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Markets for the Poor in Mexico
June, 30 2008
United States - Helping the poor may be virtuous, but when the poverty industry starts losing "clients" because the market is performing good works, watch out. Compartamos Banco knows what it's like to have a tarnished halo. The Mexican bank specializes in microfinancing for low-income entrepreneurs in a country that never used to have a financial industry serving the poor. Compartamos not only figured out how to meet the needs of this excluded population, but also how to make money at it
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Doing good by doing very nicely indeed- In support of profiting from the poor
June, 26 2008
United Kingdom - For years Muhammad Yunus reigned as the public face of microfinance. It seemed only right when, in 2006, the Bangladeshi economist cum social entrepreneur and his Grameen Bank shared the Nobel peace prize for a micro-lending revolution that has helped millions to earn their own way out of poverty. Yet for the past year or so, microfinance has had another public face, one that troubles people like Mr Yunus. CompartamosBanco argues that the best way for microfinance to help the poor is for it to make a socking great profit
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Nokia Targets Rural Markets for its Growth in India
June, 26 2008
India - Nokia has reiterated that the rural markets will be a focus area for its growth in India. Olli-Pekka Kallasvuo, President and CEO of Nokia Corp., during his visit to India, outlined several initiatives for the non-urban markets in the areas of microfinance, distribution, agricultural services and after sales and support services
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Investors boost the 'missing middle'
June, 23 2008
London, United Kingdom - Microfinance may have captured the imagination of social investors but even microfinance fund managers accept that it can play only one part in social and economic development. Providing banking services to those SMEs in the "missing middle" is crucial because, while a microloan can support one street vendor or one tailor in their business, microfinance rarely creates jobs for others
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Morgan Stanley's Incredibly Shrinking Microfinance Group
June, 19 2008
New York, United States - Like most global investment banks, Morgan Stanley is having a rough go at it these days. And it appears that its financial woes on the macro level have claimed a new victim: its microfinance business
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Banco Compartamos: a letter to our peers
June, 18 2008
Washington D.C., United States - Since our IPO last year, the long standing discussions around the issue of the commercialization of microfinance have taken a renewed prominence. Many people in the industry have expressed concerns of where the IPO might take microfinance and others have praised it as a step forward in achieving a more inclusive financial sector.
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India: Nabard to fund microfinance activities at 9%
June, 18 2008
Mumbai, India - Microfinance organisations working in remote parts of the country have got a competitor in the state-run bank, Nabard, which would continue to fund its microfinance activities at 9% of interest rates.
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India: ABN Amro to scale up microfinance operations
June, 17 2008
Kolkata, India - ABN Amro Bank aims to double its microfinance operations in India at Rs 600 crore (USD 140 mil) as on March 31, 2009, up from Rs 300 crore (USD 70 mil) in March last. The bank plans to use the business correspondent model in order to scale up its operations in the rural areas
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Kenya: Ecobank completes EABS Bank takeover
June, 17 2008
Kenya - Ecobank Transnational Incorporated (ETI) on Monday completed its takeover of EABS Bank by renaming it Ecobank Kenya Limited, appointing a new chief executive and reconstituting its board of directors.
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Nigeria: IMFB Set to Raise N15 Billion Via Private Placement
June, 16 2008
Nigeria - Integrated Microfinance Bank (IMFB) Limited has announced its decision to shore up its capital base to N15 billion (USD 130 mil) within the next three years via a private placement which it intends to undertake in three phases
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Indonesia: Mercy Corps buys bank to help poor with loans
June, 15 2008
United States - Nonprofit Mercy Corps is buying a commercial bank in Bali, Indonesia's tourist paradise, in a novel $33 million deal than could move tens of millions of people out of poverty in the next decade -- and create a new economic-development model.
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IFC Helps Kenya’s K-Rep Group Implement Workplace HIV/AIDS Program
June, 14 2008
Johannesburg, South Africa - IFC, a member of the World Bank Group, today announced that it will help Kenya’s K-Rep Group implement a corporate HIV/AIDS program for more than 900 employees. IFC’s $77,000 investment will be complemented by an additional $150,000 from K-Rep.
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Fitch Sees Risks for Microfinance; Publishes Rating Criteria
June, 12 2008
London/New York/Singapore - Fitch Ratings says in a special report published today that the fast growing microfinance industry, which provides financial services to low-income populations in emerging markets, could be exposed to greater risks. Separately, the agency has published its rating criteria that formalise the agency's existing approach to microfinance institutions (MFIs).
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A Crossroads for Microfinance
June, 10 2008
New York, United States - The practice of tailoring financial services to the world's poor isn't new, but technological advances and media attention have brought a microfinance vogue that is hard to ignore
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Africa Needs Microfinance
June, 09 2008
United States - Financial Services are Imperative for Progress. Progress will come for Africa as financial services including credit, insurance, and reliable transaction mechanisms enable ordinary people to improve their livelihoods.
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Mobile Microfinance
June, 06 2008
United States - Over the past few years, a number of start-ups have formed a cottage industry that helps people access banking services on their cellphones. Obopay is part of the movement to bring banking services to those around the world who don't have bank accounts
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The Big Trouble In Small Loans
June, 06 2008
United States - The emergence of players who are out purely for profit has raised the possibility that, far from nurturing the poor, microfinance schemes could end up milking them, especially in countries where lenders don't have to clearly disclose interest rates
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China slowly moves to tap micro-finance
June, 06 2008
Ulan Bator, Mongolia - China, the largest untapped micro-finance market in the world, is slowly introducing micro-credit but is hampered by unfamiliarity and a lack of clear regulations, an International Finance Corp official said
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Africa: IFC Microfinance Program Expands
June, 05 2008
Cape Town, South Africa - IFC, a member of the World Bank Group, today announced that it will help launch Advans Banque Congo, a new microfinance institution in the Democratic Republic of Congo
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Emerging Capital Partners Invests in African Microfinance Institution
June, 04 2008
Washington D.C, United States - Emerging Capital Partners (ECP), an international private equity firm focused on investing across the African continent, today announced a US$15 million investment in Blue Financial Services Ltd., a non-deposit taking micro lender serving 10 countries in sub-Saharan Africa
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Compartamos Banco Announces Commercial Alliance With Oxxo
June, 03 2008
Mexico City, Mexico - Compartamos Banco, S.A. announced today that it has signed a commercial alliance with OXXO, whereby customers of Compartamos Banco may choose to make their loan payments at any OXXO retail location starting today.
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2008 FT Sustainable Banking Awards
June, 03 2008
London, United Kingdom - The Financial Times and IFC, a member of the World Bank Group announced the winners of the 2008 FT Sustainable Banking Awards, with Banco Real of Brazil named as Sustainable Bank of the Year and also taking the overall Emerging Markets prize
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Norway launches $117 mln microcredit fund
June, 02 2008
Oslo, Norway - The Norwegian government, companies and a private investor have formed a $117 million microcredit fund aiming to help people in poor countries out of poverty, although critics have said its interest rates will be too high
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Partnership Forum: Making Finance Work for Africa
June, 02 2008
Accra, Ghana - The Partnership for Making Finance Work for Africa, a major initiative to support the efforts of African countries to accelerate economic growth and reduce poverty, will take place on June 17-18, 2008 in Accra, Ghana.
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