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Offering a white-labeled lending service in emerging markets, Mines raises $13 million
Emerging markets credit startup Mines.io has closed a $13 million Series A round led by The Rise Fund, the global impact fund formed by private equity giant TPG, and 10 others, including Velocity Capital.
- Categories
- Finance
- Region
- Sub-Saharan Africa
- Tags
- fintech, lending, venture capital
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Development Bank of Nigeria to provide low interest loans to 10,000 MSMEs
A statement from the DBN said the loan is part of measures aimed at addressing the financing challenges facing MSMEs in Nigeria.
- Region
- Sub-Saharan Africa
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Industry body seeks government intervention to tame errant microfinance practitioners in Sri Lanka
LMFPA aims to self-regulate its 76 members through the code of conduct, particularly avoiding over indebtedness, maintaining transparency, promoting good recovery practices and maintaining healthy competition. Nafeer noted that an independent board would investigate the complaints lodged against its members and will take punitive action against errant members by terminating their membership if they continue to breach the code of conduct and same will be advertised in print media to inform the public.
- Region
- South Asia
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Sri Lanka Finance Minister Announces Cap on Microfinance Interest Rates
A cap on interest rates charged by micro-finance companies has been a long-term demand of groups agitating against exploitative loan schemes targeting the country’s poorest people.
- Region
- South Asia
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Step by Step Credit: Empowering the Unbanked through Progressive Finance
Despite notable progress in the financial inclusion sector, widespread, permanent change remains elusive. The good news, says Aristotle Socrates at Juvo, is that not only is this change possible, but everything we need to make it happen already exists. In fact, it might be as easy as setting aside long-held assumptions about the role of wealth and income in establishing credit. He outlines how improved data infrastructure is connecting lenders to creditworthy customers, producing big gains for both providers and the financially excluded in the developing world.
- Categories
- Finance, Telecommunications
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Cutting Edge Agriculture: How Artificial Intelligence, Satellites and Big Data are Transforming Farmers’ Access to Finance
There are many reasons for the $450 billion global agricultural finance gap. But much of the challenge stems from lenders' inability to monitor farmers' output, estimate their income and assess their risk of default, says Ruchit G Garg of Harvesting Inc. He explores how artificial intelligence and satellites are addressing that data imbalance, helping lenders reach many of the world’s 500 million smallholder farmers for the first time.
- Categories
- Agriculture, Technology, Telecommunications
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Press release: Experian: 78 percent of lenders believe alternative credit data improves financial inclusion
First-ever State of Alternative Credit Data report says lenders believe factoring in alternative credit data allows greater access to credit, consumers willing to provide additional information if it increases chances of approval or better terms
- Region
- North America
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More College = Less Poverty: The Impact of Peer-to-Peer Lending
More than 57 million students globally are qualified but have not enrolled in higher education, mostly because they lack the money. Yet banks often don't want to lend to them, due to their lack of collateral, uncertain earning potential and long repayment periods. That’s why Ryker Labbee and Kirk Acevedo launched peer-to-peer student lender Zomia, targeting nearly 1 million potential college students in Myanmar and Cambodia. They explore how the model could scale into other markets and reduce poverty.
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