Microfinance Monitor

Muhammad Yunus to be honoured with 2010 SolarWorld Einstein Award

admin — Sun, 29 Aug 2010 14:20:39 +0000

Microfinance Monitor, August 30, 2010: Nobel Peace Prize laureate and microfinance pioneer Muhammad Yunus will be presented the 2010 SolarWorld Einstein Award on September 6 in Spain.

The Bangladeshi professor of economics, founder of the Grameen Bank and Nobel laureate will receive the award in recognition of his breakthrough concept of micro-loans for the poor, [...]

Barclays ties up with Care, Plan NGOs with Rs. 5.5 Cr microfinance initiative

admin — Sun, 29 Aug 2010 14:17:24 +0000

Microfinance Monitor, August 28, 2010:Barclays Bank India has launched a Rs. 5.46-crore microfinance initiative in partnership with Care International and Plan International, as part of its corporate social responsibility, said a press release.

Tagged ‘banking on change,’ this savings-led microfinance programme is being carried out by the leading British bank in 11 countries spanning Asia, Africa [...]

Microfinance turns poor people, banks optimistic: Turner arm

admin — Sun, 29 Aug 2010 14:15:26 +0000

Microfinance Monitor, August 10, 2010: The benefits of loans provided to the poor in emerging countries can be far-reaching, says the latest Sector Focus commentary by financial-services analysts at Turner Investment Partners.

Turner, an investment firm based in Berwyn, Pennsylvania, said in its monthly Sector Focus commentary as part of the continuing efforts of its five [...]

SKS Microfinance IPO fixed at Rs 985 per share

admin — Sun, 08 Aug 2010 09:44:23 +0000

The SKS Microfinance’s IPO, which was oversubscribed 13.69 times was fixed at at the highest band price of Rs 985, said the company.

SKS, India’s largest microfinance company, has now given the industry the required confidence to go public and reports say even Spandana Sphoorty Financial, the country’s second largest microfinance institution (MFI), will soon hit [...]

MFIN joins hands with MFTransparency

admin — Sun, 08 Aug 2010 09:35:33 +0000

Microfinance Monitor, August 7, 2010 — Microfinance Institutions Network (MFIN), a self-regulatory body floated by India’s NBFC microfinance institutions (MFIs), will set up seven task forces to monitor MFIs, credit bureau, transparency, code of conduct, HR issues, policy issues, product diversification and press relations.

Mr. Mahajan said MFIN and MFTransparency.org, a global NGO, will together promote [...]

Microcredit as a variant form of sub-prime lending

admin — Sat, 12 Jun 2010 13:25:46 +0000

By John D Conroy

Microfinance Monitor, June 12, 2010: Negative outcomes of the global economic crisis are evident in many aspects of economic life, especially in disruptions associated with the global reach of financial markets. This reach has been extended, inter alia, by ‘financialisation’.

It is not far-fetched to compare sub-prime lending and contemporary financialised microcredit. Much [...]

EFSE gives $10 million to loan to Armenia’s Converse Bank for small businesses

admin — Sat, 12 Jun 2010 12:39:13 +0000

Microfinance Monitor, June 11, 2010 –The European Fund for Southeast Europe (EFSE) signed a loan agreement of USD 10 million with Armenia’s Converse Bank for on-lending to small business in Armenia today during its annual meeting in Ohrid, FYR Macedonia. It is the first investment of EFSE in the country.

Converse Bank will use loan proceeds [...]

EFSE provides EUR 5.4 million to Belarus bank BBSB

admin — Sat, 12 Jun 2010 12:36:06 +0000

Microfinance Monitor, June 10, 2010 — The European Fund for Southeast Europe (EFSE) has provide loan worth EUR 5.4 million to Belarusian Bank for Small Business (BBSB) today during its Annual Meeting in Ohrid, FYR Macedonia. The credit facility will broaden access to finance for small business in Belarus. It is the first investment of [...]

EFSE provides $5 million to Azerbaijan’s Bank

admin — Sat, 12 Jun 2010 12:32:09 +0000

Microfinance Monitor, June 11, 2010 — The European Fund for Southeast Europe (EFSE) has signed a loan agreement of USD 5 million with Azerbaijan’s Bank Respublika for on-lending to small business in Azerbaijan during its annual meeting in Ohrid, FYR Macedonia. It is the first investment of EFSE in the country.

Bank Respublika will use the [...]

EFSE provides loans to microcredit banks in Europe

admin — Sat, 12 Jun 2010 12:31:02 +0000

Microfinance Monitor, June 10, 2010 –The European Fund for Southeast Europe (EFSE) has announced during its annual meeting in Ohrid, FYR Macedonia, that it is providing Serbia’s Komercijalna Banka a.d. Beograd with a loan of EUR 20 million.

Komercijalna Banka a.d. Beograd will use the proceeds to finance investments and working capital with long-term loans worth [...]

Fitch Ratings gives ’stable’ tag to Compartamos bonds

admin — Sat, 12 Jun 2010 12:29:33 +0000

Microfinance Monitor, June 10, 2010 — Mexican microfinance institution Banco Compartamos has announced that Fitch Ratings affirmed Compartamos’ national long and short-term credit ratings, ‘AA-’(mex) and ‘F1+’(mex), respectively, with a ‘Stable’ outlook. Additionally, the ratings of the local bank bonds (COMPART 09) were affirmed at ‘AA-’(mex) for Ps. 1.5 billion.

“The long-term ratings perspective for Compartamos [...]

Oikocredit releases social audit at Brazil annual meet

admin — Sat, 12 Jun 2010 12:15:44 +0000

Microfinance Monitor, June 10, 2010 — Oikocredit has released its first Social Performance report, detailing its commitment to making a positive difference in the lives of the poor through access to financial services. The report presented at Oikocredit’s Annual General Meeting in Foz do Iguacu, Brazil on Thursday shows the progression and results of Oikocredit’s [...]

Canada bill set to widen microfinance reach: McCallum

admin — Sat, 12 Jun 2010 12:08:14 +0000

A unanimously supported private members motion that calls for increased Canadian investment in microcredit could greatly benefit some of the world’s poorest people, said grassroots advocacy organization RESULTS Canada.

“This is a day to celebrate the commitment of parliamentarians from all political parties who have united in support of the world’s [...]

Unitus-Hewitt survey on microfinance reveals strong revenue growth

admin — Sat, 12 Jun 2010 12:02:49 +0000

Microfinance Monitor, June 6, 2010 – Despite a gloomy ups and downs scenario around the globe, especially with the European Union reporting unrest over strong measures to contain debt burden, here is a good news from the microfinance sector. The human capital-intensive microfinance industry has shown itself to be resilient as measured by trends in [...]

Glasgow’s WeeWalkers walk for WildHearts’ microfinance program in Ghana

admin — Sun, 23 May 2010 16:45:02 +0000

Microfinance Monitor, May 23, 2010 – Over 300 of all ages participated in Glasgow’s first ever WildHearts WeeWalk event, organised by Scottish charity WildHearts, in Kelvingrove Park on Sunday. The event was aimed to promote healthy living among Scottish families while raising funds and awareness for WildHearts’ microfinance projects in Ghana.

WildHearts founder Mick [...]

Schwab’s microfinance program expects to raise $10 million in 5 years

admin — Sun, 23 May 2010 16:34:11 +0000

Microfinance Monitor, May 23, 2010: Schwab Charitable has announced it has signed donors to raise $10,000,000 in guarantees from their gift funds in the last one year. According to its latest Microfinance Guarantee Quarterly Report, Schwab Charitable said since micro-loans are promptly repaid by individual borrowers and “recycled” back to other borrowers, Schwab Charitable expects the [...]

Financiera Independencia reports final share tally

admin — Sun, 23 May 2010 15:57:45 +0000

Microfinance Monitor, May 22, 2010: Mexican microfinance lender Financiera Independencia said it has completed the rights offering process of the 55 million share capital increase approved on the Shareholders’ Meeting of April 27, 2010.

A total of 884,712 shares were subscribed at the issue price of Ps.13.50 per share and the remaining 54,115,288 shares [...]

Lockheed Martin provides $30,000 grant to FINCA Microfinance

admin — Sun, 23 May 2010 15:47:13 +0000

Microfinance Monitor, May 20, 2010: Lockheed Martin, a global technology security company, has provided $30,000 grant to FINCA microfinance that is active in Afghanistan and El Salvador. FINCA also provides loan capital to low-income entrepreneurs and recently extended support for Haiti recovery efforts. Lockheed Martin Readiness & Stability Operations President Mike Dignam said, “Microfinance loans make [...]

SMILE Microfinance raises Rs 50 crore from US fund manager DWM

admin — Sun, 23 May 2010 15:39:34 +0000

Microfinance Monitor, May 20, 2010: Chennai-based SMILE Microfinance has raised about Rs 50 crore from the US-based fund manager Developing World Markets (DWM), said a statement. Grameen Capital India was advisor for the transaction. Based in Chennai, SMILE Microfinance Ltd has so far lent over Rs 700 crore and has a customer-base of 300,000 poor households. [...]

Indonesia to offer microcredit to its migrant labourers in Malaysia

admin — Sun, 23 May 2010 10:58:16 +0000

Microfinance Monitor, May 19, 2010: Indonesian President Susilo Bambang Yudhoyono said the Indonesian government will provide microfinance support under the Micro-Credit Support program (KUR) to Indonesian workers (TKI) in Malaysia, said a report by TEMPO Interactive.

“We will provide them KUR so they have initial capital,” he said in a press conference in JW Marriott Hotel, [...]