Friday, September 28. 2007
The Central Bank of Nigeria (CBN) has approved the conversion of the Olabisi Onabanjo University Community Bank Limited into a microfinance bank. The community bank has operated on the campus of Olabisi Onabanjo University in Ago-Iwoye, Nigeria since March of 2003, and the majority of its shareholders are affiliated with the university. One source reports that, in its first year in business, the bank made a surplus that was “far in excess of its total paid up capital,” but no other sources were found to corroborate this information and no further information was found on the OOU Community Bank.
Continue reading "MICROCAPITAL STORY: Central Bank of Nigeria (CBN) Approves Conversion of Community Bank into Microfinance Institution (MFI)"
Thursday, September 27. 2007
The Rural Electrification Agency (REA) of Uganda, a semi-autonomous public-private partnership created by the Ugandan Government, has announced a 45% subsidy--up from the current 14%--on all solar power equipment. The subsidy will be promoted through a network of rural microfinance institutions (MFIs) and non-government organisations (NGOs) who will be providing a cash payout, loan or loan-offset to those who install the solar systems.
Continue reading "MICROCPAPITAL STORY: Ugandan Government Initiative to Subsidize Solar Power Equipment by 45% to be Implemented by Rural Microfinance Institutions (MFIs)"
Friday, September 21. 2007
Ugandan Police are investigating four savings and co-operative credit organisations (SACCOs) suspected of fraud. They are alleged to be cheating their clients and making withdrawal of deposit money very difficult. The organisations are Front Page Micro Finance, Faster Micro Finance, Savings and Credit Cooperative Society Support Uganda Finance Limited and Stade Rugando Finance, all based in Kampala.
Continue reading "MICROCAPITAL STORY: Police in Uganda Investigate Front Page Micro Finance and Three Other Microfinance Firms"
Tuesday, September 18. 2007
Monday, September 17. 2007
The International Finance Corporation (IFC), a member of the World Bank Group, announced plans to work with Blue Financial Services Group, a publicly traded African financial services company with over 100 branches in seven countries, on a pilot HIV/AIDS awareness and prevention program in Botswana, South Africa, and Zambia. A statement released by the IFC explained that the program will target small companies and local communities, seeking to preserve jobs and businesses by integrating traditional financial services with HIV/AIDS prevention. According to the press release, the IFC will help develop financial products, while Blue Financial Services will use its broad branch network in the three countries to deliver information and prevention services to staff, clients, and communities.
Continue reading "MICROCAPITAL STORY: International Finance Corporation (IFC) and Blue Financial Services Group to Integrate HIV/AIDS Prevention with Microfinance"
Friday, September 7. 2007
The Grameen Foundation, a non-profit organization that tries to replicate the Grameen Bank microfinance model around the world through a global network of partner microfinance institutions, is relaunching its Village Phone initiative in Rwanda in collaboration with MTN Rwanda (a telecommunications company). The project, called Village Phone Rwanda Tel’imbere has four local microfinance institutions (MFIs) as partners. The project was initially launched in 2006, after a successful pilot scheme had run for a year.
Continue reading "MICROCAPITAL STORY: Grameen Foundation partners with local Microfinance Institutions in Rwanda to Relaunch Village Phone Initiative"
Thursday, September 6. 2007
The National Microfinance Bank of Tanzania has joined a syndicate of local banks and pension funds to lend USD 238million to Tanesco, the parastatal electricity company, wholly owned by the Tanzanian government, money which will be used to pay off debts to suppliers and invest in new equipment.
Continue reading "MICROCAPITAL STORY: The National Microfinance Bank of Tanzania helps Bail out the Tanzania Electric Supply Company (Tanesco) with a USD 56million Loan"
Tuesday, September 4. 2007
The Cameroon Chamber of Commerce for Industry, Mines and Artisans (CCIMA) has begun working with the African Caribbean Pacific Business Climate Facility (BizClim), an initiative funded by the European Union (EU), on a study that will attempt to identify new mechanisms for funding very small and small enterprises (VSSEs) in the West African country. FOGAMU, a Cameroonian mutual guarantee fund that caters to this category of enterprises, and the National Association of Cameroonian Microfinance Institutions (ANEMCAM), an organization with the objective to further develop the microfinance industry in Cameroon, will also be involved in the execution of the study.
Continue reading "MICROCAPITAL STORY: European Union (EU) partners with Cameroon Chamber of Commerce (CCIMA) to Conduct Study on How to Implement Better Funding Mechanisms For Very Small and Small Enterprises (VSSEs)"
Friday, August 31. 2007
Nigeria is setting up its first credit bureau in an attempt to improve transparency, reduce fraud and enhance access to financial services to poorly served segments of the market. It will officially be called the Credit Reference Company (CRC).
Nine Nigerian banks have set up the bureau in partnership with Dun & Bradstreet, a global credit information provider, who have experience in running private credit bureaux in emerging markets. Accenture, a global management consulting, technology services and outsourcing company, and the International Finance Corporation (IFC), the private sector arm of the World Bank are supporting with technical and advisory services.
Continue reading "MICROCAPITAL STORY: Dun & Bradstreet to Run Nigeria’s First Credit Bureau, with Support of The International Finance Corporation, Accenture and Nine of Nigeria’s Leading Banks."
Thursday, August 30. 2007
Under the direction of Dr. Paul Pronyk, Director of RADAR (Rural Aids and Development Action Research Programme), IMAGE (Intervention with Micro Finance for Aids and Gender Equity), “a community-based structural intervention for HIV prevention," was founded in 2001. The project is a collaborative effort supported by Small Enterprise Foundation (SEF), a microfinance non-governmental organization, University of the Witswatersrand (Wits), the London School of Hygiene and Tropical Medicine, and the Department of Health. IMAGE provides women with short term business loans of up to USD 1,300 operating on the presumption that an increase in earning power will encourage women to be more vocal at home, confronting unfaithful husbands about issues such as condom usage.
Continue reading "MICROCAPITAL STORY: IMAGE Project in South Africa Proposes Use of Microfinance in Struggle Against HIV/AIDS Infection"
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