Sava, a firm in South Africa, recently raised USD 1.8 million in “pre-seed funding” for its digital platform focused on “expenditure management and reconciliations” for small and medium-sized enterprises (SMEs) in Africa. The company plans to
Category: Technology
MICROCAPITAL BRIEF: Fintech Oko Secures $500k in Equity from Katapult, Individual Investors to Expand Agricultural Insurance to Cote d’Ivoire
Oko Finance, an agricultural insurance company active in Mali and Uganda, recently raised USD 500,000 in equity to expand its operations to Cote d’Ivoire. Founded in 2017 and based in Mali, Oko insures 15,000 farmers growing cotton, grains and coffee in partnership with local insurers, using
MICROCAPITAL BRIEF: Accion, BAC Credomatic, Genesis, Mastercard Move to Expand Digital Financial Inclusion as Part of Call to Action for Northern Central America
US-based payment technology firm Mastercard recently announced plans to further financial inclusion in El Salvador, Guatemala and Honduras through the development of digital financial services that bring “5 million people in northern Central America into the financial system and digitalize 1 million micro- and small businesses,” with a focus on woman-owned businesses. The financial services include
MICROCAPITAL BRIEF: Baobab+ Borrows $5.1m from Symbiotics to Boost Solar Electrification in 6 Countries in Africa
Symbiotics, a Switzerland-based investor focused on small businesses in low- and middle- income countries, recently extended a loan of EUR 5 million (USD 5.1 million) to Baobab+, a French energy and technology company, with the objective of increasing electrification rates in Congo, Cote d’Ivoire, Madagascar, Mali, Nigeria and Senegal. Founded in 2015, Baobab+ provides access to solar energy and digital technology with the goal of
MICROCAPITAL BRIEF: Mobilink Microfinance Offering Loans to “Home-based Restaurants” Using Foodpanda to Take Online Orders, Offer Delivery in Pakistan
Mobilink Microfinance Bank, a Pakistani digital financial services provider, recently initiated a collaboration with foodpanda home chefs, a division of Singapore-based “online food and grocery delivery platform” foodpanda. The objective is to extend weekly microloans of up to PKR 50,000 (USD 247) to home-based restaurant owners in order to “help resolve supply chain, marketing, and food quality issues” thus “empowering
MICROFINANCE PAPER WRAP-UP: “The Value of Pay-as-you-go Solar for Mobile Operators: Insights from Customer Journeys in Benin and Côte d’Ivoire,” Published by GSMA
This analysis of data from Benin and Côte d’Ivoire addressed “the impact of mobile consumers adopting pay-as-you-go (PAYG) solar on their mobile usage.” Based on 120 interviews with end-users of PAYG technologies, the authors found that access to energy via solar home systems resulted in:
MICROFINANCE PAPER WRAP-UP: “Savings and Retail Banking in Africa: Unpacking the Customer Through Demand Side Data,” published by World Retail Savings and Banking Institute, MasterCard Foundation
This report offers three case studies on how financial services providers (FSPs) may expand and improve their usage of data to devise client-centric services and minimise account dormancy. The first case study is on the
MICROCAPITAL BRIEF: Tanmeyah for Microenterprise Buys B2B Platform Fatura to Bolster Online Capacity in Egypt
Tanmeyah for Microenterprise Services, a subsidiary of Egypt-based EFG Hermes Holding, recently acquired Netherlands-domiciled Fatura, a “tech-driven business-to-business (B2B) platform” active in Egypt. Tanmeyah CEO Hossam AlNaggar said the acquisition will provide “the company a faster route to digitally transform and develop.” The terms of the transaction
MICROCAPITAL BRIEF: Symbiotics Raising $17m in Green Bonds for Sun King to Finance Household Solar Technology in Africa, Asia
Symbiotics, a Switzerland-based investor focused on small businesses in low- and middle- income countries, recently listed bonds on the Luxembourg Green Exchange to raise USD 17 million for Sun King, a Kenya-based firm selling solar technology in 62 countries. Sun King plans to use the proceeds to
MICROCAPITAL BRIEF: DFC, USAID, African Union’s AUDA-NEPAD Partner to Expand Access to Finance for MSMEs in Tanzania, Zambia, Malawi, Nigeria
The US Agency for International Development (AID) and the US International Development Finance Corporation (DFC) recently joined with the African Union Development Agency (AUDA-NEPAD) to provide loan guarantees to support micro-, small and medium-sized enterprises (MSMEs) in Tanzania, Zambia, Malawi and Nigeria. The goals of the partnership are to
MICROCAPITAL BRIEF: Oikocredit, Aqua for All to Invest $17m in Water, Sanitation in Africa, Cambodia
Two Dutch entities, the cooperative investor Oikocredit and the nonprofit Aqua for All, recently launched a two-year partnership to facilitate access to drinking water, sanitation and hygiene (WASH) in Cambodia as well as unspecified countries in East and West Africa. Oikocredit has agreed to invest up to EUR 15 million (USD 15.6 million) in
MICROCAPITAL BRIEF: UNCDF, Quizrr, Ulula, Wagely Supporting Financial, Digital Literacy for Garment Workers in Bangladesh
The UN Capital Development Fund (UNCDF) recently committed approximately USD 556,000 to support pilot training programs for workers in the Bangladeshi garment industry. The funding will pay for technical assistance and performance-based grants for three firms seeking to promote financial and digital literacy skills and hence financial and digital inclusion for 135,000 individuals working in the sector, mostly women. UNCDF’s implementing partners for the project are
MICROCAPITAL BRIEF: IFAD Lends India’s Uttarakhand State $105m for Rural Enterprise Acceleration Project (REAP) to Address Incomes, Climate Resilience, Out-migration
The government of the northern Indian state of Uttarakhand and the UN’s International Fund for Agricultural Development (IFAD) recently partnered to launch the Rural Enterprise Acceleration Project (REAP) with the objective of reaching 560,000 households by “supporting smallholder farmers, agricultural laborers, and micro and small agribusinesses to start and expand competitive businesses” including by
MICROCAPITAL BRIEF: Evocabank of Armenia Launches Money Transfers via Mobile Phone Number
Evocabank, an Armenian bank, recently partnered with Armenian Card (ArCa), a network of 15 Armenian and international banks, to launch a service that allows Evocabank bank customers to send money transfers using recipients’ mobile numbers, without the need for their bank details. The service is part of Evocabank’s mobile app, EvocaTouch. Transfers are
MICROCAPITAL BRIEF: Kuunda Raises $2m in Equity to Expand Short-term Financing Model for Mobile Money Agents, Retailers, Consumers into 7 Countries in Africa
Kuunda, a Mauritius-domiciled financial technology (fintech) company, has completed its seed funding round with USD 2.25 million in new investment, led by Accion Venture Lab, a unit of US-based nonprofit Accion. The other investors include FINCA Ventures, Future Africa, Greenhouse Capital, Kepple Africa Ventures, Launch Africa, Magic Fund, Mercy Corps Ventures and Seedstars. The funding is slated to boost Kuunda’s existing operations – which span Tanzania and Pakistan – and allow it to expand into Democratic Republic of Congo, Egypt, Malawi, Mozambique, Nigeria, Uganda and Zambia during the remainder of 2022 and 2023. The firm’s offerings are:
MICROCAPITAL BRIEF: Tugende Borrows $2.6m to Finance Vehicle Ownership for SMEs in East Africa
Verdant Capital, a Mauritius-based corporate finance firm, recently helped Tugende, a Uganda-based, technology-driven, lease-to-own vehicle financing firm, secure EUR 2.5 million (USD 2.6 million) in debt funding from an unspecified “European impact investor.” In addition
MICROCAPITAL BRIEF: MicroVest Loans $5m to Banco Delta to Boost Post-COVID Economy in Panama via Financial Access for MSMEs
MicroVest, an asset-management subsidiary of US-based Development Alternatives Incorporated (DAI), recently invested USD 5 million to Panama-based Banco Delta. The loan is meant to
MICROCAPITAL BRIEF: BlueOrchard Launches 2nd Private Equity Fund, Seeking to Invest $300m in Financial Inclusion of 30m Poor Households, MSMEs
BlueOrchard Finance, a Switzerland-based member of the UK-based Schroders Group, recently launched its BlueOrchard Financial Inclusion Fund, seeking to invest