Verdant Capital, a corporate finance firm with offices in South Africa, Mauritius and Ghana, recently arranged debt financing totaling ZAR 450 million (USD 33 million) for Trustco Group, a Namibia-based financial services provider firm.
The government of Kenya recently passed legislation to cap the interest rates on bank loans at 4 percent per year above an undisclosed benchmark reference rate and also set the minimum deposit interest rate at 70 percent of the reference rate.
Microcred Senegal, a for-profit affiliate of the France-based NGO Positive Planet, recently issued its first bond, raising CFA 3.7 billion (USD 5.6 million) in the African market.
The Microcred Group, a for-profit microfinance company operating under the umbrella of French NGO Positive Planet, recently started the operations of its new subsidiary in Ouagadougou. During the first 20 days, customers opened 1,260 accounts, mobilizing CFA 40 million (USD 68,000) in deposits.
Event Name: East Africa Microfinance Summit
Event Date: November 2 – November 4, 2016
The Sanad Fund for MSME (Micro Small and Medium Enterprises), a provider of loans and equity to financial institutions in the Middle East and North Africa, recently announced that it will lend an additional USD 10 million to AlexBank, an Egypt-based financial services institution, to on-lend to MSMEs in Egypt .
The Groupe Special Mobile Association (GSMA), a membership organization of 800 telecoms operating under the Global System for Mobile Communications (GSM) standard, recently announced that all of the mobile operators present in Madagascar- Airtel Money, mVola and Orange Money- will make their services interoperable across the country.
Verdant Capital, a corporate finance firm serving Africa, recently informed MicroCapital that it has arranged a revolving credit facility in the amount of USD 3 million for the Pan African Building Society (PABS), a deposit-taking, non-banking financial institution operating in Zambia.
“Achieving The Sustainable Development Goals: The Role of Impact Investing;” published by The Global Impact Investing Network; September 12, 2016; 9 pages; available at https://thegiin.org/knowledge/publication/sdgs-impinv
This report profiles impact investors that have leveraged the United Nations (UN) Sustainable Development Goals (SDGs) for the following purposes: (1) as a framework to communicate their social impact goals; (2) to develop new or realign existing investment strategies and; (3) to attract capital from private investors that are new to impact investing.
Root Capital, a US-based nonprofit investment fund, and The MasterCard Foundation, a Canadian organization founded by the US-based payments firm MasterCard Worldwide, recently announced a partnership aimed at raising incomes for 300,000 smallholder farmers in West Africa.
New Faces New Voices (NFNV), a group of advocates from 15 African countries focusing on expanding financial inclusion for women, recently announced plans to raise RWF 16 billion (USD 20 million) for a fund to expand women’s access to finance.
“Finance for Smallholders: Opportunities for Risk Management by Linking Financial Institutions and Producer Organisations;” by J de la Rive Box et al; published by the Food & Business Knowledge Platform, Agri Pro Focus and the Platform for Inclusive Finance NPM; May 2016; 22 pages; available at: http://www.inclusivefinanceplatform.nl/documents/npm%20summary%20report%20finance%20for%20smallholders.pdf
Tigo Tanzania, a brand of Swedish telecom provider Millicom, recently announced it paid TZS 5.6 billion (USD 2.5 million) of its profits to Tigo Pesa users.
The National Microfinance Bank (NMB), an institution backed by the government of Tanzania, recently announced that it has listed TZS 41.4 billion (USD 18.8 million) in three-year retail bonds on the Dar es Salaam Stock Exchange (DSE), the listing surpassed its initial retail bond target by 107 percent.
“Household Responses to Access to Finance Through GIZ-AFP Village Banks;” published by the Laos-Australia Development Learning Facility; February 2016; 50 pages; available at: http://ladlf.org/images/publications/030516_LADLF_GIZ_HH_Response_to_A2F_Final.pdf
The sale of microfinance institutions (MFIs) in Ghana, Kenya, Malawi, Mozambique, Tanzania and Uganda over the first half of 2016 by US-based NGO Opportunity International to Luxembourg-based financial technology company MyBucks has raised concerns both that these MFIs’ clients could be negatively impacted and that these transactions signal that the sector’s overall direction has shifted toward profit-making.
The Ministry of Economy of Gabon recently froze the activities of 50 microfinance institutions that lacked approval to offer microfinance services.
Kenya Commercial Bank (KCB), a Kenya-based publicly traded financial services company, and GoSwiff, a Singapore-based payment facilitation firm, recently rolled out a mobile payment solution for merchants in Rwanda.