NextBillion - A WDI Publication

Future Capital to Foray Into Retail of Financial Products

Future Capital, a majority-owned company of Pantaloon Retail, is chalking out a massive foray in the next few months into the manufacture and retailing of financial products, based roughly on a Latin American model. Termed ?Project Moneybazaar?, the format will focus on tapping the middle and mass end of the consumption market with a retail credit plan that will offer everything from credit cards, auto and consumer durable finance, mutual funds, insurance, money transfer, financial ...

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The Economic Times of India (link opens in a new window)

Connecting developing nations

A pregnant woman at home alone in her remote village in Sierra Leone unexpectedly went into a difficult labor and, with no access to a doctor or medical facilities, a minor medical emergency could have taken a tragic turn. But the woman, Emma Sesay, managed to use one of the few cellphones in the village of Port Loko and called her husband, who borrowed a car and rushed home from his job, picking up a midwife along the way. They arrived in tim...

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International Herald Tribune (link opens in a new window)

Region

Sub-Saharan Africa

Competition is Good

It has taken an extraordinarily long time to get this far, when in the late 80s and 90s it was only Mobitel that provided the mobile phone facility, which only the rich could afford. With Areeba coming aboard, the pricing of mobile phone services out of the reach of many people continued. Think of this. Just two years ago, One Touch chips were going for 1.2 million cedis (USD $129) . One needed a letter of introduction and prayers to be able to secure a One Touch chip. Today all one nee...

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Mobile Africa (link opens in a new window)

ACCION and Argentina?s Banco Columbia to Promote Microfinance for Poor Entrepreneurs

ACCION International, a pioneer and leader in global microfinance, today announced the creation of Columbia Microcr?dito, partnering with Argentina?s Banco Columbia to deliver financial services to the country?s entrepreneurial poor. Argentina?s first commercial microfinance venture, the new alliance will deliver microloans through Banco Columbia?s national branch network, with the goal of reaching 20,000 clients within four years. Banco Columbia, a mid-sized Argentine bank with...

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Microfinance Gateway (link opens in a new window)

Celtel International BV, Africa’s third-largest mobile-services provider, has agreed to buy 65% of Nigeria’s Vmobile for just over $1 billion, Celtel’s Kuwaiti parent said. Mobile Telecommunications Co. said in a statement on the Kuwaiti stock-exchange Web site that the deal includes an option for the purchase of the remaining 35% of Nigeria’s third-largest mobile-phone operator. The deal would be the latest for fast-expanding MT...

Source

Wall Street Journal (link opens in a new window)

Region

Sub-Saharan Africa

Speakers at a seminar here on Monday called upon the private and state-run commercial banks to provide all assistance for the micro-finance institutes (MFIs) in credit operation to cut poverty in the country. Commercial banks can earn huge profit from this sector as loan recovery is 95-99 per cent in micro-credit system and the poor people invest the credit in various income generating activities, they added. Credit and Development Forum (CDF) organised the seminar on &quo...

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The New Nation (link opens in a new window)

Forget about cash and credit cards. There’s a new payment alternative for buying CDs, DVDs and other such entertainment pleasures--your cell phone. Online payment specialist PayPal, a unit of Internet auction giant eBay, has introduced PayPal Mobile to North America. The wireless version of its service enables users to buy goods and exchange money using their phones. Transactions are conducted by secure text message. Music heavyweights Universal Music Group and MTV alr...

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CNet (link opens in a new window)

ICICI Bank Targets 250 MFIs

Besides retail, ICICI Bank, the second-largest commercial bank, has aggressively doubled its rural microfinance and agri-business loan portfolio over a period of nine months. The outstanding in group’s total rural microfinance and agri-business portfolio has increased to Rs 10,000 crore compared to Rs 5,200 crore last year. This comes from an outreach of to 3.2 million low-income clients. Simultaneously, the bank has also increased its partner strength of microfinance institution...

Source

Financial Express (link opens in a new window)