Indian microfinance institution (MFI) SKS Microfinance Limited recently completed two securitizations totaling INR 2.3 billion (USD 41.2 million), reportedly bringing the company’s total to 12 securitizations worth INR 12.1 billion (USD 220 million) during 2012 and 2013.
Category: South Asia, East Asia and Pacific
MICROCAPITAL BRIEF: MoneyGram, Globe Telecom to Offer Remittances at G-Xchange Outlets in the Philippines
MoneyGram, a U.S.-based money transfer company with 310,000 agent locations in 185 countries, reportedly has partnered with G-Xchange Incorporated (GXI), a subsidiary of Philippines-based Globe Telecom, to make funds sent via MoneyGram available to customers of GCash, GXI’s mobile micropayment system, at GXI retail outlets in the Philippines.
MICROCAPITAL BRIEF: ACLEDA Begins Microfinance Operations in Myanmar
ACLEDA Bank, a Cambodia-based microfinance institution (MFI), has reportedly launched a new microfinance operation in Myanmar under the name of ACLEDA MFI Myanmar.
MICROCAPITAL BRIEF: International Finance Corporation (IFC) to Loan Up to $11m to Suryoday Micro Finance of India
The International Finance Corporation (IFC), a member of the US-based World Bank Group, plans to loan up to USD 11 million to Indian microfinance institution (MFI) Suryoday Micro Finance Private Limited.
MICROCAPITAL BRIEF: International Finance Corporation (IFC) Acquires 15% Stake in National Bank of Vanuatu for $2.2m
The International Finance Corporation (IFC), the commercial arm of the World Bank Group, recently paid USD 2.2 million to acquire a 15-percent stake in the National Bank of Vanuatu, a financial institution that offers traditional banking services, microfinance and rural banking services in Vanuatu.
MICROCAPITAL BRIEF: MicroEnsure to Retail “Triple 10” Microinsurance in the Philippines
MicroEnsure, a UK-based nonprofit microinsurance intermediary, has partnered with Bankers Assurance Corporation, a Filipino for-profit insurance company, and MI Central Corporation, a Filipino marketing and distribution company, to roll out a retail microinsurance product called Triple 10 in the Philippines.
MICROCAPITAL BRIEF: Flat Pyramid of India Supports VolunteeRate Offering Free Ratings, EachOneBankOne Encouraging Activism on Financial Inclusion
The Flat Pyramid, an Indian organization, has been launched with the goal of applying market-based solutions to socio-economic issues.
MICROCAPITAL BRIEF: Government of India’s Andhra Pradesh Moves to Challenge Supreme Court Interim Order as SKS Microfinance Resumes Operations in the State
As Indian microfinance institution (MFI) SKS Microfinance prepares to resume operations in the Indian state of Andhra Pradesh under a recent Supreme Court order, the Andhra Pradesh state government is moving to challenge the Supreme Court’s decision.
MICROCAPITAL BRIEF: Overseas Private Investment Corporation (OPIC) Lends $5m to Thaneakea Phum Cambodia (TPC) to Expand Housing, Microfinance Loans
The Overseas Private Investment Corporation (OPIC), a development finance institution backed by the US government, recently finalized a USD 5 million loan to Thaneakea Phum Cambodia Limited (TPC), a Cambodian microfinance institution (MFI).
MICROCAPITAL BRIEF: Janalakshmi Financial Services (JFS) Partners with Manipal Global to Train JFS Employees
Janalakshmi Financial Services (JFS), an Indian microfinance institution (MFI) focusing on urban areas, and Manipal Global Education Services, a subsidiary of India-based Manipal Education and Medical Group, reportedly have launched the Janalakshmi-Manipal Institute of Financial Inclusion (JMIFI), which offers a three-week training program for newly hired JFS employees.
MICROCAPITAL BRIEF: VisionFund International, World Vision Use Microfinance to Supplement RIWASH Clean Water Initiative in Sri Lanka
World Vision International, a US-based Christian humanitarian organization, and its subsidiary VisionFund International, a US-based nonprofit organization, have supplied microfinance loans to 400 families supplement initiatives to increase access to clean water in Sri Lanka.
MICROCAPITAL BRIEF: Indian Government Commits $183m Each to Women-Only Bank, Nirbhaya Fund for Women’s Empowerment
The government of India reportedly has plans to create a bank that will exclusively serve women, lending mostly to women-run businesses as well as self-help groups of a dozen or a few dozen women.
MICROCAPITAL BRIEF: International Finance Corporation Invests $28m in Equity in Bhutan National Bank to Increase Financial Inclusion; Lending to Micro-, Small and Medium-sized Enterprises
The International Finance Corporation (IFC), the private-investment arm of the World Bank Group, has invested USD 28 million in Bhutan National Bank, a publicly owned commercial bank, to increase its lending to micro-, small and medium-sized enterprises.
MICROCAPITAL BRIEF: Supreme Court of India Issues Interim Order Loosening Restrictions on SKS Microfinance in Andhra Pradesh
The Indian Supreme Court has issued an interim order allowing Indian microfinance institution (MFI) SKS Microfinance to operate in the state of Andhra Pradesh without securing no-objection certificates from the state government.
MICROCAPITAL BRIEF: Bank Alfalah to Offer Mobile Money Via Monet of Pakistan, Visa’s Fundamo
Bank Alfalah Limited (BAFL), a Pakistani financial institution owned by the Abu Dhabi Group of the United Arab Emirates (UAE), reportedly has partnered with two other Pakistani holdings of the same group, telecommunication services provider Warid Telecom and financial services company Monet Private Limited, to offer mobile financial services in Pakistan.
MICROCAPITAL BRIEF: Karnataka State Government Launches Mysore City Street Vendors Multipurpose Cooperative Society to Provide Loans to Indian Street Vendors
The government of the Indian state Karnataka recently launched the Mysore City Street Vendors Multipurpose Cooperative Society to provide microloans to street vendors unable to qualify for traditional bank loans.
MICROCAPITAL BRIEF: BRAC Applies Microcredit Strategies to Water, Sanitation, Hygiene (WASH) Programme in Bangladesh
BRAC, a development organization formerly known as the Bangladesh Rehabilitation Assistance Committee, has adapted two strategies traditionally used in its microcredit initiatives to promote the organization’s efforts to address issues involving clean water and sanitation in Bangladesh through its Water, Sanitation and Hygiene (WASH) programme.
MICROCAPITAL BRIEF: Developpement international Desjardins (DID) Loans $500k to Cambodia Community Savings Federation (CCSF) to Expand Financial Cooperative Sector
Developpement international Desjardins (DID), the development subsidiary of Canadian cooperative institution Desjardins Group, recently disbursed a USD 500,000 loan to the Cambodia Community Savings Federation (CCSF), a financial cooperative network that serves approximately 30 financial institutions holding assets of USD 7 million in Cambodia.