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Microfinancing Still Resilient in Mexico
February, 26 2009
Mexico city, Mexico - Until a year ago, microfinance and low-income banking in Mexico were a joint success story, growing at rates that made the rest of the country’s banking sector look sluggish. But since the beginning of last year, as credit began to dry up on fears of global recession, the fortunes of the two sectors have diverged markedly ...
Are Microcredit Interest Rates Excessive?
February, 25 2009
Washington, United States - Are microfinance institutions (MFIs) exploiting poor borrowers by charging them excessive interest rates? Some think so. In 2007, for example, a controversy erupted around Compartamos, a Mexican MFI that was earning a 55 percent return on shareholders’ equity by charging its borrowers interest rates around 85 percent. The real question is, are high interest rates and profits like Compartamos’s outliers, or are they typical for a large number of MFIs ...
Government Seeks to Support Microfinance in Russia
February, 17 2009
Washington, United States - The Ministry of Economic Development proposed a mechanism to distribute 30 billion rubles (around US$830 million) allocated for state support of SMEs and microfinance. Of this amount, 1 billion rubles (US$28 million) is intended specifically for microfinance ...
Recession Ups U.S. Demand for Third World-type Loans
February, 17 2009
New York, United States - With the recession deepening, U.S.-based microlenders say they are seeing an increase in inquiries from would-be borrowers, including startup entrepreneurs seen as too risky by banks and other traditional lenders ...
Pakistan: Microfinance Sector's Consumer Protection Initiative
February, 15 2009
Karachi, Pakistan - Pakistan's microfinance sector is considered to be a late bloomer, especially from a regional standpoint. However recognising the need to increase the depth and outreach of financial markets in Pakistan, policy makers and regulators along with other stakeholders have worked hard for the development of the microfinance industry in the country ...
Bahrain Launches First Poor People's Bank
February, 12 2009
Riyadh, Saudi Arabia - Bahrain has become the first Gulf Cooperation Council (GCC) state to launch a bank for extending micro-credit facilities for the poor. ...
India: FINO, NCR to Roll out 30,000 Micro Deposit Machines
February, 04 2009
Mumbai, India - In an effort to support the country’s financial inclusion programme, Financial Information Network & Operations (FINO) and NCR Corporation will jointly set up 1,000 machines that will accept small deposits. Both entities will roll out 30,000 machines named EasyPoint 70 Tijori in the next five years with an aim to cover 25 million unbanked people by 2011 ...