Following is a summary of a paper by Imelde Adjaffon, Gera Voorrips, published by Triple Jump, April 2018, 5 pages, available at:
https://triplejump.eu/wp-content/uploads/2018/05/How-Microfinance-is-Navigating-the-Fintech-Revolution-in-Africa-1.pdf
In July 2017, Triple Jump surveyed 17 microfinance institutions (MFIs) in Africa with the goal of learning more about “how MFIs view Fintech [financial technology], its potential uses, the drivers, challenges
The Netherlands Development Finance Company, a public-private bank also known by its Dutch acronym FMO, recently provided a convertible grant – meaning FMO can acquire equity in the firm at no further cost, depending on its future success – in the amount of EUR 500,000 (USD 586,000) to Milan InnoVincy (MI), a Netherlands-based consultant to smallholder farmers, primarily in Rwanda
Event Summary: With the goal of fostering “collaboration and co-development opportunities in the fintech [financial technology] sector between Silicon Valley and Latam and US Hispanic companies,” this event will cover topics such as mobile commerce, investing in fintech firms and digital
A microfinance investment vehicle of Belgium’s Incofin Investment Management, agRIF, recently paid an undisclosed sum to acquire a 10-percent stake in Inecobank, a commercial bank in Armenia whose mission is “to promote private sector development acting as a
Based on assessments conducted by Italy-based MicroFinanza Rating, five organizations in Africa and Pakistan have earned the first GSMA Mobile Money Certifications, verifying their ability “to deliver secure and reliable services, to protect the rights of consumers and to
Summary of Event: This sixth iteration of this event centers on maximizing social impact in Asia through investing and philanthropy. The topics are to include “strategic philanthropy,” investing in education and healthcare, investing with a gender lens, government policy implications, and
The Switzerland-based Aga Khan Agency for Microfinance (AKAM) recently informed MicroCapital that one of its affiliated microfinance institutions, Premiere Agence de MicroFinance (PAMF) Madagascar, has begun offering mobile savings and lending services in partnership with Orange Money, a unit of French telecom Orange Group. This M-kajy service allows customers to use their mobile phones to open savings accounts and apply for loans “with no need for
Summary of Event: The theme of this conference is facilitating development in Africa by empowering entrepreneurs across the continent. The topics include Challenges and Opportunities for Innovation in Africa; Building a Resilient and Competitive Economy for Africa’s Future; 21st Century African Cities; Financing and Scaling up
From the European Microfinance Platform (e-MFP):
The 2018 Award “Financial Inclusion through Technology” is intended to highlight how financial services providers can use technology innovations to expand outreach, broaden product offerings, improve the client experience, and increase operating efficiency, all guided by an unwavering focus on socially responsible finance. All applications must be supported in writing by an e-MFP member. The closing date for applications has been extended to the 30th of May 2018, 23:59 CET.
The European Microfinance Award is
Verdant Capital, a Mauritius-based corporate finance firm operating in Africa, recently raised local currency totaling the equivalent of USD 7.5 million from unspecified international investors for South Africa’s Retail Capital to expand its merchant cash advance business. Retail lends to small and medium-sized enterprises (SMEs), which make repayments on the loans daily, based on
MicroCapital: Each year, the European Microfinance Award covers a different theme. Why technology and why now?
Christoph Pausch: We are at a fascinating time in the evolution of financial inclusion. A whole new range of technology-enabled solutions has the potential to reduce costs, improve efficiencies, facilitate communication and remove artificial borders for people who have been excluded from the formal economy. These solutions include credit, insurance, savings, payments and transfer services. As a strengthening alternative to cash, mobile money can have special benefits for women, rural communities and the very poor. Among the Award applicants, we hope and expect to see a real diversity of financial services providers beyond traditional MFIs, such as
Malaysian credit scoring firm Ctos recently partnered with LenddoEFL, an alternative credit scoring firm with offices in Singapore and the US, to increase the number of people and small businesses for which it can supply credit evaluations. The usage of alternative data can also improve the credit scores of
“Microfinance for Housing: Building New Foundations in Housing Microfinance;” by Sam Mendelson, Katarzyna Pawlak, Ewa Bankowska, Gabriela Erice and Daniel Rozas; published by the European Microfinance Platform; April 2018; 40 pages; available at http://www.e-mfp.eu/sites/default/files/resources/2018/04/European%20Dialogue%20no_12_web_0.pdf
This report presents the status, trends and potential of the housing portion of the microfinance sector, including case studies of the 10 semi-finalists for the 2017 European Microfinance Award. In addition to content specific to the eight past European Microfinance Awards, the authors outline the status of low-income housing globally and discuss why housing microfinance has been slow to develop.
To help service providers address the lack of affordable housing worldwide, they identify the following
In 2009, India launched the world’s largest IT project, i.e. the Aadhaar biometric identification program. The program is intended to drive social and financial inclusion, reform public-sector service delivery, improve fiscal management, increase convenience, etc. An Aadhaar number can be viewed as a permanent financial address. Considering that almost the entire Indian population is now enrolled in Aadhaar – the underprivileged as well as the rich – it also can be viewed as a tool for justice and equality.
The program consists of
The Inter-American Development Bank (IDB), a member of the US-based IDB Group, recently announced that it is launching a Retirement Savings Laboratory to pilot-test and evaluate approximately 15 methods for encouraging “low-income and independent workers” to save for retirement. The goal is to get 400,000 people to begin saving “through interventions based on behavioral economics and the use of new technologies.” Further, according to Carmen Pagés, the chief of the Labor Market Division of IDB, “IDB wants to generate reliable evidence, through rigorous impact
Twiga Foods, a distributor of produce to 2,600 kiosks in Kenya, recently began lending to its customers to enable them to purchase more inventory. The loans to the owners of the kiosks, known in Swahili as mama mbogas, are distributed via SMS (short message service, also known as text messaging). The system, which was designed by local staff of US-based technology firm IBM, assesses a customer’s creditworthiness based on his or her “purchase records from a mobile device.” It records data using blockchain technology, which has advantages relating to transparency, security and speed.
During an eight-week pilot phase, 220 owners of mama mbogas borrowed an average amount equivalent to
Kaebauk Investimentu no Finansas (KIF), a non-banking financial institution in Timor-Leste, is partnering with the World Bank Group’s International Finance Corporation (IFC) to develop a mobile banking system with a “special focus on women.” The goal is to reach 50,000 people, including 10,000 farmers by
From the European Microfinance Platform (e-MFP):
The 2018 European Microfinance Award on “Financial Inclusion through Technology”
The 2018 Award intends to highlight how financial services providers can use technology innovations to expand outreach, broaden product offerings, improve the client experience, and increase operating efficiency, all guided by an unwavering focus on