Symbiotics NewsWatch #219, 17 July 2012

              Jul. 17

Micro Loans in Namibia Grew by 34% in 2011

              According to a report attributed to the Namibia Financial Institutions Supervisory Authority (NAMFISA), a regulatory body under the Namibian Ministry of Finance, microloans outstanding in Namibia grew by 34 percent during 2011, reaching a total amount of NAD 1.5 billion (USD 183 million).

Source: Inamibia

              Jul. 17

Notre Dame, MIT Economists Demonstrate Wage Impacts of Large Microfinance Program

              A major argument in favor of microfinance is that the poor who live in areas without banking services will gain higher returns on investments and increase their assets when provided with credit.

Source: Market Watch

              Jul. 16

India: Bangalore MFI Janalakshmi raises $14.6M from GAWA, IFIF & others

              Bangalore-based microfinance institution Janalakshmi Financial Services Pvt Ltd has raised another Rs 80 crore ($14.6 million as per current exchange rate) in its Series C round of funding, taking the total amount raised in Series C to Rs 145 crore. The second tranche comes a year after the microfinance institution raised the first tranche led by Citi Venture Capital International (CVCI).

Source: VCCIRCLE

              Jul. 15

A Gateway to West Africa, Ghana is About to Take Off

              That Ghana and Nigeria now have space programmes is a measure of how much and how quickly Africa is changing. Ghana is a country that exemplifies the change.

Source: The Financial Times

              Jul. 14

Bangladesh: MRA Set to Create Database to Bridge Gap of Information in MFIs

              The microcredit regulator is set to create a database consisting of all the information related to country's microfinance institutions (MFIs).

Source: The Financial Express

              Jul. 13

IFC’s Loan to Vietnam’s Orient Commercial Bank Increases U.S. Dollar Financing for Small Exporters and Importers

              IFC, a member of the World Bank Group, has agreed to provide Vietnam’s Orient Commercial Joint Stock Bank with a $10 million loan to increase U.S. dollar financing for small businesses in the export and import sector, helping sustain their operations amid the global credit tightening.

Source: IFC

              Jul. 10

Why Don’t Low-Income Mexicans Use Formal Savings Products?

              In contrast to many jurisdictions where CGAP works, Mexico has a highly urbanized population of well over 70%, enabling its population to have relatively easier physical access to banks and other financial service providers. Yet, current estimates indicate that between 50-65% of the population are unbanked and a large proportion of them are de-banked” – meaning that they once had access to a formal financial service but then decided to stop using it.

Source: CGAP