Vodafone, a British multinational mobile network operator, has launched M-PAiSA Mobile Money Transfer service in Fiji. Initially M-PAiSA will act mainly as a vehicle for loan disbursements and repayments from microfinance institutions (MFIs), with customers being able to receive loans and make payments using their mobile phones.
MICROCAPITAL BRIEF: ACCION Microfinance Bank of Nigeria Posts $500,000 Profit
ACCION Microfinance Bank Limited of Nigeria has reported an after-tax profit of NGN 75.92 million or the equivalent of USD 500,000 for the period ended December 31, 2009, compared to a reported loss of NGN 67.47 million or the equivalent of USD 400,000 for the year ended December 31, 2008.
MICROCAPITAL BRIEF: Asian Development Bank Pledges $72m in Assistance to Nepal to Expand Microfinance to Rural Areas
The Asian Development Bank (ADB) has agreed to provide Nepal with a loan of NPR 4.3 billion (USD 60.4 million equivalent) and a grant of NPR 870 million (USD 12.1 million equivalent) in an effort to increase access for credit to the rural poor and to women. The ADB Board of Directors approved the funding to be paid from its Asian Development Fund to finance the Nepalese Rural Finance Sector Development Cluster Program and other similar programs.
MICROCAPITAL EVENT: International Association of Money Transfer Network (IAMTN) Hosts Second Money Transfers Conference in Singapore September 21, 2010
Event Name: International Association of Money Transfer Networks (IAMTN) Second Money Transfers Singapore Conference
Event Date: September 21, 2010
Event Location: Mandarin Oriental Singapore Hotel, Singapore
See Our Comprehensive Event Calendar Here: http://microfinanceassociation.ning.com/events
MICROCAPITAL BRIEF: South Korean Microfinance Loans Expected to Surge This Year
“We expect the loan growth to double or triple over the next six months and for Korea to have the world’s largest microfinance program by next year,” says Kwon Hyouk Se, vice chairman of the Financial Services Commission in Korea. [1]
MICROCAPITAL BRIEF: Microloan Default Risk Rises in India as SKS Microfinance Plans Initial Public Offering (IPO)
A trend in initial public offerings (IPOs) by microfinance institutions in India could potentially increase the risk of defaults by microborrowers. SKS Microfinance, an Indian microfinance institution, has recently filed to raise up to USD 250 million in an initial public offering (IPO), as initially reported by MicroCapital on March 9, 2010. This pending IPO is causing concern that an IPO trend in India could trigger a trend in microfinance institutions’ (MFIs’) funding sources, as reported by MicroCapital on June 16, 2010, which could raise the risk of loan defaults by pressuring MFIs to disburse riskier microloans.
MICROCAPITAL BRIEF: Oikocredit Lends $1.6m in Local-currency to Five Latin American Microfinance Institutions
Oikocredit, a microfinance investment fund in the Netherlands with assets of USD 665 million, recently loaned USD 1.6 million to five Latin American microfinance institutions (MFIs): Amanecer of Colombia, Coopesparta of Costa Rica, Proempresa of Peru, FINCA Peru and Norandino of Peru.
MICROCAPITAL EVENT: 2010 CGAP Microfinance Photography Contest is Open for Entries
CGAP (Consultative Group to Assist the Poor) announces that its 2010 microfinance photography contest is open for entries. This year’s contest focus is how microfinance touches the world, and the contest organizers are interested in photographs which reflect how microfinance has impacted the clients it serves or the world.
MICROCAPITAL BRIEF: Microfinance Information Exchange (MIX) Calls for “Test Pilots” to Assess New Features of MIX Market Website, May Begin Charging for Premium Content
The Microfinance Information Exchange (MIX) has announced the launch of new services on its MIX Market website starting in July 2010, including mid-year data for select microfinance institutions (MFIs) and more comprehensive and up-to-date country profiles. According to MIX Market, eventually these services may only be available to paying subscribers, but the date of any such change is not specified.
MICROCAPITAL BRIEF: Triple Jump Disperses Total of $6.5m to Microfinance Banks Procredit Bank of Macedonia, FINCA Azerbaijan, Crezcamos of Colombia and Fundacion Campo of El Salvador
Triple Jump, a microfinance fund manager based in the Netherlands and established in 1998, recently reported to MicroCapital that one of the five funds it manages, ASN-Novib Fund, has executed debt investments totaling USD 6.5 million in four microfinance banks [1]. The largest amount, USD 2.5 million, went to Procredit Bank of Macedonia, a Macedonian bank founded in 2003 with a gross loan portfolio of USD 185 million [2].
MICROCAPITAL BRIEF: Oikocredit Lends $3.14m in Local-currency to Nine Indian Microfinance Institutions
Oikocredit, a microfinance investment fund in the Netherlands with assets of USD 665 million, recently loaned INR 145 million (USD 3.14 million) to nine Indian microfinance institutions (MFIs).
MICROCAPITAL BRIEF: Oikocredit Loans $1.37m to Seven Microfinance Institutions in Bulgaria, Asia and Africa
Oikocredit, a microfinance investment fund in the Netherlands with assets of USD 665 million, recently loaned USD 1.37 million to seven microfinance institutions (MFI) in Bulgaria, Tajikistan, Benin, the Philippines and Ghana.
MICROCAPITAL BRIEF: Barclays Launches “Banking for Billions” Report on Improving Access to Financial Services and Expanding Microfinance
Barclays, a UK-based international investment bank, has released the second edition in the “Barclays Social Intelligence Series,” which tackles global social and environmental issues and the role of the financial services sector in delivering solutions. “Banking for Billions” examines the current global landscape of financial inclusion, studies recent trends, the impact of the economic downturn and the potential role of new technology delivery models.
MICROCAPITAL BRIEF: BlueOrchard Commits $4m in Debt Capital to Microfinance Projects in Kyrgyzstan, Tajikistan, and Jordan
BlueOrchard Finance, a Swiss asset management company, recently informed MicroCapital that it has provided USD 4 million in loans from two funds it manages, the Dexia Micro Credit Fund and the Microfinance Enhancement Facility, to three Asian microfinance organizations. Frontiers, a microfinance investment vehicle (MIV) in Kyrgyzstan, will receive USD 500,000. The Eskhata Bank in Tajikistan will receive USD 2 million. The Middle East Micro Credit Company (MEMCO) in Jordan will receive USD 1.5 million.
MICROCAPITAL BRIEF: International Fund for Agricultural Development (IFAD) Presents Decision Tools for Rural Microfinance
The International Fund for Agricultural Development (IFAD), an agency of the United Nations (UN), has released the “IFAD Decision Tools for Rural Finance,” a knowledge management tool designed to help identify and answer questions that arise in rural finance projects.
MICROCAPITAL BRIEF: Andean Development Corporation (CAF) and National Mutual Guarantee Fund for Small and Medium-sized Enterprises (FONPYME) Launch ‘Quality Improvement’ Project for Small and Medium-sized Enterprises in Venezuela
The Andean Development Corporation (CAF), a multilateral financial institution based in Caracas, Venezuela, together with the National Mutual Guarantee Fund for Small- and Medium-sized Enterprises (FONPYME), an organization founded by the Venezuelan government to provide financial and technical assistance to small businesses, has launched a new ‘Quality Improvement’ project within the Venezuelan government’s National Reciprocal Guarantee System (SNGR) to increase the efficiency and quality of management of micro-, small and medium-sized enterprises (MSMEs).
MICROCAPITAL BRIEF: Pro Mujer Wins Second Annual Morgan Stanley Social Enterprise Strategy Challenge
Morgan Stanley, a global financial services firm based in the US, has declared Pro Mujer, a women’s development and microfinance organization that works in Latin America but is headquartered in New York City, as the winner of the second annual Morgan Stanley Social Enterprise Strategy Challenge. The challenge involved 12 New York City-based nonprofits working with teams of Morgan Stanley employees over the course of eight weeks.
MICROCAPITAL BRIEF: International Finance Corporation (IFC) Invests $47m in Brookfield Incorporacoes to Increase Quality of Housing for Low-Income People in Brazil
The International Finance Corporation (IFC), a member of the World Bank Group, is planning to invest USD 47 million in Brookfield Incorporacoes, a Brazilian real estate development company, in order to “increase the availability of high-quality housing for low-income people in Brazil” [1]. The investment consists of USD 17 million in equity and USD 30 million for a long-term revolving line of credit.