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Apr 2009
IFAD Approves US$204.39 Million for Rural Poverty Work Worldwide
April, 30 2009
Rome, Italy - Poverty eradication efforts in nine developing countries received a boost this week when the IFAD Executive Board approved more than $131.57 million in loans and $63.62 million in grants. The Board also approved $9.2 million in grants to international research centres and intergovernmental organisations. A new Rural Finance Policy - which confirms IFAD’s commitment to promoting increased access by poor and marginalized women and men to inclusive rural financial systems – was also endorsed ...
Sudan: Central Bank Issues Directives Regarding Micro and Sub-micro Finance
April, 29 2009
Khartoum, Sudan - Central Bank of Sudan yesterday issued directives regarding micro and sub-micro-finance to the banks. The circular note directs the banks to consider ways and appropriate structural arrangements according to self-evaluation of capabilities and future plans, objectives and expectations of growth in micro-finance and set up plans to allocate not less than 12% financing portfolio for micro-finance taking into account of giving priority to micro-finance. ...
Portfolios of the Poor: How the World's Poor Live on $2 a Day
April, 29 2009
New York, United States - Financial diaries research in Bangladesh, India and South Africa intimately examines the financial “portfolios” of poor households and finds that they lead surprisingly sophisticated financial lives. A panel discussion followed by a book signing and wine and cheese reception.Thursday, May 7th, 6 - 8 pm NYU Law School, Lipton Hall. ...
India: BASIX Flagship Company Concludes Second Round of Funding
April, 29 2009
India - Bhartiya Samruddhi Finance Limited (BSFL), the flagship company of the Hyderabad based BASIX group, has concluded its Series-B funding of INR 50 Crores ($10m) with investments from Lok Capital LLC, Aavishkaar Goodwell India Microfinance Development Company and Small Industries Development Bank of India (SIDBI) ...
Bangladesh: Interest Rates Policy for MFIs Streamlined
April, 28 2009
Bangladesh - The micro-credit regulatory authority (MRA) has streamlined the interest rates policy for micro-finance institutions (MFIs) to protect the interest of the country's thousands of small borrowers. Under the new measure, the MFIs will have to fix the interest rate on micro-credit at a flat 15 per cent. But it must not cross 30 per cent as an effective interest rate by the end of year. ...
Microfinance Comes Under the Microscope
April, 28 2009
United Kingdom - Our correspondent finds doubts raised about the effectiveness of one of the big ideas in the fight against poverty ...
Microfinance Managers Consider Online Funding: Is It Finance, Marketing, or Something Else Entirely?
April, 28 2009
Washington D.C., United States - Online platforms are changing the way we engage with the world. Facebook links, eBay auctions, ePal chats, even Second Life avatars—these are all online platforms that connect people, ideas, products, and markets. These platforms shape who we connect with as well as how we connect. This concept extends to philanthropy: Online philanthropy is changing the nature of how and where people give. An outgrowth of online philanthropy is online social investing ...
IFC Helps Azerbaijan’s Access Bank Expand Services to Micro and Small
April, 27 2009
Baku, Azerbaijan - IFC, a member of the World Bank Group, is investing up to $15 million in Azerbaijan’s Access Bank that will help increase access to credit for micro and small enterprises in underserved regions of the country ...
Fitch: Downgrade of VG Microfinance-Invest Nr.1 GmbH's Notes
April, 27 2009
London, United Kingdom - Fitch Ratings has today downgraded VG Microfinance-Invest Nr. 1 GmbH's senior CDO notes to 'BB+' from 'BBB', and assigned the notes a Negative Outlook. ...
Egyptian Gulf Bk to Launch Microfinance, Mortgage Lending Firms
April, 26 2009
Egypt - Egyptian Gulf Bank (EGB) has finalized establishment procedures for an EGP 46 million microfinance firm (USD 8.2 ml), CEO Omar Alseesi stated, adding that Amr Abou El Eish will serve as CEO for the new venture. ...
Peru - CEO: MiBanco to Ease Growth this Year as Economy Slows
April, 23 2009
Peru - Peru's MiBanco, the country's largest microlender, will ease its growth this year as the economy slows, after almost doubling the growth rate of the banking system last year, CEO Rafael Llosa told BNamericas ...
Getting Microfinance Right
April, 22 2009
United States - The significance of microfinance, beyond the lives it touches directly, is that it has taught us what is necessary to vanquish poverty. Any strategic model that seeks to actually roll back global poverty must have four fundamental attributes ...
EIB Joins Forces with International Development Organisations to Provide Technical Assistance Grants to African Microfinance Ventures
April, 21 2009
Luxembourg - The European Investment Bank (EIB) is extending a EUR 2 million (almost USD 2.7 million) grant to support the AfriCap Microfinance Investment Company through FinTech Africa to fund capacity building for early-stage and Greenfield microfinance institutions across Africa. The EIB grant will be complemented by a USD 5 million grant from the Bill & Melinda Gates Foundation to FinTech Africa, the not-for-profit organisation that manages the technical services facility and a further USD 0.75 million grant from the Dutch Development Agency, FMO ...
Bolivia: Microfinance Sector Set for Slower but Solid Growth in 2009
April, 21 2009
Bolivia - Bolivia's microfinance sector remains in a good position to cope with the economic slowdown and is set for slower but solid growth this year, the executive secretary of Bolivia's microfinance institutions' association Asofin, Fernando Prado, told BNamericas. ...
Compartamos Banco Declares Dividend
April, 21 2009
Mexico city, Mexico - Banco Compartamos, S.A. informs that at the Annual Ordinary Shareholders' Meeting of Banco Compartamos, S.A. Institucion de Banca Multiple held on April 20, 2009, a dividend was approved for Ps. 278,449,102.92, or Ps. 0.67 per share. ...
Nigeria: Foreign Investors Offer Funds for Nigerian Farmers
April, 18 2009
Nigeria - New opportunities are emerging that may resolve Nigeria’s food challenge, as foreign investors eye Nigeria’s agricultural sector. The Mechanised Agric Micro Credit Investment Scheme (MAMCIS), an agricultural fund-raiser in Nigeria, has made $1 billion available for Nigerian farmers from foreign social investors interested in the agricultural sector in Nigeria ...
White House Announces $100M for Microcredits
April, 18 2009
Port of Spain, Trinidad - The Microfinance Growth Fund will be established as a Delaware limited partnership to make medium and long term senior loans and subordinated loans to microfinance institutions (MFIs), microfinance investment vehicles (MIVs), and other financial intermediaries that fund micro and small enterprises in Latin American and the Caribbean (LAC). ...
Venezuelan Micro-credit Program for Refugees to Be Expanded
April, 17 2009
Geneva, Switzerland - The Venezuelan government is planning to expand a program of micro financial assistance to Colombian refugees and asylum seekers in Venezuelan border states. ...
South Africa: Mobile Banking Reaches Beyond the City
April, 16 2009
Washington, United States - Globally, there are only a few examples of successful banking services that reach poor people in remote areas. Working with the CGAP Technology Program, WIZZIT, a division of the South African Bank of Athens Limited, will demonstrate how the reach of such services can be expanded with mobile technology and local agents who handle cash ...
Asset Management Company ConCap Connective Capital in the Starting Blocks
April, 16 2009
Frankfurt am Main, Germany - In future, the "Fund Management and Fund Advisory" division of the Frankfurt School of Finance & Management (Frankfurt School), which specializes in the market for development finance, will operate as an independent entity under the name ConCap Connective Capital GmbH i.Gr. (ConCap). ...
IFC assists a leading microcredit company in Kazakhstan «KazMicroFinance» in creating corporate governance practice
April, 15 2009
Almaty, Kazakhstan - IFC, a subdivision of the World Bank, assists a leading microfinance institution in creating corporate governance practice to strengthen business during financial crisis and encourage increase of company attractiveness for investors. ...
INNPACT, a new independent responsible finance consulting company in Luxembourg
April, 15 2009
Luxembourg - Patrick Goodman and Arnaud Gillin are pleased to announce the creation of Innpact Sàrl, a new player within the responsible finance industry. Innpact offers specialised consulting services in the establishment of microfinance investment vehicles (MIVs) but also in other sustainable development businesses such as social finance, renewable energy or energy efficiency. The new company results from the management buy-out of Symbiotics’ Luxembourg based consulting arm, allowing both teams to better focus on their core activities ...
India: Private Equity Fund Inflow to Microfinance Sector Grows 242%
April, 14 2009
Chennai, India - Even as private equity activities in India have shrunk, the deal flow into the micro-finance sector, which accounts for close to Rs 1,00,000 crore disbursements annually, has been robust with a growth of about 242 per cent in 2008-09 ...
LendforPeace, a p2p Microfinance Platform for Palestinian Entrepreneurs, Has Early Success
April, 13 2009
United States - A new p2p lending site connects lenders to micro-entrepreneurs in the Palestinian territories. At LendforPeace.org, lenders can make a loan directly to vetted borrowers in the West Bank and through this process, the site hopes to help "humanize the conflict" and give its users a more personal view of the Palestinian experience ...
Jordan: Loan Initiative to Boost Adaptation of Solar Energy
April, 13 2009
Amman, Jordan - Limited-income Jordanians and entrepreneurs will soon be able to purchase solar systems through facilitated loans under a recently launched initiative ...
Nigeria: New Hope, Fresh Challenges For Micro Finance Banks
April, 13 2009
Lagos, Nigeria - The commencement of the Micro Finance interbank money market has raised hope for the sector as well as up the stakes for the ever increasing competition for funds in the banking industry ...
Macro to Micro: Performance of Investments in Microfinance in the Current Financial Crisis
April, 10 2009
New York, United States - Topics covered during this event include: 1. MFIs in the Trenches, and Specific Regional Differences 2. Investors as they React to the Sector’s Challenges. Thursday, May 7, 2009, New York. ...
Symbiotics and LuxFLAG Collaborate on MIV Information
April, 09 2009
Geneva, Switzerland and Luxembourg - Symbiotics and LuxFLAG announce their collaboration on providing information on Microfinance Investment Vehicles (MIV). This collaboration materializes in the publication of a new reference webpage on LuxFLAG accredited MIVs ...
Pro Mujer Microbank Gains Charity Status
April, 09 2009
London, United Kingdom - British corporate and individual donors can help tens of thousands of the world’s poorest women and their families to be lifted out of poverty permanently as a pioneering microfinance organisation continues to extend its operations across Latin America. ...
Grameen Capital Finalises Finance Transaction with Banks
April, 09 2009
India - Grameen Capital, the investment banking arm of Grameen Foundation has structured and arranged to complete Rs 75 crore (USD 15 ml.) micro finance transaction with Indusind Bank and micro-finance firm, Bandhan ...
India Financial Inclusion Fund Raises Additional $20M
April, 09 2009
India - Mauritius registered IFIF is an off-shore, India-focused equity fund investing in microfinance institutions ...
Tufts Microfinance Fund Sees Strong Returns in Fiscal Year 2008
April, 06 2009
United States - Even as the global economic downturn continues to upend the financial sector, the Omidyar-Tufts Microfinance Fund (OTMF) has seen a solid streak of success, according to the most recent numbers ...
Threats to Microfinance in Asia
April, 03 2009
Melbourne, Australia - Sen Lam of Radio Australia interviewed Jamie Bedson, the lead coordinator at the Banking With The Poor Network (BWTP) Secretariat, and Asia Regional Representative at the Foundation for Development Cooperation, about the threats facing the microfinance industry. ...
Philippines: Globe Ventures into Micro-funding
April, 03 2009
Manila. Philippines - To maximize its reach in rural areas, Globe Telecom will introduce a mobile-based micro-finance banking facility ...
Nigeria: Inter-Bank Market for Microfinance Banks Takes Off
April, 03 2009
Lagos, Nigeria - The Inter-Bank Market for Microfinance Banks was formally launched in Lagos yesterday. ...
Uganda: Equity Bank Kenya to Cross-List in Country
April, 03 2009
Kampala, Uganda - EQUITY Bank Kenya is to cross-list on the Uganda Securities Exchange (USE) in two months, Dr. James Mwangi, the group's chief executive officer, has said ...
Microfinance: A Small Step for Mankind
April, 02 2009
London, United Kingdom - Wealthy philanthropists striving to boost the fortunes of the poor may have inadvertently provided a template for rebuilding the banking sector ...
Greening Microfinance: Clients and the Climate of Change
April, 02 2009
Washington, United States - With environmental challenges—from drought to flooding—disproportionately affecting poor people’s livelihoods, microfinance institutions have a strong incentive to mitigate the risks of climate change while helping their clients adapt to that change, argues Paul Rippey, the author of the latest report from CGAP on Microfinance and Climate Change ...
Colombia Grupo Aval Mulls Forming Microlending Venture-Report
April, 02 2009
Bogota, Colombia - Colombian financial holding Grupo Aval SA (GRUPOAVAL.BO) plans to make inroads in the microlending business, Luis Carlos Sarmiento Angulo, president of Grupo Aval told financial newspaper La Republica. ...
What the Poor Can Teach the Rich at G-20
April, 01 2009
Washington, United States - This week's G-20 summit is essentially an echo chamber for the world's wealthy to talk macrofinance. The world economy might rebound more quickly if they listen to what the poor have to say about microfinance. ...

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