MICROCAPITAL BRIEF: Bangko Sentral ng Pilipinas: Filipino Microfinance Borrowing Increases to $170m

Bangko Sentral ng Pilipinas (BSP), the Filipino central bank, reportedly has announced that microfinance borrowing in the country has increased from PHP 6.5 billion (USD 151.7 million) in 2010 to PHP 7.3 billion (USD 170.3 million) as of November 2011. This includes data from 202 microfinance institutions in the country, mostly based in and around the Manila metropolitan area.The total number of borrowers at these institutions has increased from 932,622 in 2010 to 979,353. 

MICROCAPITAL BRIEF: Co-operative Bank of UK Launches “Global Development Co-operative” Initiative to Finance Coops in Developing Countries in Runup to 2012, UN International Year of Cooperatives

The Co-operative Bank, a unit of UK-based consumer cooperative The Co-operative Group, has launched an initiative named Global Development Co-operative (GDC) to provide finance to cooperatives in developing countries [1].

MICROCAPITAL BRIEF: Microfinance Bank Compartamos of Mexico Seeking Acquisitions in Microinsurance, Mobile Banking Arenas

Mr Fernando Alvarez Toca, chief executive officer of the Mexican microfinance bank Compartamos Banco, reportedly has said that the bank is seeking to venture into “alternative products” such as microinsurance and mobile banking during 2012 either “through acquisitions in different countries or through organic growth” [1].

MICROCAPITAL BRIEF: Alliance for Financial Inclusion’s Global Policy Forum Concludes with Signing of Maya Declaration on Financial Inclusion

The Alliance for Financial Inclusion (AFI), a Thailand-based network of policymakers that works towards increasing access to financial services for poor people, concluded its Global Policy Forum in Mexico recently with representatives of central banks and financial regulators from developing countries signing the Maya Declaration on Financial Inclusion [1].

MICROCAPITAL BRIEF: European Commission Publishes “European Code of Good Conduct for Microcredit Provision”

The European Commission (EC), the executive body of the European Union (EU), has recently published the “European Code of Good Conduct for Microcredit Provision” that provides guidelines and standards to microcredit stakeholders in the EU to support the sector in “facing the challenges of accessing long-term finance, maintaining and raising the quality of services and moving towards sustainability” [1] [2].

MICROCAPITAL BRIEF: Digicel Pacific Launches Remittance Service Connecting New Zealand with Tonga, Fiji, Samoa

Digicel Pacific Limited, a unit of Jamaica-based mobile phone network operator Digicel Group Limited, recently launched an international remittance service called Digicel Mobile Money to allow people living in New Zealand to send money to any Digicel mobile phone in Tonga, Fiji and Samoa [1].

MICROCAPITAL BRIEF: Reserve Bank of India (RBI) Introduces New Category of Non-Banking Financial Company (NBFC): NBFC–Microfinance Institution

A recent document published by the Reserve Bank of India (RBI), India’s central banking authority, introduces a standalone category for “non-banking financial company—microfinance institutions” (NBFC-MFIs) as was proposed by the Malegam Committee, an RBI-appointed panel headed by RBI board member YH Malegam.

MICROCAPITAL BRIEF: Microfinance Institutions (MFIs) in Nepal Request Establishment of Credit Bureau

As borrowers in Nepal reportedly have begun receiving loans from multiple microfinance institutions (MFIs), MFIs in the country have requested that a credit information bureau be created to allow them to share information on potential clients to avoid duplicative lending.

MICROCAPITAL BRIEF: Indian Microfinance Institutions (MFIs) Spandana Sphoorty Financial, Share Microfin, Asmitha Microfin Call Off Merger After Restructuring Plans Approved

Three Indian microfinance institutions (MFIs), Spandana Sphoorty Financial, Share Microfin and Asmitha Microfin, have reportedly cancelled a potential merger on which MicroCapital had reported in August.

MICROCAPITAL BRIEF: Steve Hollingworth to Succeed Chris Dunford as President and CEO of Freedom from Hunger, Says “Microfinance Groups can Serve as Catalyst for Major Changes”

Freedom from Hunger, a US-based nonprofit, recently announced that Mr Steve Hollingworth will be the new president and chief executive officer (CEO) of the organization after the retirement of Mr Chris Dunford who has held the position for approximately 20 years [1].

MICROCAPITAL BRIEF: Inter-American Development Bank (IDB) Group’s Multilateral Investment Fund (MIF) to Loan $7m to Root Capital and Microfinance Institutions FIDERPAC of Costa Rica, ASDIR of Guatemala; Announces $7m Equity Investment in CoreCo Central America I Fund; Rolls Out Psychometric Risk Assessment Tool

The Multilateral Investment Fund (MIF), a member of the US-based Inter-American Development Bank (IDB) Group, recently announced it will lend USD 4.9 million to US-based Root Capital, provides capital, financial education and market connections to small and growing businesses in Latin America and Africa [1].

MICROCAPITAL BRIEF: Paris Commercial Court Dismisses Petition Filed Against Socially Responsible Investment Platform MICROFIS by Microfinance Nonprofit PlaNet Finance, PlaNIS responsAbility SAS

In a recent press release, Microfinance Investment Services (MICROFIS), a France-based market platform for investors in “responsible finance,” reports that the Paris Commercial Court has dismissed a petition against MICROFIS that was filed jointly by two France-based organizations: PlaNet Finance, a nonprofit that works to alleviate poverty through microfinance, and social investment advisory firm PlaNIS responsAbility SAS, which is held by PlaNet Finance, Switzerland’s responsAbility Social Investments AG and Natixis Asset Management of France [1][2].

MICROCAPITAL BRIEF: Microfinance Investor BlueOrchard Releases 2011 Social Performance Data

BlueOrchard, a commercial microfinance investment company based in Switzerland, has released its annual social performance report for 2011, which presents the social impact of its investments in approximately 75 microfinance institutions (MFIs).

MICROFINANCE PAPER WRAP-UP: Microfinance and the Role of Policies and Procedures in Saturated Markets and During Periods of Fast Growth, by Adrian Gonzalez and Emmanuelle Javoy, published by, Microfinance Information Exchange, Planet Rating

Published by the Microfinance Information Exchange & Planet Rating, MicroBanking Bulletin, September 2011, 10 pages, available at: http://www.themix.org/sites/default/files/MBB-%20microfinance%20and%20the%20role%20of%20policies%20and%20procedures%20in%20saturated%20markets_1.pdf