NextBillion - A WDI Publication

Smart Launches (BoP-Focused) P500 Phone

MANILA, Philippines-Dominant carrier Smart Communications Inc. is bringing one of the world’s most affordable phones to the country to reach the people at the "base of the pyramid" that still do not have access to basic telecommunications services. In a briefing on Thursday, Smart announced the launch of its "Panalo Phone," which would sell at a price of P499 each. The new phone, which comes in two models made by the Chinese brand ZTE and local phone maker Cherry Mobile, is set to h...

Source

Inquirer.net (link opens in a new window)

Region

South Asia

Rural Electrification to Raise $200 Mn by March End

Mumbai: India’s state-run lender Rural Electrification Corp (REC) plans to raise $200 million from the offshore loan market by the close of the current fiscal year ending this month, a company official told Reuters. The $200 million foreign currency loans will have a tenor of five years and could be denominated in yen or dollars, H.D. Khunteta, director of finance, said. The all-in cost of funding the loans is 170 basis points plus Libor. The company is awaiting the Reserve Ba...

Source

livemint.com (link opens in a new window)

Region

South Asia

Grameen Founder Muhammad Yunus in Final Appeal

Bangladeshi Nobel laureate Muhammad Yunus has lodged a final appeal against his sacking as head of the Grameen microfinance bank he founded. The Supreme Court will hear the case next Tuesday. The central bank fired Prof Yunus last week, saying he was past retirement age and had been improperly appointed. He says the move is politically motivated. Grameen Bank pioneered micro-lending to the poor by giving small loans to millions of borrowers. The model has been replicat...

Source

BBC News (link opens in a new window)

Region

South Asia

India Journal: Harnessing Business to Eradicate Poverty

Four or five years ago, all you had to do to get people excited about poverty alleviation was to mention the words “Prahalad” or “Yunus” and you had their attention. These two South Asian gurus—the late business professor C.K. Prahalad and the microfinance proponent Muhammad Yunus—captured the hearts and minds of hundreds of thousands of busine...

Source

Wall Street Journal - India Realtime (link opens in a new window)

Region

South Asia

India Set to Regulate Microlenders

NEW DELHI - The Indian government plans to introduce a bill to regulate microfinance institutions that will seek to prevent them from charging very high interest rates and taking deposits, a senior finance ministry official said Friday. The bill, which will be in line with a central bank-appointed panel’s recommendation, is likely to be placed before parliament this year. Microlenders like sector leader SKS Microfinance Ltd. give loans as little as $20-$25 to small entrepreneu...

Source

The Wall Street Journal (link opens in a new window)

Region

South Asia

Accion Extends Credit Guarantees Worth $1.5 Million to 2 MFIs

New Delhi, Mar 1 (PTI) Non-profit group Accion International today said it has extended credit guarantees worth USD 1.5 million to two micro finance companies in India. Accion has issued a USD 1 million standby letter of credit (SBLC) for its partner Swadhaar FinServ and another guarantee worth USD 500,000 to Bihar-based Saija Finance. The credit guarantees helped Swadhaar FinServ and Saija Finance secure loan facilities to the tune of Rs 50 million and Rs 30 million, ...

Source

MSN-India (link opens in a new window)

Region

South Asia

Start Ups: Rising Tide of Angels Boosts Seed Capital

Scores of angels are descending on India’s booming entrepreneurial sector as risk capital for very early stage firms emerges as a profitable investment category. In Mumbai, early stage investment firm Seedfund ha...

Source

The Economic Times (link opens in a new window)

Categories

Health Care

Region

South Asia

BBC: Bangladesh Nobel Winner Muhammad Yunus is Sacked

Bangladeshi Nobel laureate Muhammad Yunus has been fired from the Grameen microfinance bank he founded, bank officials have told the BBC. "Bangladesh Bank has relieved Yunus of his duties as managing director of the Grameen Bank," Muzammel Huq, Grameen Bank chairman said. Correspondents say that the removal of Prof Yunus is the culmination of a long-running feud with the government. He fell out with PM Sheikh Hasina in 2007 when trying to set up a new party. The govern...

Source

BBC News (link opens in a new window)

Region

South Asia