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NBFCs say Reserve Bank of India’s new rules will work against financial inclusion, drive towards unscrupulous moneylenders
On a typical day, Rohit Bokhare makes about Rs 800 taking passengers in his Mahindra Xylo between Saki Naka in Andheri and Adlabs Imagica on the Mumbai-Pune expressway in Raigad district. The 51-year-old defaulted on repayment of the loan he took to purchase the utility vehicle for four months, which led his financier to come inquiring. Shriram Transport Finance, the non-bank finance company that financed the vehicle, last week found his Xylo lying in a garage for repair for 20-25 days, blocking his regular cash flow. To top it up, Bokhare had a repair bill of Rs 20,000-25,000. He couldn't pay the EMIs in the previous months because of family exigencies.
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- Uncategorized
- Region
- South Asia
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Kenya: Equity’s SIM Technology to Go Live By March – James Mwangi
EQUITY Bank plans to officially launch its mobile money platform Equitel - the trading brand of its telecoms subsidiary Finserve Africa - next quarter, chief executive James Mwangi said yesterday.
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- Uncategorized
- Region
- Sub-Saharan Africa
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- mobile finance
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UAE Fund To Provide $200 Million In Loans To Microfinance Projects In Egypt
A United Arab Emirates state investment fund announced on Monday it would provide $200 million in loans for microfinance projects in Egypt, a move it said would create more than 120,000 jobs by 2020.
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- Uncategorized
- Region
- North Africa & Near East
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Indian M-Wallet Market To Cross Rs 1,200 Crore By 2019: Study
The infant mobile wallet market in India is estimated to grow over threefold to Rs 1,210 crore in the next five years, buoyed by rising smartphone users and entry of newer players into the sector.
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- Uncategorized
- Region
- South Asia
- Tags
- mobile finance
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Bank On Poor Women And Phones To Drive Growth In Africa, Experts Say
Mobile phone technology can help to bring financial services to the 80 percent of African women who do not have a bank account and bolster the growth of the world's poorest continent, Nigeria's finance minister, Ngozi Okonjo-Iweala, said on Monday.
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- Uncategorized
- Tags
- mobile finance
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The Rise of the Young Social Entrepreneur
Entrepreneurship is about solving a problem, not starting a company. While this isn't a new idea, today's young entrepreneurs have the advantage of the Internet, which has collapsed time and distance barriers. This means problems solved locally can have immediate impacts globally—and that's good for both people and business. A new generation of entrepreneurs is creating a new generation of technologies that are, quite literally, changing the world overnight.
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- Uncategorized
- Tags
- cybersecurity
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Behind 700% Loans, Profits Flow Through Indian Reservations to Wall Street
Joshua Wrenn needed money to make the January payment for his Jeep Cherokee.The truck driver and aspiring country singer in Madison, North Carolina, got $800 within minutes from a website he found on his phone. When he called to check his balance a few weeks later, he was told he had electronically signed a contract to pay back $3,920 to a company owned by an American Indian tribe.
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- Uncategorized
- Tags
- lending, mobile finance
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Micro-insurance On the Up Among Insurers and Public
While insurance penetration in general remains low, micro-insurance has seen significant growth as more banks partner with insurance firms to offer micro-insurance products to low-income earners.
- Categories
- Uncategorized
- Region
- South Asia
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