BankIslami, an institution offering Shariah-compliant financial services in Pakistan, recently partnered with TPL Life, a digital insurance technology firm controlled by Pakistan’s Habib Bank Limited (HBL), to offer coverage for people in case they become ill with COVID-19. The package pays up to: (1) PKR 30,000 (USD 195) upon diagnosis; (2) additional funding of an unspecified amount should the patient be hospitalized; and (3) funeral expenses up to
MICROCAPITAL BRIEF: Impact Investor Symbiotics Spins Off Consultancy Tameo
Symbiotics Group, a Switzerland-based impact investing firm, recently launched an independent research firm Tameo, which aims to “promote the growth of the impact investing industry by increasing transparency and supporting evidence-based decision-making via independent solutions.” The new firm will provide investors and investment managers with: (1) impact measurement, labeling, reporting and verification services; (2) the publication of benchmarks, indexes and
MICROFINANCE PAPER WRAP-UP: “Deploying Blended Finance to Mobilize Investment at Scale in Food and Agriculture;” by Bettina Prato et al; Published by SAFIN, Convergence
The authors of this paper discuss the “financing landscape” of the food and agriculture sector and argue in favor of increasing the deployment of blended finance, “the use of catalytic capital from public or philanthropic sources to increase private sector investment.” A report from the 2019 UN Conference on Trade and Development estimates that the private sector could fund
MICROCAPITAL BRIEF: Amazon Leads $10m Equity Funding Round for M1xchange, Provider of Invoice Discounting for MSMEs in India
M1xchange, an India-based online exchange for receivables held by micro-, small and medium-sized enterprises (MSMEs), recently raised USD 10 million in a funding round led by US-based retailer and technology company Amazon, with participation from venture capital firms Beenext of Singapore and current US-based investor Mayfield. M1xchange’s other investor is SIDBI Venture Capital, an
MICROCAPITAL BRIEF: Grab Offering Insurance, Training People with Disabilities as Mobile Money Agents in Indonesia
Grab, a technology company founded in Singapore, recently partnered with Indonesia’s Communications and Information Ministry and the Indonesian Inclusive Connections Community, an NGO also known as Konekin, to found a program to train disabled people to
MICROCAPITAL BRIEF: SaltPay Acquires Paymentology, Tutuka to Boost Cloud Payments in Africa, Asia, Europe
SaltPay, a UK-based payment technology firm serving small and medium-sized enterprises in Europe, recently struck deals to acquire International Tutuka Holdings, a provider of payment cards that is based in South Africa, and
MICROCAPITAL BRIEF: Utkarsh Raises $32m in Equity from Aavishkaar, Growth Catalyst, Olympus, responsAbility, Triodos for Microfinance in India
Utkarsh Small Finance Bank (SFB) of India recently concluded a private placement of equity shares, raising INR 2.4 billion (USD 32 million) shortly after filing with local regulatory authorities for an upcoming IPO, through which it plans to raise an additional INR 7.5 billion (USD 100 million). The participants in the recent funding round were
MICROCAPITAL BRIEF: Mastercard Buying 3.8% Equity Stake in Mobile Money Unit of Airtel Africa for $100m
Mastercard, a US-based financial services company, recently agreed to pay USD 100 million for a 3.75-percent equity stake in Airtel Mobile Commerce, a subsidiary of the telecommunications company Airtel Africa that uses the trade name Airtel Money. Mastercard and Airtel Money plan to deepen their ongoing partnership in the areas of
MICROCAPITAL BRIEF: Microfinance Institution Annapurna Raises $30m in Equity from TIAA’s Nuveen, Other Investors to Support Lending for Women, SMEs, Housing, Green Finance in India
Annapurna Finance, a microfinance institution (MFI) in India that primarily funds women, recently announced it has raised USD 30 million in equity. The lead investor is US-based asset manager Nuveen, via its Global Impact Fund. The identities of
MICROCAPITAL BRIEF: Joint Impact Indicators (JIIs) Bridge HIPSO, IRIS+ to Streamline Investors’, Investees’ Measurement of Gender Equality, Job Creation, Climate Impacts
A group of investors recently launched the Joint Impact Indicators (JIIs), a framework for increasing “harmonization in the way that impact investors measure and report on the effects of their investments.” The indicators, which were developed by The Global Impact Investing Network, a US-based nonprofit, and the World Bank Group’s International Finance Corporation, focus on three areas:
MICROCAPITAL BRIEF: Fintech Appzone of Nigeria Raises $10m in Funding Round Led by CardinalStone Capital Advisers
Appzone, a Nigeria-based financial technology firm, recently raised USD 10 million (NGN 3.8 billion) in its Series A round of funding, which was led by Nigeria-based private equity investor CardinalStone. The other participating investors were US-based Lateral Investment Partners and three Nigeria-based firms:
MICROCAPITAL BRIEF: EBRD Lends OTP Bank Serbia $23m in Local Currency to Boost SME Funding
The UK-based European Bank for Reconstruction and Development (EBRD) recently agreed to loan Országos Takarék Pénztár (OTP) Bank Serbia, a member of the Hungary-based OTP Bank Group, RSD 2.3 billion (USD 23 million) to increase its “medium-term” funding for small and medium-sized enterprises (SMEs). OTP Serbia’s other products include savings; insurance; securities; and loans tailored for retirees, vehicle purchases, housing expenses, consumption and refinancing debt.
MICROCAPITAL BRIEF: Fintech Zeepay of Ghana Buys Controlling Stake in Mangwee Mobile Money of Zambia
The Ghana-based financial technology (fintech) company Zeepay recently bought a 51-percent stake in Zambia-based digital wallet and remittance platform Mangwee Mobile Money for an undisclosed price. Zeepay Managing Director Andrew Takyi-Appiah noted, “The acquisition… will give Zeepay access to Mozambique, Malawi, Angola and Namibia among others in our effort to
MICROCAPITAL BRIEF: Amen Bank of Tunisia Borrows $17m from Sanad for On-lending to MSMEs Adjusting to COVID-19 Pandemic
Tunisia’s Amen Bank recently accepted a senior loan of EUR 14 million (USD 16.7 million) from the Luxembourg-domiciled Sanad Fund for MSME. Via its 160 branches, Amen Bank is to on-lend the funds to
MICROFINANCE PAPER WRAP-UP: “Evidence Review of Women’s Groups and COVID-19: Impacts, Challenges, and Policy Implications for Savings Groups in Africa;” by Eva Namisango et al
This brief offers evidence on how COVID-19 has affected women’s savings groups in sub-Saharan Africa – with a specific focus on Nigeria and Uganda – including how these groups have helped to “mitigate the pandemic’s negative consequences.” In a savings group, members pool their savings, lend out these funds and share the resulting profits. In addition to
MICROCAPITAL BRIEF: Kiva Refugee Investment Fund Closes with $32m to Scale Lending to Forcibly Displaced Persons, Host Communities Via Microfinance Institutions
The Kiva Refugee Investment Fund (KRIF), an entity controlled by the US-based NGO Kiva Microfunds, recently completed its first close, with USD 32.5 million raised from
MICROCAPITAL BRIEF: Northern Arc Borrows $25m from FMO to Fund Institutions Serving Women, MSMEs in India
Northern Arc Capital Limited, a non-banking financial company (NBFC) in India, recently received USD 25 million in debt financing from the Dutch development bank Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO). The funding will enable Northern Arc to boost its support of institutions that serve micro-, small and medium-sized enterprises (MSMEs), particularly those
MICROCAPITAL BRIEF: Comviva, Logiq Tie Up on Mobile Money in Indonesia
US-based Logiq Incorporated recently launched its PayLogiq digital wallet in Indonesia, using the Mobiquity Pay platform of Comviva Technologies, which is controlled by India’s Mahindra Group. Logiq also leverages Comviva’s Yabx service to lend to merchants and finance their customers’ purchases. Among Logiq’s distribution partners is