Access Bank Botswana, a subsidiary of the Nigeria-based Access Bank Group, recently agreed to borrow USD 20 million from the Organization of the Petroleum Exporting Countries (OPEC) Fund for International Development to on-lend to micro-, small and medium-sized enterprises (MSMEs), with USD 6 million of the total
MICROCAPITAL BRIEF: TASC Borrows $3.5m from Spark+ Africa to Fund 90k Cookstoves, Reduce Carbon Emissions in Rural Zambia
Spark+ Africa Fund, a partnership of Switzerland-based Enabling Qapital and the Dutch NGO Stichting Modern Cooking (SMC), recently lent USD 3.5 million to The African Stove Company (TASC), which is based in Jersey, to sell 90,000 cookstoves in rural Zambia. Spark+ Africa raised the funds from the sale of “several million tons
MICROCAPITAL BRIEF: Ualá App Offers Saving Account Paying 9% Interest in Mexico
Ualá, a financial technology (fintech) firm based in Argentina, recently unveiled a savings account in Mexico that promises a one-year yield of 9 percent. With the annualized inflation rate in Mexico at 6 percent during May,
MICROFINANCE EVENT: Climate Investment Summit; June 28, 2023; London, UK
As part of London Climate Action Week, this event is focused on investment that helps companies adapt to and mitigate climate change. Session titles include:
MICROFINANCE EVENT: Grow to Zero Conference; June 26-27, 2023; London, UK
Themed “Catalysing Finance for Impact,” this event will cover ways of leveraging blended finance, carbon markets and digitisation to enable transition to net-zero emissions and other forms of sustainable development. The agenda features sessions such as: (1) Challenges to 2030: How to Finance
MICROCAPITAL BRIEF: Satya of India Borrowing $35m from FMO, Finnfund for Microfinance for Rural Women, Youth – Including to Enable Green Transition
Satya MicroCapital, an India-based microfinance institution (MFI), recently borrowed the local-currency equivalent of USD 25 million from the Dutch development bank Financierings-Maatschappij voor Ontwikkelingslanden (FMO) and USD 10 million from Finnfund, a development finance institution controlled by the government of Finland. The funding is intended to
MICROCAPITAL BRIEF: Sun King Raises $130m for Pay-as-you-go Solar in Kenya, Citi is Sole Arranger
With the goal of expanding access to off-grid solar energy in Kenya, the US-based solar products firm Sun King recently won a loan securitization denominated in Kenyan shillings equivalent to USD 130 million. Among the private participants are
MICROFINANCE EVENT: Africa Impact Summit; July 13-14, 2023; Cape Town, South Africa
With a focus on impact investing, this event will explore how to build markets in Africa as well as pipeline opportunities and challenges. The agenda includes sessions such as: (1) Investing in SMEs [Small and Medium-sized Enterprises] and Start-ups; (2) Systems and Design Thinking for
MICROCAPITAL BRIEF: Credit Bank, FSD Kenya Engaging SACCOs in Effort to Reduce Remittance Costs for Rural Kenyans
The UN’s International Fund for Agricultural Development (IFAD) recently announced a pair of programs that will operate in Kenya under the EU’s Platform for Remittances, Investments and Migrants’ Entrepreneurship in Africa (PRIME Africa). In particular, IFAD will fund
MICROCAPITAL BRIEF: She WINS Africa Program to Empower Women-led Startups
Women-led startups in sub-Saharan Africa are invited to apply for the “she Wins Africa” programme of the International Finance Corporation (IFC), a member of the World Bank Group. IFC plans to select 400 firms to receive training, mentorship, and
MICROCAPITAL BRIEF: First Consult, Mastercard Foundation, Seek to Create 400k Jobs in Ethiopia via Access to Finance, Wraparound Support for MSMEs, Entrepreneurs
Ethiopia’s First Consult and the Canada-based Mastercard Foundation recently launched a programme intended to increase financial inclusion and support 72,000 micro-, small and medium-sized enterprises (MSMEs) in Ethiopia to
MICROCAPITAL BRIEF: Elm of Saudi Arabia Partners with IrisGuard to Bring Biometric Identification to Government-to-person (G2P) Payments in Africa, Asia
IrisGuard, a UK-based payment processor that uses the iris of the human eye to identify recipients, recently partnered with Elm Company, an instrument of the Saudi Arabian government, to use biometric identification when distributing
MICROCAPITAL BRIEF: Axis Launches axisPay Mobile Money App for Small Businesses in Egypt
The Egypt-based firm axis recently launched its mobile banking app axisPay, after raising USD 8.25 million in seed funding in 2021. The app targets small enterprises and their employees, though a version for individual users is being tested. Among the app’s functions are to
MICROCAPITAL BRIEF: EIB Loans $214m to Sicredi for Solar Panels for Households, SMEs in Brazil
Banco Cooperativo Sicredi, a Brazil-based financial cooperative owned by its 6.5 million members, recently agreed to borrow EUR 200 million (USD 214 million) from the EU’s European Investment Bank (EIB). Sicredi plans to use the capital to equip houses and
MICROFINANCE EVENT: 8th Annual Symposium of the Nigerian Microfinance Platform; June 20-21, 2023; Lagos, Nigeria
This event is meant to serve as a platform for collaboration and the exchange of knowledge in support of financial inclusion. The agenda includes case studies, research and commentary from
MICROCAPITAL BRIEF: Uzpromstroybank (UzPSB) Borrowing $15m from EBRD for SMEs in Uzbekistan
The multilateral European Bank for Reconstruction and Development (EBRD) recently agreed to provide a two-year loan in local currency equivalent to USD 15 million to the Uzbekistani bank Uzpromstroybank (UzPSB) for on-lending to small and medium-sized enterprises (SMEs) in the country. Contingent on the performance of the wholesale loan, EBRD is planning to
MICROCAPITAL BRIEF: SBFC Raises $18m from Amansa for On-lending to Small Businesses, Households in India
SBFC Finance, a lender based in the Indian city of Mumbai, recently raised INR 1.5 billion (USD 18.3 million) in a sale of stock to Amansa Capital, a Singapore-based private equity firm. The transaction came ahead of SBFC’s planned IPO, which is slated to have a total value of INR
MICROCAPITAL BRIEF: KEPFIC Member Pension Funds Invest $61m in Acorn Holdings, Kenya Mortgage Refinance Company (KMRC) to Boost Affordable Housing
Kenya’s Acorn Holdings Africa and the Kenya Mortgage Refinance Company (KMRC) recently won investments from members of the Kenya Pension Funds Investment Consortium (KEPFIC), a group of funds that collaborate to invest in alternative assets. In particular, KEPFIC pension funds placed