Tag Archives: microfinance

IFMR Institute in Chennai to Become University Soon

Chennai-based Institute for Financial Management and Research (IFMR), is to become a full-fledged private University soon. IFMR Chennai, now in Sri City, which has been attracting students aspiring for management education, especially in social service and related areas, received letter of intent from the Andhra Pradesh State government for a Private University, said a statement. Known for its policy-oriented research ...

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Hassan BJP Leader Holds Protest Against MFIs

Hassan in Karnataka saw several women under the local BJP leader Agile Yogish stage protest in front of the Deputy Copmmissioner’s office raising slogans against microfinance institutions for demanding repayment of loans they have taken. The women alleged that the representatives of microfinance institutions were harassing them for loan recovery, which was denied by the representatives of the Association of ...

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Cash Crunch, Future Lending Dominate Financial Inclusion Summit 2016

The two-day Inclusive Finance India Summit, formerly known as Microfinance India Summit, concluded on Tuesday with bankers and lenders vowing to stem the cash crunch that is hitting the industry across the country due to demonetisation. Two important reports by organisers Access India were released – The Inclusive Finance State of the Sector Report by Prof M S Sriram (IIM-B) ...

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Ujjivan May Get Rs.260 Cr ($40 Mln) from IFC in 2 Days

Bangalore-based Ujjivan Financial Services may get a debt investment from the World Bank arm International Finance Corporation (IFC) to the tune of US$40 million (Rs.260 Crore) that may be announced after its Board meeting on Thursday. IFC’ debt support was an on-going infusion of funds into the microfinance company with which Ujjivan is expected to stabilize growth and manage liability ...

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Ujjivan Leads MFI Stocks, Equitas Equally Impressive

Backed by RBI license to start a Small Finance Bank (SFB), Bangalore-based Ujjivan adn Chennai-based Equitas have hit the IPO route this year to make a winning streak in collecting more than expected funds from the public and now they are swaying the markets. Ujjivan Financial Services shares rallied at 20% reaching to Rs 400 on Friday, while its Chennai ...

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CreditAccess Raises $30 Million from Olympus, to Invest in MFIs

Multi-country microfinance operator CreditAccess Asia, based in Netherlands, has raised $30 million from Hong Kong-based private equity firm Olympus Capital Asia, heralding the first fundraising in 2016. The money raised will be used for Asia-based operations and their expansion in line with its future plan to enter two more countries, apart from India and southeast Asia, where it is operational ...

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Ujjivan Plans to go Public, to Issue IPO Soon

Bangalore-based Ujjivan Financial Services Pvt. Ltd. is likely to go public to raise funds required for it to transform into a small finance bank (SFB) next year, reported MINT citing its earlier hints at the MFI holding talks with investment banks, speculating an early January filing for IPO. Ujjivan was originally planning to raise Rs. 1,500 crore through its initial ...

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IFC Helps Card Bank and CARD SME Bank in Philippines

IFC, a member of the World Bank Group, will provide a seven-year loan of up to Philippine Peso 700 million ($15.7 million) to CARD Bank, Inc. and CARD SME Bank, Inc., to be lent to micro, small, and medium enterprises (MSMEs), microfinance borrowers, and women in rural Philippines. Almost three-quarters of the poor in the Philippines live in rural areas. ...

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IFC Report Not Optimistic on Arab World’s Microfinance Sector

In a new study, the World Bank’s investment arm International Finance Corporation (IFC) said the Arab World’s microfinance sector is facing serious challenges in view of the external risks, security concerns, and over-indebtedness. The study, conducted in conjunction with Sanabel, the Microfinance Network of Arab Countries, said tackling those problems will be key to spurring the development of the industry. ...

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Smart Campaign Recognizes 5 MFIs at Inclusive Finance Summit 2015

The Smart Campaign, a global movement to embed client-protection principles in microfinance institutions worldwide, on Tuesday recognized five Indian financial institutions with Smart Certification, acknowledging their high standards of client care. The five are Arohan, Grameen Koota, Janalakshmi, Sonata and Utkarsh. This is the third year in a row that the Campaign has recognized Smart-Certified Indian institutions at the annual ...

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Microfinance FINCA Chief Joins Obama’s Forum for Off-Grid Clean Energy Markets

The White House Forum on Catalyzing Markets for Off-Grid Clean Energy Access has gathered momentum with more industry players joining the campaign. FINCA International’s President and CEO, Rupert Scofield, has announced the organization’s commitment to provide affordable solar energy products to benefit 1.5 million people in Africa by 2019. FINCA will also facilitate the off-grid market by fostering other social ...

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FINCA Azerbaijan Receives Smart Certification for Client Protection

FINCA Azerbaijan has received Client Protection Certification by the Smart Campaign in microfinance industry. This global initiative certifies the adoption of high ethical standards in the treatment of clients in the microfinance industry. FINCA Azerbaijan joins FINCA Kyrgyzstan and an exclusive group of 41 certified financial institutions worldwide. "A strong commitment to responsible banking and a focus on the long-term ...

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Nobel Laureate Muhammad Yunus Opens NH Hospital for Poor, Calls for 3 Zeroes

Nobel laureate and microfinance pioneer Muhammad Yunus, who was in Mysuru (Mysore) to open a 200-bed multi-specialty hospital for the working class, has stressed the need for social entepreneurship, which is his new call. Achieving three zeroes — zero poverty, zero unemployment and zero net carbon emission — will eliminate major distress on the world economy, said Dr Muhammad Yunus, ...

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Smart Campaign Now Protects More Than 20 Million Microfinance Clients

The Smart Campaign, a global movement of client-protection principles imparted into the microfinance industry, said more than 20 million low-income clients have benefitted from the certified Smart Campaign MFIs. Since February 2015, the number of clients served by Smart-Certified financial institutions (FIs) has grown by 6 million, to a total of 21 million, with the certification of an additional 11 ...

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GoDaddy, Kiva Join Hands to Promote Low Income Entrepreneurs

Web Hosting giant GoDaddy and San Francisco-based Kiva.org have joined hands to promote funding of low-income entrepreneurs. Godaddy plans to give each of its employees $25 to invest in the Kiva small business of his or her choice under a campaign called “Get the Picture”. Tyler Butler, GoDaddy Director of Community Outreach, says: “GoDaddy’s mission is to radically shift the global economy towards ...

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SANAD and Bankmed partner to support SMEs in Lebanon

Frankfurt: The SANAD Fund for MSME (SANAD) and Bankmed announced on Tuesday the signing of a senior loan facility of US$ 15 million to support the expansion of Bankmed’s lending activities to small and medium enterprises (SMEs) in Lebanon. SANAD announced that it is pleased to partner with Bankmed, one of the leading banks and an important promoter of economic development ...

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Serbian Banks, Funds Organize Lending Workshop for Farmers

The Development Facility of the European Fund for Southeast Europe (EFSE DF), the Technical Assistance Facility of the Green for Growth Fund Southeast Europe (GGF TAF) and the Association of Serbian Banks (ASB) organized a very successful workshop on the potential of dedicated agricultural finance in Belgrade on 27 March 2015, said a statement. The workshop, attended by representatives of ...

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Tripura block’s incredible feat in financial inclusion gets award

By Sujit Chakraborty  Prime Minister Narendra Modi will confer an award on Tripura’s Mandwai block on April 21 in New Delhi for best performance in financial inclusion and financial literacy. Incidentally, the tribal dominated area had been till recently plagued by insurgency apart from widespread ethnic riots in 1980s in which hundreds died. “When it comes to financial inclusion of ...

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Micro-finance loans up 33% in October-December Quarter 2014: MFIN

Micro-finance firms’ association MicroFinance Institutions Network (MFIN) Saturday said there has been an increase of 23 percent in micro-credit borrowers. The loans from these companies rose by 33 percent during the October-December period last year compared to the corresponding period in 2013-14, the MFIN added. During this time frame, micro-finance institutions (MFIs) provided micro-credit to over 28.7 million clients nationally ...

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