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Latin America: Global Partnerships Closes $20 Million Fund Aimed At “Microfinance Plus"
September, 30 2010
Washington, Seattle - Global Partnerships (GP), a 16-year-old nonprofit that supports microfinance and other sustainable solutions to poverty, announced today that it closed its fourth social investment fund at $20 million. Over the next five years, Social Investment Fund 2010 (SIF 2010) will provide much-needed loan capital to up to 20 select microfinance institutions (MFIs) in Latin America. ...
IPO Represents A Critical Transition for Microfinance, CGAP
September, 28 2010
Washington, USA - The initial public offering (IPO) of Indian microfinance lender SKS marks a critical transition for microfinance, say the authors of a new CGAP paper, "Indian Microfinance Goes Public: The SKS Initial Public Offering," because it proves that accessing capital markets is a viable proposition for microfinance institutions. ...
Nigeria: CBN Revokes 224 Micro-Finance Bank’s Licences
September, 25 2010
Lagos, Nigeria - THE Central Bank of Nigeria (CBN) has revoked the licences of 224 micro-finance banks in Nigeria. This was disclosed Friday in Abuja at a press briefing by CBN’s deputy governor, Financial System Stability (FSS), Dr. Kingsley Chiedu Moghalu ...
Cambodia: Kingdom's Biggest MFI to Accept Deposits
September, 24 2010
Phnom Penh, Kingdom of Cambodia - The Kingdom’s largest micro-lender, Prasac, will launch deposit-taking services from early next year, representing another step toward its aim of becoming a commercial bank within five years ...
Central and Eastern Europe: dfe Partners and Creation Investments Establish CEE Microfinance Holdings, as a Regional Holding Company and Complete 3 Acquisitions
September, 23 2010
Chicago, USA - CEE Microfinance Holdings, N.V., a new, private equity backed, Dutch holding company owned by the Balkan Financial Sector Equity Fund, managed by the Swiss based dfe partners, and Creation Investments Social Ventures Fund I, managed by US based Creation Investments Capital Management, announced today it purchased three microfinance institutions located in Central and Eastern Europe ...
Mexico: 57% of the Municipalities Have No Bank
September, 22 2010
Mexico City, Mexico - Despite the penetration of popular credit and savings institutions, more than half of the country's municipalities do not financial branch of any kind, informed the president of the National Banking and Securities Commission (CNBV), Guillermo Babatz ...
Pakistan: Floods Cost MFIs Over Rs 10.7 Billion
September, 21 2010
Islamabad, Pakistan - Recent floods have caused an estimated direct and indirect loss of over Rs 2.7 billion and Rs 8 billion to Microfinance Institutions (MFIs), respectively. Talking at a roundtable conference, organised by the Pakistan Microfinance Network (PMN), in collaboration with the Consultative Group to Assist the Poor (CGAP) and the International Finance Corporation (IFC), the representatives of the PMN here on Monday stated that the losses include destruction of 86 microfinance bank branches in different parts of the country ...
Nigeria: How Creditors Cripple MFB Operations
September, 20 2010
Abuja, Nigeria - Just like the scenario that led to huge non- performing loans in deposit money banks which nearly resulted in the collapse of some of the banks; microfinance banks are currently under intense pressure as a result of high level of loan default. ...
India: Aavishkaar Plans $100m 3rd Microfinance Fund
September, 19 2010
Bangalore, India - Microfinance venture fund Aavishkaar Venture India is understood to be raising $100 million (Rs 458 crore) to set up a third microfinance-focused private equity fund through Aavishkaar Goodwell India, a joint venture with Dutch firm Goodwell Investments ...
Microfinance Banks in Pakistan Fear Losses
September, 13 2010
Pakistan - Pakistan’s microfinance banks fear massive losses:18 per cent accounted for bad loans due to floods, which have rampaged livestock and infrastructure all over the country. This has set alarm bells ringing in the concerned quarters ...
SKS: A Hot Potato Called Microfinance Institutions
September, 13 2010
Mumbai, India - Vikram Akula was a star at the last Davos. Not all think that he will be as sought after when the world’s political and business elite meet next time. The past shadowed Akula before the listing of SKS, the micro finance organisation he founded. After the listing that made Akula richer by more than $100 million, micro finance as an activity is under attack ...
East Africa: EAC Seeks to Harmonise Regulation of MFIs
September, 09 2010
Kigali, Rwanda - The National Bank of Rwanda (BNR) is hosting a regional meeting to discuss ways on how to align rules and regulations that govern the microfinance industry within the East African Community (EAC) countries ...
Nigeria: CBN Approves Revised Banking Model, Banks Get Oct Deadline
September, 09 2010
Abuja, Nigeria - As part of the blue-print geared towards reforming the Nigerian financial system, the Central Bank of Nigeria (CBN), in compliance with the statutory provisions of the Banks and Other Financial Institutions Act (BOFIA) regarding the conduct of banking business has concluded the review of the universal banking model in Nigeria and issued new rules and guidelines for the envisaged new licensing regime ...
Making the Grade
September, 09 2010
New York, United States - Funding poor students could be the next big thing in microfinance. “LENDING to get a student through college is a far better way to fight poverty than making small-business loans,” says Ganhuyag Ch. Hutagt, until recently boss of XacBank, a Mongolian microfinance lender. ...
India: No More Cheap Funds to MFIs from Banks
September, 08 2010
Haryana, India - Microfinance institutions (MFIs) may lose access to cheap funds from banks in the upcoming two years if the RBI decides to execute the recommendations by one of its committees ...
World Bank Group / Tilman Ehrbeck Named as New CEO of CGAP
September, 01 2010
Washington - CGAP today announced that Tilman Ehrbeck will be its new CEO. Ehrbeck, a Partner at McKinsey & Company, will succeed Elizabeth Littlefield, who was recently appointed President and CEO of OPIC (Overseas Private Investment Corporation). The CGAP CEO is also a Director at the World Bank Group ...