The US-based nonprofit Microfinance Information Exchange (MIX) has updated its database on the debt owed by microfinance institutions (MFIs) to include 2011 data from 700 MFIs.
Category: South Asia, East Asia and Pacific
MICROCAPITAL BRIEF: International Finance Corporation Places $22m Equity Investment In Ratnakar Bank of India
The International Finance Corporation, a member of the World Bank Group, has made an equity investment of USD 22 million in Ratnakar Bank, a private commercial bank in India, to promote Ratnakar’s efforts to increase access to finance for women in rural areas and agricultural micro-, small and medium-sized businesses, and is reportedly part of INR 3.2 billion (USD 59.3 million) in equity raised by Ratnakar through the issuance of 30 million new shares since January 2013.
MICROCAPITAL BRIEF: Telenor’s Easypaisa Launches Khushaal Munafa Mobile Savings Service in Pakistan
Easypaisa, a Pakistani branchless banking services company, has launched a mobile savings product called Khushaal Munafa.
MICROCAPITAL BRIEF: Thai Credit Retail Bank Switches Focus to Microfinance
Thai Credit Retail Bank (TCRB), a Thai bank that offers financial services to small and medium-sized enterprises (SMEs) and retail customers, recently restructured to focus on the microfinance sector.
MICROCAPITAL BRIEF: Muthoot Fincorp of India to Offer $19m in Non-Convertible Debentures to Fund Continued Diversification from Gold Loans to Microfinance
Muthoot Fincorp Limited, an Indian non-banking finance company (NBFC), recently announced plans to sell INR 1 billion (USD 18.6 million) in non-convertible debentures (NCBs) to fund its expansion into the small and medium-sized enterprises (SMEs) and microfinance as a means of diversifying away from gold loans.
MICROCAPITAL BRIEF: Insurance Regulatory and Development Authority (IRDA) of India Expands Allowable Microinsurance Agent Entity Types
The Insurance Regulatory and Development Authority (IRDA), the regulatory body of the insurance industry in India, recently issued a circular expanding the types of entities eligible to serve as microinsurance agents and clarifying existing regulations that bar multiple microinsurance agents from employing the same individuals.
MICROCAPITAL BRIEF: Utkarsh Raises $3.7m in Equity from Aavishkaar Goodwell, International Finance Corporation, Norwegian Microfinance Initiative
Utkarsh Micro Finance Private Limited (Utkarsh), an Indian microfinance institution (MFI), reportedly has received an INR 200 million (USD 3.7 million) equity investment from Norwegian Microfinance Initiative (NMI) Frontier Fund, which provides technical and financial support to “emerging” microfinance institutions under the management of the public-private partnership NMI; Aavishkaar Goodwell India Microfinance Development Company (AG), an Indo-Dutch for-profit investor in Indian MFIs; and the International Finance Corporation, the private-sector investment arm of the World Bank Group.
MICROCAPITAL BRIEF: Nationwide Microbank of Papua New Guinea Launches MiLife Mobile Life Microinsurance
Nationwide Microbank, a microfinance institution (MFI) in Papua New Guinea, recently launched MiLife, a mobile microinsurance product covering the life of low-income married couples.
MICROCAPITAL BRIEF: Caspian Advisors Launches $40m Caspian Impact Investments (CII) Fund for Microfinance, Affordable Housing, Agriculture
Caspian Advisors Private Ltd., an Indian investment management and advisory services company specializing in the socially-responsible arena, recently launched the Caspian Impact Investments (CII) fund, which is targeted to raise USD 40 million for projects in the areas of microfinance, small business financing, affordable housing and agriculture.
MICROCAPITAL BRIEF: Tameer Microfinance, Pakistan Mercantile Exchange to Offer Gold-based Investment Product
Tameer Microfinance Bank Limited (TMFB), a Pakistani organization majority-held by Norwegian telecom Telenor, and Pakistan Mercantile Exchange Limited (PMEX), a Pakistani commodity exchange company owned by six stock exchanges and banks affiliated with the Pakistani government, recently signed a memorandum of understanding (MoU) to offer a gold-based investment product.
MICROCAPITAL BRIEF: Applications Open for Indian “Social Entrepreneur of the Year Award 2013”
The Schwab Foundation for Social Entrepreneurship, a Switzerland-based nonprofit, and the Jubilant Bhartia Foundation, an Indian nonprofit, have announced that they are now accepting applications for the 2013 Indian “Social Entrepreneur of the Year Award.”
MICROCAPITAL BRIEF: Employers in Thailand Required to Purchase Health Insurance for Migrant Workers
Employers in Thailand are now reportedly required to buy THB 1,047 (USD 36) worth of health insurance each for migrant worker they employ who is in the process of entering, or ineligible for, Thailand’s social security system.
MICROCAPITAL BRIEF: Indian Microfinance Institution Bandhan to Apply for Banking License
Indian microfinance institution (MFI) Bandhan Financial Services Private Limited reportedly has announced plans to apply for a banking license under the revised regulations on new bank licenses recently issued by the Reserve Bank of India, the country’s central bank.
MICROCAPITAL BRIEF: Indian State of Andhra Pradesh, Bharat Sanchar Nigam Limited (BSNL) to Implement Mobile Money Service via Post Offices
According to a statement attributed to Killi Kruparani, India’s minister of state for communications and information technology, a mobile money order service will be available at post offices in the Indian state of Andhra Pradesh beginning in October 2013.
MICROFINANCE PUBLICATION ROUND-UP: Social Performance in Nepal, Sharia-Compliant Financial Inclusion, Private Sector Employment
“State of Social Performance in Nepal;” by Mike Krell; published by Microfinance Information Exchange (MIX); March 2013; 10 pages; available at http://www.themix.org/publications/mix-microfinance-world/2013/03/Nepal-development-2013
This report from the US-based nonprofit Microfinance Information Exchange (MIX) examines the social performance (SP) of microfinance institutions (MFIs) in Nepal.
MICROCAPITAL BRIEF: China Microfinance Institution Association (CMIA) to Introduce Credit Rating System for Microfinance Institutions As Early As July 2013
The China Microfinance Institution Association (CMIA), an organization that advocates for the interests of 92 domestic member microfinance institutions (MFIs) covering 27 provinces, plans to introduce a credit rating system to evaluate MFIs as early as July.
MICROCAPITAL BRIEF: Investors Commit $73m to as Yet Unapproved Government-backed India Inclusive Innovation Fund, Target Size is $918m
Undisclosed investors have reportedly committed approximately INR 4 billion (USD 73.4 million) to the India Inclusive Innovation Fund, a government-sponsored fund intended to provide capital to early-stage ventures serving low-income clients.
MICROCAPITAL BRIEF: Indian Microfinance Institution Satin Creditcare Sells 20% Equity Stake for $8m from Danish Microfinance Partners, MicroVest II, ShoreCap II; Lok Capital Exits
Indian microfinance institution (MFI) Satin Creditcare Network Limited recently raised INR 410 million (USD 7.5 million) by selling a stake of approximately 20 percent to three microfinance investment funds in undisclosed portions: Danish Microfinance Partners K/S (DMP), MicroVest II LP and ShoreCap II Limited.