Kenya’s Sumac Microfinance Bank recently secured a three-year loan of USD 2 million from Spark+ Africa Fund, an investor in “modern energy solutions.” Sumac is to use the funds to expand its Kawi product, which funds solar panels, fuel-efficient stoves and biogas digesters. Sumac’s partners include Kenya’s Burn Manufacturing and Mexico-based
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MICROFINANCE EVENT: Africa Banking & Finance Conference; November 22-23, 2022; Nairobi, Kenya
Themed “Growth Drivers: Risks Controls,” this event will focus on increasing organizations’ ability to manage uncertainty. The draft agenda features hybrid sessions including
MICROCAPITAL BRIEF: I&M Bank of Kenya Secures $15m Guarantee from FMO to Support MSME Growth
Investment and Mortgages (I&M) Bank, a subsidiary of Kenya-based I&M Group, recently signed an agreement with Financierings-Maatschappij voor Ontwikkelingslanden (FMO), a Dutch development bank, whereby FMO will deploy a guarantee from its Nasira risk sharing facility to encourage USD 15 million in lending by I&M Bank to
MICROCAPITAL BRIEF: ElectriFI, Oikocredit Invest $8m in Equity in Solar Panda to Expand Electricity Access for Off-Grid Communities in Kenya
The government-funded Electrification Financing Initiative (ElectriFI) and Dutch cooperative investor Oikocredit recently announced equity investments in Solar Panda, a Canada-based provider of solar technology to households in Kenya. The goal of
MICROCAPITAL BRIEF: Juhudi Kilimo, Rural MFI in Kenya, Sells 39% Equity Stake to Nordic Microfinance Initiative for $3.1m
Nordic Microfinance Initiative (NMI), a Norway-based public-private partnership that supports microfinance institutions (MFIs) in developing countries, recently paid USD 3.1 million to acquire a 39.4 percent stake in Juhudi Kilimo, a Kenyan microlender offering
MICROCAPITAL BRIEF: Oikocredit Loans Ecoligo $5.7m to Fund Solar Energy for 15 SMEs, NGOs in Ghana, Kenya
Oikocredit, a Dutch cooperative investor, recently loaned EUR 5 million (USD 5.68 million) to Ecoligo, a German firm that provides solar-as-a-service solutions, to expand its operations in Ghana and Kenya. The loan is to finance solar energy equipment that will provide power to 15 clients, which will pay Ecoligo for the power on a monthly basis. Siebren Wilschut, an investment officer at Oikocredit, said,
MICROFINANCE EVENT: Africa Tech Summit; February 23-24, 2022; Nairobi, Kenya
This event is organized as three sub-events on decentralized finance (DeFi), startup companies and mobile technology. The Africa Money & DeFi Summit will cover technologies such as
MICROCAPITAL BRIEF: Grameen Crédit Agricole Foundation Lends Kenya’s Sumac Microfinance Bank Equivalent of $2.2m in Local Currency
The Grameen Crédit Agricole Foundation, a Luxembourg-based investor in “financial inclusion and entrepreneurship with social impact,” has loaned the local-currency equivalent of USD 2.2 million to
MICROCAPITAL BRIEF: BOA Kenya Nets IFC Guarantee for Lending to Women-led, Climate-focused SMEs; Potential Performance-based Incentives
The International Finance Corporation (IFC), a member of the World Bank Group, recently announced a partnership with Bank of Africa (BOA) Kenya to expand its lending to women-led and climate-focused small and medium-sized enterprises (SMEs). IFC will reimburse BOA Kenya for
MICROCAPITAL BRIEF: Tugende Raises $17m in Debt from Symbiotics, Goldfinch, Nordic Microfinance Initiative, Lendahand to Expand Vehicle, Equipment Financing for MSMEs in Kenya, Uganda
Tugende, a financial technology (fintech) firm specializing in vehicle finance in Uganda and Kenya, recently raised USD 17 million in debt funding. The firm plans to use USD 12 million of the fresh cash to support growth in
MICROCAPITAL BRIEF: DFC Approves $9m, 10-year Loan to Apollo Agriculture of Kenya
Kenya-based Apollo Agriculture, a technology company that works with small-scale farmers to boost their profits, recently agreed to borrow USD 9.5 million for up to 10 years from the government-backed US International Development Finance Corporation (DFC). Apollo provides the following services in Kenya,
MICROFINANCE EVENT: Sankalp Africa Summit; March 1-4, 2022; Nairobi, Kenya
In parallel with its sibling Sankalp events that have a global or Southeast Asian focus, this forum is intended to “leverage the knowledge and networks from entrepreneurs, investors, corporations and policymakers” to promote “development through entrepreneurship and innovation.” The theme for the ninth Sankalp Africa Summit is “mainstreaming impact” to create
MICROCAPITAL BRIEF: Co-operative Bank of Kenya, European Investment Bank Announce $56m Investment for SMEs Impacted by COVID-19 Pandemic
The EU’s European Investment Bank (EIB) and the Co-operative Bank of Kenya, a publicly traded commercial and investment bank, recently partnered to channel EUR 50 million (USD 56 million) to Kenyan “companies active in sectors most challenged by the COVID-19 pandemic.” In particular, the line of credit from EIB will enable firms with up to 250 employees to access
SPECIAL REPORT: Sidian Bank Lends $4.5m for Water, Sanitation, Hygiene (WASH) to MSMEs in Kenya with Support from Aqua for All
During today’s case study presentation on Water, Sanitation and Hygiene (WASH), Loise Mwangi of Kenya’s Sidian Bank shared her institution’s success in providing pandemic-relief loans for WASH equipment. Sidian lent about half of the funds, which total the equivalent of USD 4.7 million, to small and medium-sized WASH re-sellers, and the other half to
MICROCAPITAL BRIEF: Grameen Credit Agricole Foundation Lends Local Currency Worth $1.5m to Yehu of Kenya, ASA Microfinance Rwanda
The Grameen Credit Agricole (GCA) Foundation, whose head office is in Luxembourg, has announced the disbursal of the following local-currency loans: to Kenya’s Yehu the approximate equivalent of USD 888,000 and to
MICROCAPITAL BRIEF: Oikocredit Lends $9m to Sidian Bank for SMEs in Kenya
Oikocredit, a cooperative investor based in the Netherlands, recently lent KES 990 million (USD 8.9 million) to Kenya’s Sidian Bank for on-lending to small and medium-sized enterprises (SMEs). Sidian is a commercial institution with 42 branches offering corporate services,
MICROFINANCE EVENT: Africa SACCOs Week; April 25-27, 2022; Nairobi, Kenya
Africa SACCOs Week focuses on the development of Savings and Credit Co-Ooperatives (SACCOs) in Africa. A SACCO is a “member-based financial institution which operates on cooperative values, identity and principles, which include social responsibility, openness, honesty and caring for each other.” The theme of this year’s conference is
MICROCAPITAL BRIEF: IFC, FMO Loaning $50m to I&M Bank to Support SMEs in Kenya
The International Finance Corporation (IFC), the private-investment arm of the World Bank Group, along with Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO), a Dutch public-private partnership, recently announced a loan package of USD 50 million for I&M Bank Limited, which is owned by the Kenya-based I&M Group. The funds are intended to