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Preview: MicroCapital: On Microfinance and Microcredit Investment

MicroCapital: On Microfinance and Microcredit Investment



The Candid Voice for Microfinance Investment



 



Updates to this website have been relocated to microcapital.org.

2007-10-01T03:09:21Z


Please refer to http://www.microcapital.org for the latest on microfinance and microfinance investment.




MICROCAPITAL STORY: Central Bank of Nigeria (CBN) Approves Conversion of Community Bank into Microfinance Institution (MFI)

2007-09-28T17:17:46Z

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.


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MICROCAPITAL STORY: Deutsche Bank Places a EUR 60 Million (USD 84 million) Securitization of Subordinated Microcredits, the First to be Given an External Credit Rating

2007-09-27T15:25:06Z

Deutsche Bank, a global investment bank based in Germany, has launched “db Microfinance-Invest Nr. 1,” the world's first externally rated securitization of subordinated microcredits. These subordinated loans will benefit 21 microfinance institutions (MFIs) in developing and emerging market countries.
Continue reading "MICROCAPITAL STORY: Deutsche Bank Places a EUR 60 Million (USD 84 million) Securitization of Subordinated Microcredits, the First to be Given an External Credit Rating"



MICROCPAPITAL STORY: Ugandan Government Initiative to Subsidize Solar Power Equipment by 45% to be Implemented by Rural Microfinance Institutions (MFIs)

2007-09-27T14:47:22Z

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.
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PAPER WRAP-UP: MDGs and Microcredit: An Empirical Evaluation for Latin American Countries, by Ricardo Bebczuk and Francisco Haimovich

2007-09-26T08:30:00Z

Ricardo Bebczuk and Francisco Haimovich, published by CEDLAS, Universidad Nacional de la Plata, March 2007, 43 pages, available on the Microfinance Gateway at http://www.microfinancegateway.org/content/article/detail/39791

The results of the paper, by Ricardo Bebczuk and Francisco Haimovich, indicate that less than 10% of poor households surveyed in Latin America have access to credit. Nonetheless, the authors’ exploratory statistics prove credit is indeed positively correlated to both an increase in income and an increase in household education. Furthermore, the increase in probability of completing secondary school is on average higher than the increase for primary school. However, it is important to note the results varied across countries. No gender effects were apparent in the analysis to support the Millennium Development Goal to promote gender equality and empower women.


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PAPER WRAP-UP: MFI Capital Structure Decision Making: A Call for Greater Awareness

2007-09-25T16:57:31Z

Published by CGAP and the Grameen Foundation. August 2007. Full article available.

This paper seeks to answer two questions: 1) how do MFIs make decisions about capital in the face of expanding financing options? 2) how can MFIs make better decisions to optimize capital structure and increase profitability?

In order to better understand MFI capital structure decision making processes in the face of new financing options, CGAP and the Grameen Foundation surveyed a broad set of MFI managers. The researchers found that most MFI managers are ill-equipped and inexperienced when it comes to navigating these complex issues of capital structure. Thus, they tend to weigh true cost incorrectly and make uninformed comparisons of funding options--mistakes which lead to poor decisions and, ultimately, to unnecessary loss of profit. Unfortunately, when MFIs lose profit, this loss translates into loss of viability and, therefore, loss of the ability to serve their clients.


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PAPER WRAP-UP: Mission Investing in Microfinance: A Program Related Investment (PRI) Primer and Toolkit, by Jonathan C. Lewis and Robert A. Wexler

2007-09-25T16:01:51Z


Published by MicroCredit Enterprises, 81 pages. Available at www.mcenterprises.org/pdf/toolkit.pdf

Jonathan C. Lewis, the Chief Executive Officer of MicroCredit Enterprises, a microfinance intermediary, and Robert A. Wexler, attorney at the law firm Silk, Adler & Colvin have crafted this paper to provide technical and legal assistance to private foundations and family offices considering making a Program Related Investment (PRI) in microfinance. The paper goes beyond theory: it is a practical how-to guide.

A Program Related Investment (PRI) is the legal term for a debt or equity investment made by a private foundation to a non-profit or for-profit organisation with the chief purpose of advancing a social mission. A PRI involves the potential return of capital within an established time frame in contrast to a grant, commonly a non-returnable donation. This allows the money to be re-cycled for subsequent investments.


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PAPER WRAP-UP: Resilience of Microfinance Institutions to National Macroeconomic Events: An Econometric Analysis of MFI Asset Quality

2007-09-25T13:52:16Z

By Adrian Gonzalez. Published by the Microfinance Information Exchange, Inc. (MIX) as part of the MIX Discussion Paper Series. July 2007. Available at http://www.microfinancegateway.org/content/article/detail/41949

This paper focuses on understanding the impact of macroeconomic shocks and other variables on the quality of microfinance loan portfolios. While studying this question has important practical implications for investors’ confidence in the resilience of microfinance portfolios, there have only been a few isolated case studies in the literature demonstrating the resilience of microfinance portfolios. Mr. Gonzalez’ work is important because it is the first global study analyzing these dynamics with panel data among large numbers of MFIs and countries. Their sample includes 639 MFIs in 88 countries and the data was collected over a period of nearly a decade- 1996 to 2005.


Continue reading "PAPER WRAP-UP: Resilience of Microfinance Institutions to National Macroeconomic Events: An Econometric Analysis of MFI Asset Quality"




2007-09-25T08:37:00Z

The Microfinance Capital Markets Newsletter of the Consultative Group to Assist the Poor (CGAP) and the MIX, the microfinance information clearinghouse, reported responsAbility Global Microfinance Fund, a Luxembourg-based fund, has booked a series of loans totaling over USD 2.1 million to three microfinance institutions (MFIs). Fondo de Desarrollo Regional (Fondesurco) and Fundación ESPOIR, two Latin American MFIs, borrowed USD 200,000 each. LOKMicro, a MFI based in Eastern Europe, received a loan of approximately USD 1.7 million. The three separate transactions occurred in August of this year.


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2007-09-24T07:59:00Z

In 1994, Triodos Bank, a private bank of the Netherlands, and the Doen Foundation, a Dutch organization, jointly founded the Triodos-Doen Foundation, a microfinance investment vehicle. The Triodos-Doen Foundation is managed by Triodos Investment Management as well as a Supervisory Board appointed by the Doen Foundation.


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2007-09-24T07:57:00Z

Founded in 1994, the Hivos-Triodos Fund Foundation, a microfinance investment vehicle, was created out of a joint partnership between Triodos Bank, a private bank of the Netherlands investing in social investment, and the Humanist Institute for Development Cooperation (Hivos), a non-government organization (NGO) also based in the Netherlands. The Hivos-Triodos Fund Foundation is managed externally by Triodos Investment Management, a fund management division with Triodos Bank, and internally by a Supervisory Board that is appointed by Hivos.


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2007-09-24T07:41:00Z

The Triodos Fair Share Fund, a microfinance investment vehicle, was founded in 2002 by Triodos Bank, a private Dutch bank focused on social investment. The fund is unique among Triodos Bank’s three investment vehicles devoted to microfinance—the others being the Triodos Doen Foundation and Hivos-Triodos Fund Foundation—in that it is the only microfinance-based fund that is entirely managed by the bank.
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MICROCAPITAL STORY: Police in Uganda Investigate Front Page Micro Finance and Three Other Microfinance Firms

2007-09-21T10:46:48Z


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.


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