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India: TCS to launch smart cards for microfinance
November, 30 2007
India - India’s largest IT-ITeS company, Tata Consultancy Services (TCS), is all set to launch its smart card solution that would enable banks to reach the remote areas and address their need for microfinancing.
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Indian Bank to extend its micro-credit branch network
November, 26 2007
New Delhi, India - Indian Bank, the pioneer among banks in introducing Self Help Groups and Financial Inclusion Project in the country plans to open four more micro-credit branches in New Delhi, Bangalore, Bhubaneswar, and Pune.
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UN agriculture development fund supports microfinance in Pakistan
November, 22 2007
New York, United States - The United Nations International Fund for Agricultural Development (IFAD) has announced that it will provide a $35 million loan to a new $46 million programme making microfinance services available to about 160,000 new clients – at least half of them women
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India: IGS eyes ‘poorer’ terrains to meet micro finance targets
November, 20 2007
Hyderabad, India - Indian Grameen Services (IGS), the research and development wing of the BASIX group, is planning to penetrate its credit and business operations into Bihar, Jharkhand, Chattisgarh, Uttaranchal, Uttar Pradesh and parts of Rajasthan.
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Australia: Aussies to help break Indian poverty
November, 16 2007
Sydney, Australia - Opportunity Australia has raised about $30 million from Australian donors in the last 12 months, with the money to be used to supply financial loans and business services to budding entrepreneurs across India to help break the poverty cycle
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IFC Support to Sekerbank Will Help 10,000 Micro and Small Enterprises in Turkey
November, 14 2007
Istanbul, Turkey - IFC, a member of the World Bank Group, today announced the signing of a seven-year loan agreement with Sekerbank to help expand its microfinance and small and medium enterprise program. The €36 million loan will enable the bank to reach more than 10,000 micro and small entrepreneurs through its nationwide branch network across Anatolia.
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Lifeline for millions is a valuable asset class
November, 14 2007
London, United Kingdom - Private investment in microfinance was initially channelled into specialist funds, often managed by banks, insurance companies and others as part of corporate social responsibility commitments. Banks are moving into the sector, either by forming their own micro-finance subsidiaries or by lending to micro-finance organisations. Institutional investors have begun this year to provide direct backing for micro-finance operators
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ACCION Backs Microfinance Equity Funds in India and Africa
November, 13 2007
Boston, United States - International, a pioneer and leader in global microfinance, today announced that its Gateway Microfinance Investment Vehicles Fund (GMIV) has invested in Lok Capital, LLC and has participated in the recapitalization of AfriCap Microfinance Investment Company, Ltd., both Mauritius-based investment companies
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Study: Finance for All? Policies and Pitfalls in Expanding Access
November, 13 2007
Washington D.C., United States - Between 50 and 80 percent of adults in many developing countries have inadequate access to financial services, finds a new World Bank policy research report entitled “Finance for All? Policies and Pitfalls in Expanding Access”. Failure to provide more households and small and medium enterprises with the financial services they need acts as a brake on development
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MicroCred Group officially launches operations in Senegal
November, 12 2007
Paris, France - The investment company MicroCred S.A. is pleased to announce the debut of its third subsidiary, MicroCred Senegal, which began its credit activities on September 17th in Dakar. The official inauguration ceremony will be held in January 2008
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JPMorgan launches Social Sector Finance unit
November, 09 2007
USA - As part of its strong commitment to Social Responsibility, JPMorgan has announced that it is launching a Social Sector Finance unit in the Investment Bank. The newly created SSF unit will leverage JPMorgan's products and skills to help bring financial services to microfinance and social enterprises around the world. The scope will include capital markets, structured products, and principal investments. The unit will seek to achieve a double bottom line of social benefit and financial returns
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Conference: European Microfinance Week 2007
November, 02 2007
Luxembourg - The European Microfinance Platform (e-MFP) was created last year by twenty European microfinance actors with the aim to promote good practices and encourage a European strategy for microfinance in developing countries. With sixty members today, e-MFP provides an excellent platform to stimulate synergies among European actors which serve to benefit the entire microfinance sector
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Dia de los bancos: Mexican in-store banks reaching out to new clients
November, 01 2007
Washington D.C., United States - The many in-store Mexican banks have only begun to scratch the surface of the unfulfilled demand for financial services among low-income Mexicans. Or so hope Banamex, Soriana, and Wal-Mart Mexico, the latest entrants into the consumer credit bonanza in Mexico. The success of Banco Azteca, Coppel and other retailers who opened financial services outlets in their branches has attracted a wave of new competitors
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India: Netherlands' FMO to set up SME fund
November, 01 2007
Mumbai, India - The Netherlands-based development finance agency, FMO, is looking at setting up an exclusive fund in India to finance family-promoted small and medium businesses.
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