OPay, a Nigerian mobile platform for making payments, arranging car rides and ordering deliveries from restaurants, recently raised USD 120 million in equity from 10 investors to scale up in Nigeria and expand to countries such as Ghana, Kenya and South Africa. OPay’s transportation arm, ORide, facilitates up to
Category: Technology
MICROFINANCE EVENT: Africa Trade and Investment Convention; March 26-27, 2021; Amsterdam, the Netherlands – NEW DATES
Previously scheduled to take place in April 2020, this event offers a B2B Matchmaking Forum, country-specific meetings, and sessions on topics such as: financing agriculture, value chains, magnifying the potential of youth and women, “The Role of the Diaspora,”
MICROCAPITAL BRIEF: With “Homeland” App, MTN Opens Remittance Channels from Europe to Africa, Afghanistan, Yemen
South Africa’s MTN Group recently released an application for mobile phones called MTN Homeland that allows users to send money or airtime to 17 countries from Europe. The service allows cash remittances to Cameroon, Congo Brazzaville, Ghana, Guinea Conakry, Rwanda and Uganda. It also allows the sending of
MICROCAPITAL BRIEF: Canada, UN Collaborate on Women Entrepreneurs’ Access to Microfinance, Technology in Bangladesh
As part of a five-year, six-country effort, Catalyzing Women’s Entrepreneurship: Creating a Gender-responsive Entrepreneurial Ecosystem, the governments of Bangladesh and Canada are collaborating with the UN to create an enabling environment for women in business. With the goal of supporting “poverty reduction, social well-being and
MICROFINANCE EVENT: Microfinance Summit: “Empower Tech Innovations & Mobile Digital Channels”; February 6 – 7, 2020; Rome, Italy
With the theme to “empower tech innovations and mobile digital channels,” this summit will enable participants to explore the impact of insurance technology (insurtech) innovations, “cloud tech-innovations [that] automate…credit scoring and loan application processes” and other efforts toward “improving customer experience in [the] microfinance sector.”
MICROCAPITAL BRIEF: FinTech Lab Accelerator Accepting Applications from Startups in Pakistan Through January 31
The publicly traded National Bank of Pakistan, the Pakistan-based consultancy Trioca Ventures and the Asia, Pacific, Middle East and Africa (APMEA) division of Fern Software recently launched the National FinTech Lab (NFL) Accelerator Program for financial technology (fintech) startups in Pakistan. The 15-week program offers a platform for selected startups to develop a working proof-of-concept of their financial solutions integrated real-time with Fern Software’s core banking system. Participating firms will also collaborate with
MICROFINANCE PAPER WRAP-UP: “Handbook on Consumer Protection for Inclusive Finance,” published by Center for Financial Inclusion, New Perimeter
“Handbook on Consumer Protection for Inclusive Finance,” by the Center for Financial Inclusion (CFI) at Accion and New Perimeter, October 2019, 91 pages, available at https://www.centerforfinancialinclusion.org/handbook-on-consumer-protection-for-inclusive-finance
This handbook highlights the importance of having a robust legal and regulatory framework in place to ensure the protection of low-income consumers of financial services via new delivery channels. It is intended to supplement the seven Consumer Protection Principles developed by CFI’s Smart Campaign by highlighting legal
MICROFINANCE EVENT: FINNOSUMMIT, Connecting Fintech Leaders Across LatAm; December 3 – 4, 2019; Miami, Florida, USA
FINNOSUMMIT, whose name refers to the concept of a “Fintech and Insurtech Innovator Summit,” brings together those interested in new ideas in financial technology (fintech) and insurance technology (insurtech) in Latin America. The session topics include: Forging the Future of Money with Fintechs: Visa’s Vision for the Next Five Years of Payments Innovation; Blockchain as Payments Infrastructure;
MICROFINANCE EVENT: The Jobs Conference; December 9 – 10, 2019; New Delhi, India
The Jobs Conference 2019 will gather stakeholders to discuss problems in India’s labour market. The event will cover topics ranging from “inclusion of the LGBT [Lesbian, Gay, Bisexual and Transgender] community” to the impact of “automation, digitalization, artificial intelligence and robotics.”
SPECIAL REPORT: SheInvest to Deliver $1.1b to Women in Africa, Access Bank’s “Beta Friends” Bringing Digital Savings to Market Sellers, Women Move Slowly to Mobile Money: All at European Microfinance Week
At
Friday’s session on gender and financial inclusion during European Microfinance Week, Enrico Pini of the European Investment Bank (EIB) argued that, “It’s smart business,” to boost opportunities for women. Such is the motivation for EIB’s SheInvest program, which is scheduled to mobilize EUR 1 billion (USD 1.1 billion) to invest in entrepreneurship, financial inclusion, digital inclusion and climate-resilience efforts for African women.
Njideka Nwabueze of Nigeria’s Access Bank described her company’s product, “Beta,” which translates as “Good” in the local language. She said that many poor women use informal savings schemes because they do not believe that banks offer products that meet their needs. One of these women’s priorities is easy access to funds. Women who sell products in a market, for example, risk losing a good selling spot if they leave during the day to visit a bank. Also, bank lines can be very long.
This is why, six years ago, Access launched Beta, an interest-bearing savings account that leverages mobile money but is
MICROCAPITAL BRIEF: CBSI, SINPF Launch LoMobile, Offering Digital Access to youSave Accounts for Self-employed Workers in Solomon Islands
The Central Bank of Solomon Islands (CBSI) and the Solomon Islands National Provident Fund (SINPF), a government-backed retirement trust, recently launched LoMobile, a digital savings channel that allows SINPF account holders to
MICROCAPITAL BRIEF: Angaza, SIMA Launch Distributor Financing Fund for Off-grid Solar Power
Angaza, a provider of “pay-as-you-go” metering technology, and US-based Social Investment Managers and Advisors (SIMA), recently announced the launch of the SIMA Angaza Distributor Financing Fund (DFF), an investment vehicle that will lend to distributors of off-grid solar energy equipment. The partners expect the use of Angaza’s data tools by DFF’s partner distributors to
SPECIAL REPORT: “Trend Toward Rigor,” Microfinance Barometer, Financial Inclusion Compass Offer Views of the Past, Future at European Microfinance Week
At this week’s session titled “Looking Back / Looking Ahead” at European Microfinance Week, the European Microfinance Platform (e-MFP) officially launched the second Financial Inclusion Compass, a survey indicating the top trends in financial inclusion are: (1) digital transformation (institutional-side); (2) client protection; (3) digital innovation (client-side); (4) regulatory environments; and (5) social performance / impact measurement. Meanwhile, the document identifies the following as top “areas of focus:” (1) agri-finance; (2) climate change; (3) finance for small and medium-sized enterprises (SMEs); (4) finance for displaced populations; and (5) finance for youth.
Sam Mendelson of e-MFP notes that financial services providers (FSPs) responding to the Compass are more interested in
SPECIAL REPORT: MFR Launching Atlas Platform to Unify Data on Financial Performance, Social Performance, Pricing, Client Protection: a Preview at European Microfinance Week
Today, on the opening day of European Microfinance Week in Luxembourg, Lucia Spaggiari and Aldo Moauro of MicroFinanza Rating (MFR) described Atlas, a platform for collecting and analyzing data on microfinance. Atlas offers data on financial performance, social performance, pricing and client protection. The data sources include a range of data types from MFR, as well as pricing data from the now-closed NGO MicroFinance Transparency. These cover about 550 financial services providers (FSPs), including microbanks, financial technology (fintech) lenders, and
MICROCAPITAL BRIEF: TVL Launches M-Vatu Mobile Money in Vanuatu
Telecom Vanuatu Limited (TVL), a mobile network operator in Vanuatu, recently launched the mobile money service M-Vatu with technical and financial assistance from the UN’s Pacific Financial Inclusion Programme (PFIP) and the Australian government. The platform, which allows users to
SPECIAL REPORT: Harnessing Digital Finance, Protecting Consumers at the UNCDF/SAM Night for Digital and Inclusive Finance
During 
the recent UNCDF/SAM Night for Digital and Inclusive Finance, UN eTrade for Women Advocate Patricia Zoundi-Yao discussed the importance of agriculture to Burkina Faso as well as West Africa in general. She noted that 80 percent of the fruits and vegetables cultivated in the region are grown by women. She argued that these farmers need support to minimize pesticide use and reduce the clearing of forests. For example, Ms Zoundi-Yao suggests that governments guarantee the purchase of farmers’ crops. Regarding digital financial services, she proclaimed, “No one is to be left behind by this revolution!”
Hermann Messan of the UN Capital Development Fund (UNCDF) explained how internet access can help farmers learn about agricultural best practices, check the weather to time their application of fertilizer, apply for loans and insurance, check crop prices, and purchase running time for
MICROFINANCE EVENT: Africa Aid & Humanitarian Finance Conference; November 19 – 20, 2019; Nairobi, Kenya
This event will focus on financial solutions for humanitarian work beyond donor funding. The conference and exhibition will touch on topics such as
SPECIAL REPORT: Solar Kits for Reselling Power, Internet Access; Staff Training by Subscription; Free Business Planning Software on Offer as 30 Firms Showcase Inclusive Finance Products at SAM Innovators’ Village (Part Two)
Thirty organizations shared their latest products during the Innovators’ Village at the SAM conference held recently in Burkina Faso. Among these was Qotto, a provider of kits that bring solar power and internet to off-grid households. The kits include battery packs and can be used to run appliances such as lamps, televisions and telephone chargers. The system includes an app for tracking usage and allowing Qotto and the owner to share revenue from selling phone recharges or wireless internet access to neighbors.
Eclectics International offers a core banking system for financial services providers (FSPs) that was designed “by Africans for the African market.” Its features allow for loan disbursal via mobile money, as well as integration with