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Mexico: Financiera Independencia to Acquire Financiera Finsol and to Expand Internationally to Brazil
November, 30 2009
Mexico city, Mexico - Financiera Independencia, a Mexican microfinance lender of personal loans to lower income segment individuals, announced today that it has signed a definitive purchase agreement to acquire all of the outstanding shares for 100% cash of Financiera Finsol, the second largest group lending microfinance institution in Mexico, and a group of related entities: Financiera Popular Finsol S.A. de C.V., S.F.P. (SOFIPO - savings and loans entity), Finsol Vida S.A. de C.V. (an insurance broker), Finsol S.A. de C.V. (a service company) and Instituto Finsol Brazil ("Finsol Brazil"), a group lending microfinance institution in Brazil (the "Transaction").
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Microfinance Sector Development Concept Introduced in Belarus
November, 26 2009
Minsk, Belarus - The concept of microfinance sector development in the Republic of Belarus for 2010-2015 has been drafted, BelTA learnt from Yury Malafei, the manager of the National Bank of Belarus and the UNDP joint project “Assisting the development of the microfinance sector in the Republic of Belarus”
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OPIC Board Approves $25 Million to Support Micro and SME Lending
November, 24 2009
Washington, United States - The Board of Directors of the Overseas Private Investment Corporation (OPIC) approved a $25 million loan to a parent company of 22 development-oriented banks. Proceeds of the loan will be used to expand lending to micro and small and medium-sized enterprises (SMEs) at a time when sources of financing have diminished due to the global financial crisis
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Microfinance's Elusive Quest: Finding an Accurate Measure of Social Impact
November, 24 2009
Pennsylvania, United States - For three decades, microfinance institutions have given out small loans to the world's poor -- mostly women -- and amassed hundreds if not thousands of case studies showing that the loans help alleviate poverty, improve health, increase education and promote women's empowerment. Skeptics, however, have argued there is not enough hard data to prove that microfinance transforms lives on a large scale, and they have called for more rigorous analysis
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Fitch: Economic Slowdown Affects Outlook for Some Microfinance Institutions
November, 19 2009
New York, United States - Fitch Ratings says in a special report today that the economic slowdown in eastern Europe and Latin America in 2009-2010 will affect the outlook for microfinance institutions (MFIs) operating in those regions. The timing and speed of MFIs' recovery from the global economic downturn will depend on their operating environment, but also institution-specific factors
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South Korea: 18 Banks Donate for Microcredit
November, 17 2009
Seoul, South Korea - Eighteen local banks will donate 255.5 billion won ($221.4 million) in total by 2012 to the Microfinance Foundation, a state-led program which will provide unsecured loans to low-income households
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Sri-Lanka: Country Microfinance Network Extensive - Survey
November, 16 2009
Colombo, Sri Lanka - Microfinance providers have an extensive network in the country with over 10,800 outlets and the SANASA Movement has the largest number of active outlets followed by NGOs, as revealed in a nationwide survey of microfinance institutions in Sri Lanka. This was published by the GTZ-ProMis (Promotion of the Microfinance Sector) and the German Technical Cooperation GmbH in Sri Lanka.
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India: Affordable Housing Takes Wing as Micro-finance Cos Step in
November, 14 2009
Mumbai, India - For Saku Kamble, (48), a vegetable vendor at Karjat, which is a two hour train ride from Mumbai, owning a house was a dream. From living in a shanty, she had managed to find a small apartment in Karjat which she reckoned would meet her budget.
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Microfinance Group in CDO Scheme
November, 11 2009
United Kingdom - Deutsche Bank and a major microfinance company are trying to rehabilitate the much-maligned collateralised debt obligation as a means of funnelling money from global capital markets into the pockets of the world’s poorest people
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Consider It an Investment
November, 09 2009
United States - With fewer resources to go around, philanthropists are using a host of methods to stretch their charitable dollars. Instead of simply giving money away to a cause, groups and individuals are plowing their funds into financial vehicles—known as program-related investments—that let their money grow while it does good. So, rather than make a one-time gift of $1,000, they might invest in a project that generates revenue, such as a loan to an entrepreneur in the developing world or real estate that rents to nonprofits. The returns can then go to other causes
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Confusion on Where Money Lent via Kiva Goes
November, 08 2009
New York, United States - Last month, David Roodman, a research fellow at the Center for Global Development, pressed a button on his laptop as his bus left the Lincoln Tunnel in Manhattan and started a debate that has people re-examining the country’s latest celebrated charity, Kiva.org
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Helping the Poor Just Got Popular
November, 08 2009
United Kingdom - Since Muhammad Yunus won the Nobel prize in 2006 along with the Grameen Bank he founded for the poverty-bound entrepreneurs of Bangladesh, microfinance has entered the consciousness of the investment community
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India: Soaring Microfinance Lures PE Investors
November, 06 2009
Mumbai, India - The microfinance sector, which has doubled its outreach every year over the last five years, is seeing bigger private equity (PE) investments, as risk-wary investors rely more on rural demand than export-oriented markets
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Honoring Transparency from Cambodia to Peru: First Social Performance Reporting Awards
November, 05 2009
Washington, United States - Microfinance advocates have long proclaimed--and have been called upon to prove--the social benefits of providing financial services to poor people. Socially responsible investors in microfinance are paying closer and closer attention to this debate and are tracking the performance of their investees. An increasing number of microfinance institutions (MFIs) have begun to disclose their codes of conduct toward clients, staff, and the environment
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Nicaraguan Microfinance in Crisis
November, 05 2009
United States - The microfinance industry in Nicaragua is under siege by a politically motivated group of borrowers who call themselves the No Payment Movement (Moviemiento No Pago).
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Kiva.org Reaches $100 Million in Microloans Around the Globe
November, 02 2009
San Francisco, United States - October marks two considerable milestones for Kiva.org -- the world's first micro-lending website for the working poor. This month, Kiva.org celebrates its fourth anniversary, in addition to reaching over $100 million in loans
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New Global Estimate Reveals that Half the World is Unbanked
November, 02 2009
New York, United States - FAI just published a new paper that reveals that 2.5 billion adults worldwide do not have a savings or credit account with either a traditional (regulated bank) or alternative financial institution (such as a microfinance institution). And nearly 90% of the financially unserved (2.2 billion) live in Asia, Africa, the Middle East and Latin America.
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