American International Group, Inc. (AIG) and ACCION International announced a $5.25 million, three-year partnership at the Clinton Global Initiative. AIG will work with ACCION to develop products that serve the financial needs of poor entrepreneurs. Examples include remittances and savings products, micro-insurance, and housing loans.
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ACCION International Announces the Gateway MicroFinance Infrastructure Fund
ACCION International has launched the Gateway MicroFinance Infrastructure Fund (GMI), a new equity fund to “identify and support ventures that can enhance the productivity and performance of microfinance institutions (MFIs).” GMI is unique among the over 70 funds which currently make equity investments in microfinance since it will not directly invest in MFIs; rather, it will channel funds to technology and information service companies which deal with areas such as software, payment systems, and ratings.
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Microfinance Investment from Paris to Casablanca: What’s the Difference? After Recent Riots, PlaNet Finance Eyes Home Market Like U.S. ACCION International
PlaNet Finance, a French non-profit, will begin domestic microfinance efforts, a new line of business for that organization.
MICROFINANCE EVENT: Vision Fund Zambia, Financial Sector Deepening Zambia to Host Online Event on Savings Groups, Microfinance Institutions During Center for Financial Inclusion’s FI2020 Week
Event Name: Zambia Event, FI2020 Week
Event Date: 8 AM – 4 PM CAT, November 4, 2015
Event Location: Online
Event Cost: Free
MICROCAPITAL BRIEF: India’s Muthoot Microfin to Raise $80m from Private Equity Investors for Expansion, Infrastructure Expense
Muthoot Microfin Limited, a microlending member of the Muthoot Pappachan Group (MPG), which is based in the state of Kerala, India, announced recently that it plans to raise INR 5 billion (USD 80 million) from private equity investors to fund the company’s capital expenditure, infrastructure and expansion plans.
MICROCAPITAL BRIEF: Muthoot Finance, FIS to Bring Automated Teller Machines (ATMs) to Rural India
Muthoot Finance, an Indian non-banking finance company (NBFC) that offers money transfers and loans using gold items as collateral, recently partnered with Fidelity National Information Services (FIS), a US-based banking and payment technology provider, to introduce Muthoot-branded automated teller machines (ATMs) in rural areas of India.
MICROCAPITAL BRIEF: Financial Supervisory Commission (FSC) of Taiwan Encourages Banks to Reduce Microcredit Transaction Fees
The Financial Supervisory Commission (FSC) of Taiwan, the government agency charged with regulating the island’s insurance and banking sectors, reportedly has encouraged banks to reduce the fees they charge on microcredit loans in Taiwan.
MICROCAPITAL BRIEF: Accion’s Frontier Investments Invests Equity in Britain’s Eseye, Provider of Machine-to-Machine “M2M” Services That Can Facilitate Utility Service to Low-Income Households
Accion’s Frontier Investments Group, a venture-equity initiative that seeks to invest in companies serving financially excluded populations, has invested an undisclosed amount in Eseye Limited, a UK-based machine-to-machine (M2M) technology provider, during Eseye’s series-B financing round, which raised a total of USD 9 million.
MICROCAPITAL BRIEF: National Housing Bank (NHB) of India Approves Muthoot Finance to Offer Home Mortgages
The National Housing Bank (NHB), the Indian governmental agency that oversees housing finance, reportedly has granted Muthoot Finance, an Indian non-banking finance company (NBFC) that lends using gold items as collateral, approval to begin providing housing finance services.
MICROFINANCE PUBLICATION ROUND-UP: Over-indebtedness in Mexico; Achieving Customer Centricity; Managing Over-indebtedness
“Over-Indebtedness in Mexico: Its Effect on Borrowers;” published by Microfinance CEO Working Group; May 2014; 32 pages; available at http://microfinanceceoworkinggroup.org/wp-content/uploads/2014/05/Over-Indebtedness-in-Mexico-Its-Effect-on-Borrowers-552014.pdf
This report cautions lending institutions in Mexico about rising levels of over-indebtedness – meaning more borrowers cannot reasonably repay their debts – which can threaten the financial system as well as the economic outlook of low-income individuals.
MICROCAPITAL BRIEF: Yes Bank’s Sampann, Housing Development Finance Corporation (HDFC) Bank Use “Doorstep” Banking in Rural India
Two private commercial banks based in the Indian city of Mumbai, Yes Bank and the Housing Development Finance Corporation (HDFC) Bank, reportedly have started using “doorstep” banking in rural India to reach more customers by offering services such as credit, savings and insurance at customers’ homes.
MICROCAPITAL BRIEF: Incofin Investment Management’s Rural Impulse Fund (RIF) Acquires 15% Equity Stake in Financiera El Comercio (FIELCO) From Accion Gateway Fund
Rural Impulse Fund II (RIF II), which is managed by Belgian microfinance fund manager Incofin Investment Management (Incofin IM), recently announced that it has acquired a 15.3-percent stake in Financiera El Comercio (FIELCO), a microfinance institution focused on rural and agricultural markets in Paraguay.
MICROCAPITAL BRIEF: Muthoot Fincorp of India to Offer $19m in Non-Convertible Debentures to Fund Continued Diversification from Gold Loans to Microfinance
Muthoot Fincorp Limited, an Indian non-banking finance company (NBFC), recently announced plans to sell INR 1 billion (USD 18.6 million) in non-convertible debentures (NCBs) to fund its expansion into the small and medium-sized enterprises (SMEs) and microfinance as a means of diversifying away from gold loans.
MICROCAPITAL BRIEF: Smart Campaign Launches Certification of Microfinance Institutions Regarding Client Protection
The Smart Campaign, a consumer-protection initiative launched in 2010 by US-based nonprofit Accion, recently released a Client Protection Certification Program that aims to verify that financial institutions serving the world’s poor people are focused on the fair treatment of clients.
MICROCAPITAL BRIEF: Small Industries Development Bank of India (SIDBI) Among Banks Requiring Third-Party Assessment of Codes of Conduct from Microfinance Institutions (MFIs) Seeking Wholesale Loans
A group of lenders headed by the Small Industries Development Bank of India (SIDBI), a state-owned bank, have made it compulsory for microfinance institutions (MFIs) in the country to undergo third-party assessments of their codes of conduct in order to receive loans.
MICROCAPITAL BRIEF: Sagamore to Place $22m in Equity In Accion Microfinance China, Taking 70% Stake
Accion, a US-based nonprofit organization, recently announced an equity investment of CNY 140 million (USD 21.9 million) made by China-based Sagamore Investments in Accion Microfinance China (AMC).
MICROCAPITAL BRIEF: Accion Launches $10m Venture Lab to Invest in Microfinance Institutions, Other Financial Inclusion Start-Ups
Accion, a US-based nonprofit microfinance organization, recently announced that it has launched Venture Lab, a USD 10 million investment vehicle that will provide seed capital to financial inclusion start-ups across the world.
MICROCAPITAL BRIEF: Microinsurance Equity Fund LeapFrog Investments Hires David Steel, Niclas Thelander
LeapFrog Investments, a Mauritius-based for-profit equity fund investing in microinsurance, has announced two new hires.