by Harriet Ritchie -

MICROCAPITAL BRIEF: Banverde of Mexico Raises $57m for Rooftop Solar Power from CIFI, Banverde Activos, WRB Serra Partners

Corporación Interamericana para el Financiamiento de Infraestructura (CIFI), a Panama-based financier of privately owned infrastructure projects in Latin America and the Caribbean, recently led a round of funding for Banverde, a private equity fund in Mexico that finances the installation of rooftop solar panels. The funding round totaled USD 57 million, with unspecified levels of funding invested by CIFI and

by Tejas Gumudavelly -

MICROCAPITAL BRIEF: Off-Grid Market Development Fund Granting Up to $28m to Solar Distribution Firms in Madagascar, Depending on Results Toward Goals

The Off-Grid Market Development Fund (OMDF), an initiative of the Malagasy government, recently signed contracts with 12 solar companies in Madagascar, whereby the firms are receiving a total of USD 2.5 million upfront. The firms can obtain an additional total of USD 25.5 million if they reach their distribution goals, which entail the delivery of “900,000 quality solar lanterns and market-entry solar home systems by June 2024.” 

OMDF has a total volume of

by Sophie Fiala -

MICROFINANCE PAPER WRAP-UP: “The Future of Government-to-Person (G2P) Payments: Three Years of Learning About G2P Choice in Zambia;” by Silvia Baur-Yazbeck et al; Published by CGAP, World Bank Group

The authors of this paper evaluated the methods that Zambia’s Ministry of Community Development and Social Services (MCDSS) uses to issue government-to-person (G2P) payments via its Supporting Women’s Lives (SWL) and Girls Education and Women’s Empowerment and Livelihoods (GEWEL) projects. Launched in

by Teo Lin-Bianco -

MICROCAPITAL BRIEF: EBRD Lends $1.2m to Erste Group’s Sparkasse Leasing Doo Skopje to Support Small, Medium-sized Enterprises (SMEs) in North Macedonia

The UK-based European Bank for Reconstruction and Development (EBRD) recently lent Sparkasse Leasing Doo Skopje, a unit of Sparkasse Bank of Macedonia, EUR 1 million (USD 1.2 million) to fund equipment to be leased by small and medium-sized enterprises (SMEs) in North Macedonia. The leased equipment is meant to boost the SMEs’ usage of renewable energy and

by Sophie Fiala -

MICROCAPITAL BRIEF: Google Pay Partners with Western Union, Wise to Allow US Users to Send Remittances to India, Singapore; Plans to Expand Worldwide

Google Pay, a service of US-based technology firm Google, recently partnered with money transfer companies Western Union and Wise to allow Google Pay users in the US to send money to individuals in India and Singapore. The service does not allow payments from other countries to the US or payments to or from businesses. However,

by Harriet Ritchie -

MICROCAPITAL BRIEF: Positive Ventures of Brazil Raises $10m for Impact Fund Supporting Cleantech, Education, Fintech, Health

Positive Ventures, a Brazilian venture capital and private equity firm, recently raised USD 10 million for an impact investment fund from its limited partners, including Cândido Bracher, who previously served as Chairman of Brazil-based Itaú Unibanco; Teresa Bracher; and Luis Stuhlberger, who co-founded Brazil-based Verde Asset Management. Positive Ventures invests in companies seeking to “create an economic, social and

by Sophie Fiala -

MICROCAPITAL BRIEF: Lami of Kenya Raises $1.8m in Equity for Digital Insurance (Insurtech) in Africa

Kenya-based insurance technology (insurtech) firm Lami Technologies recently raised USD 1.8 million in a seed investment round led by Accion Venture Lab, a unit of US-based NGO Accion. Lami provides a digital platform through which firms offer instant quotations and the subsequent distribution of

by Bradley Shulman -

MICROCAPITAL BRIEF: Tugende Expands Leasing Products to Finance Boat Engines for Fishing in Uganda

Tugende, a technology-driven, lease-to-own firm, recently expanded its product portfolio to finance boat engines for informal workers in the fishing industry in Uganda. The company provides “financing for income-generating assets,” such as motorcycle taxis; associated resources, such as insurance and training; and digital profiles demonstrating

by Sophie Fiala -

MICROCAPITAL BRIEF: Amartha Raises $28m in Equity from Mandiri, MDI, UOB, WWB for Credit Scoring, E-commerce, Peer-to-peer Lending for Women Microentrepreneurs in Rural Indonesia

Amartha, a firm offering peer-to-peer lending and other services in Indonesia, recently raised USD 28 million in equity from two previous investors in the firm as well as Indonesia-based Metra Digital Innovation (MDI) Ventures and the Women’s World Banking (WWB) Capital Partners II fund of the US-based nonprofit WWB. The previous investors increasing their stakes are

by Harriet Ritchie -

MICROCAPITAL BRIEF: BancoSol Adds “GanaSol” Game to Mobile App to Incentivize Financial Services Usage in Bolivia

Banco Solidario (BancoSol), a Bolivian commercial bank that primarily offers microfinance services, recently upgraded its mobile app to include “gamified” software intended to boost its customers’ usage of mobile banking. GanaSol allows users to earn points by “maintaining or increasing their savings account balances;” the points can

by Sophie Fiala -

MICROCAPITAL BRIEF: FINCA Expands Microfinance Fintech in Uganda, Azerbaijan, Kyrgyzstan

FINCA Impact Finance, a US-based network of financial institutions, recently carried out several campaigns catering to low-income people through its affiliates in Africa and Asia.

FINCA Uganda launched a “Digital is Here” campaign in partnership with Centenary Bank, a commercial institution serving 1.8 million customers

by Aakansha Shenoy -

MICROCAPITAL BRIEF: YCash Partnering with Red Cross on Digital Payments, Offering Door-to-door Service Due to COVID-19 Pandemic, Conflict in Yemen

YCash, a company in Yemen also known as the National Cash Transfer Company, recently partnered with the International Committee of the Red Cross (ICRC), a humanitarian organization based in Switzerland, to provide cash transfers to ICRC clients “through

by Harriet Ritchie -

MICROCAPITAL BRIEF: Cívico of Colombia Launches “Negocios” App to Help MSMEs Advertise, Sell, Maintain Customer Relationships Online

Cívico, a Colombia-based online marketplace, networking and loan platform for micro-, small, and medium-sized enterprises (MSMEs), recently launched a mobile app called Negocios that allows users to “create a digital presence for their businesses, upload and sell their products, and connect with their clients.” Cívico also is using the app to collect data on the MSMEs’ interactions with their customers “to

by Sophie Fiala -

MICROCAPITAL BRIEF: Central Bank of Iraq, Mastercard Seek to Boost Digital Payments, Financial Inclusion

Mastercard, a US-based financial services company, recently entered a partnership with the Central Bank of Iraq to expand Iraq’s digital finance ecosystem with the aims of furthering financial inclusion, moving toward a cashless society and promoting socio-economic development in general. The effort will begin by digitizing tuition payments before expanding to address consumer spending, government collections and

by Aakansha Shenoy -

MICROCAPITAL BRIEF: Numida of Uganda Raises $2.3m in Equity to Scale Digital Lending in Partnership with MFS Africa

Numida, a financial technology (fintech) firm in Uganda, recently raised USD 2.3 million in seed funding from a group of investors led by South Africa’s Mobile Financial Solutions (MFS) Africa, whose infrastructure Numida plans to use to expand outside of Uganda and launch unspecified additional digital financial products. The other investors were the US-based

by Aakansha Shenoy -

MICROCAPITAL BRIEF: ECCAS, UNCDF Pursue Better Digital Remittances To, Within Central Africa

The 11-member Economic Community of Central African States (ECCAS) and the UN Capital Development Fund (UNCDF) recently entered a two-year agreement through which they aim to expand “affordable and convenient access to digital remittances” for migrants transferring money to family members in their home countries. Priti Sinha, the Executive Secretary of UNCDF said,