microfinance

Mifos 2.6.0 – Free MIS Software for Microfinance

Mifos is a community of of microfinance institutions, technology professionals, business people, volunteers, and contributors with a vision to create and deploy technology that allows the microfinance industry to scale.

It has released Mifos 2.6.0 (Esha K) – the latest release of our free software for managing the delivery of financial services to the poor.

It includes a new module or uploading/attaching files, a homepage dashboard of key business indicators, chart of accounts interface, and support for daily loans/saving accounts.

“The theme of Mifos 2.6 was to fill any major outstanding gaps and make Mifos 2.6 be the most polished and well-rounded application for group lending before we transition development to our lighter, more flexible, next-generation platform Mifos X. Major new functionalities include support for daily loans and savings accounts, the ability to upload and attach files to loans and clients, a user interface for modifying the chart of the accounts, a dashboard of key business metrics on the homepage, and enhancements to importing data in Mifos.”

Mifos is an award-winning software platform pioneered by the Grameen Foundation that is now being used by 40+ MFIs serving 1 million client.

The software can be freely downloaded from this link.

Check out the Free Manual on Human Resource Policy development for microfinance companies.

A Free Manual on Human Resource Policy for Microfinance and NGOs

If your organization is implementing a microfinance project or setting up a microfinance company, it is important to consider its management requirements to make it sustainable and effective. Human resources development is a major component of building strong community-based institutions.

If you are seeking to compile information on how to develop a human resource policy for your microfinance company, then the following free manual will be very useful. In fact, this manual is being offered in “as is” condition so that you can easily adapt to your project.

It also explains various procedures for managing human resources that ultimately shape up the policy. The following material is also useful for NGOs to adapt it for their own organizational development. Click on the links below to know more:

Microfinance Capacity Building Fund: Second Call for Proposals

The African Development Bank Group (AfDB) has announced a new funding opportunity through its second call for proposals for the AfDB Microfinance Capacity Building Fund. Grants raning from US $200,000 to US $500,000 per project, depending on the activity, and will be given to approximately 6-8 awardees under this Fund.

The Fund invites rating and auditing agencies, financial institutions, and network associations from West and Central Africa to apply.

Applicants from the West African Economic Monetary Union (WAEMU) are eligible to apply for grants that address issues related to rural financial development. Other countries within the Economic Community of West African States (ECOWAS) region will be considered on a case by case basis. WAEMU applicants will be able to deepen rural outreach through activities such as:

Agricultural value chain financing
Branchless and e-banking
Crop/weather insurance
Development of mobile payment systems
Diversification of the credit product range (e.g., leasing, warehouse receipt systems)

Applicants from the Economic and Monetary Union of Central Africa (CEMAC) region are eligible to apply for grants that address issues related to transparency. Beneficiaries of the fund will help increase transparency within the Microfinance Sector. A lack of transparency in the microfinance industry is a key barrier in terms of the ability of Microfinance Institutions (MFIs) to raise capital, gain confidence from clients and therefore grow, expand and deepen their outreach. The Fund seeks to support the governance of MFIs through:

External Audit: Train auditors to work with financial intermediaries in the microfinance sector; support MFIs in getting appropriate external audit services; support the design of business models that allow for services to be provided at a cost MFIs can afford.
Accounting and Financial Reporting: Train MFIs’ accountants as well as external accountants to implement accounting standards, reporting and financial analysis as per local regulation as well as microfinance best practices.
Supervision: Support capacity building for supervisory bodies.

All applicants are invited to submit their proposals online before November 30, 2012. For more information, visit this link.

New Version Mifos 2.5 – Free MIS Software for Microfinance

It has released Mifos 2.5 – the latest release of our free software for managing the delivery of financial services to the poor. It includes a new integrated accounting module, 11 additional standard reports & data warehouse embedded in Mifos, importing loan & saving accounts via spreadsheet, revamped functionality to generate receipts & account statements, and more.

Mifos is an award-winning software platform pioneered by the Grameen Foundation that is now being used by 40+ MFIs serving 1 million client.

The software can be freely downloaded from this link.

2012 WWB Fellowship Program- Seeking Fellows

Deadline: February 24, 2012.

Countries/Region:Asia, Africa,Latin America

WWB Fellowship Program enables future global leaders in microfinance and women’s economic empowerment to experience the challenges and rewards of contributing to an organization that works diligently to create financial opportunities for low income women. Over a 2-year period, Fellows will deliver solutions for the organization and the network member institutions concerning an array of microfinance initiatives including: credit, savings, youth products, financial education and microinsurance.

How to Apply:

The application process is highly competitive and open to interested candidates from across the globe. Please submit your application by February 24, 2012. Please find details regarding the application process below:

Submission requirements

Please include the following items in your submission:

A current resume
A one-page cover letter articulating why you will succeed at WWB
An essay of 500 words (or less) telling us about an experience you’ve had with a culture other than your own that changed your perspective in some way. Different cultural experiences are up to you to define. It can be a different city, village or country.
Three professional references. Please provide name, title and telephone number.

For more information visit this link

Gender Consultant for Women in Rural Economy Research in Latin America-Women’s World Banking (WWB)

DEADLINE: February 3, 2012

Countries/Region:Colombia,Peru

WWB is an international microfinance support organization and network of 39 microfinance institutions in 27 countries. The mission of WWB is to expand the economic assets, participation and power of low-income women and their households by helping them access financial services, knowledge and markets.

Women’s World Banking (WWB) in collaboration with the Inter-American Development Bank is undertaking the project Development of Rural Credit Products with a Gender Sensitive Approach to expand services to rural areas while strengthening gender dimensions as an integral part of financial services provision.WWB is working with its affiliates and leading MFIs in Paraguay, Colombia and Peru to expand and diversify the supply of sound microfinance services in rural and marginal urban areas by improving the capacity of the MFIs to reach underserved clients.

Eligibility:

The Inter American Development Bank (IDB), which is a project funder, requires an eligible respondent to meet a residency requirement from the following country list, posted on the IDB website: http://www.iadb.org/en/about-us/member-countries,6291.html

How To Apply:
Please submit a cover letter, resume and rate history to Celina Kawas, [email protected] Women’s World Banking is an equal employment opportunity for all regardless of race, color, citizenship, religion, national origin, sex, sexual orientation, gender identity or expression, age, disability, veteran or reservist status or any other category protected by federal, state or local law.

for more information, visit this link

Global Partnerships lends $2.5M to two Colombian MFIs

A loan of $2.5 million is extended to two Colombian MFIs, by Social Investor Global Partnerships. The two MFISs receiving the loan are Fundación Amanecer and Contactar. Global Partnerships’ Social Investment Fund 2010 (SIF 2010), which is a five-year, $25 million debt fund, has provided the loan.

The first loan of $1 million was made to Fundación Amanecer, in August. Subsequently, the second loan was made to Contactar, a nonprofit microfinance organization in southwest Colombia, in September; the organization works with rural clients,

At present, Global Partnerships is supporting the work of 33 microfinance organizations and cooperatives, including the recent two additions. GP has a network in eight countries in Latin America, including Bolivia, Colombia, Ecuador, El Salvador, Honduras, Mexico, Nicaragua and Peru.

Till it closed in September, 2010, SIF 2010 had extended loans worth $20.25 million to 20 organizations, including 12 new partners to Global Partnerships. 75 percent of organizations funded by SIF 2010 are required to provide “microfinance-plus” services.

Pakistan Poverty Alleviation Fund invests in Jinnah Welfare Society

Pakistan Poverty Alleviation Fund (PPAF) has started an equity fund that will be invested in microfinance institutions. This fund will help PPAF reach its goal of making commercial financing easily accessible and increasing growth in rural areas. The MFIs will be judged by third parties, and only those that meet international criteria, and prove to be sustainable, will benefit from the fund. It is expected that the fund will make MFIs financially stronger, thereby helping them attract more investors. The fund is part of PPAF’s Program for Increasing Sustainable Microfinance (PRISM); this program helps microfinance institutions to form commercial partnerships.

PPAF is a nonprofit organization that helps in the growth and expansion of the Pakistani microfinance industry. PRISM was initiated by PPAF, in collaboration with UN agency, International Fund for Agricultural Development (IFAD), in June 2008. The ultimate goal of PRISM is to reduce poverty and facilitate economic growth, thereby improving the livelihoods of rural people. MFIs play a major role in implementing these programs, as they are expected to be sustainable and have reliable operating channels.

The equity fund will greatly benefit the Pakistani MFI Jinnah Welfare Society (JWS). As per the agreement between PPAF and JWS, the former will provide 60% of equity, though the amount remains undisclosed. The rest of the 40% will be raised by the MFI itself.

JWS is an MFI based in Gujranwala, Pakistan. According to the report provided by JWS to US-based nonprofit Microfinance Information Exchange (MIX), the gross loan portfolio of JWS stands at USD 2.2 million, with almost 13,700 borrowers.

Norwegian microfinance fund leads Rs.250 Million equity investment in Utkarsh

An INR 250 Million Series B investment in Utkarsh Microfinance Pvt. Limited has been led by the Norwegian Microfinance Initiative’s Frontier Fund KS. Utkarsh is a Non-Banking Finance Company (NBFC), with operations in 13 districts of Uttar Pradesh and Bihar. It has a client base of 57, 000, with a loan portfolio of INR 410 million.

The participants in this Series B round of investment included Aavishkaar Goodwell (AG), which is an existing investor in the MFI. Utkarsh also has World Bank’s IFC as an existing investor, which has been supporting the firm since March 2010. The only advisor for this transaction was Intellecap.

The Norwegian public and private sectors have formed a strategic partnership, Norwegian Microfinance Initiative (NMI), which aims to help microfinance institutions (MFIs) in developing countries, by providing them technical support and professional assistance.

Govind Singh, MD and CEO, Utkarsh, said,”The investment of INR 250 mn is going to boost our growth plans. It has come at the right time as the sector has started growing once again. It is also noteworthy that our existing investors AG are participating in this round, strongly indicating their confidence in the sector and in Utkarsh. We’re also very grateful for IFC’s continued support. Another important aspect is that all our investors have a strong bent for social sector and truly believe in double bottom-line approach. We strongly believe that this investment will facilitate further penetration of microfinance in the most underpenetrated geography in the country.”

Henning Haugerudbråten, Investment Director, NMI Frontier Fund, announced, “We are very pleased to invest with Utkarsh and to be part of the important work that the Company is doing toward financial inclusion in northern India. NMI was particularly attracted by Utkarsh’s commitment to serving the poor in areas of India characterized by high population, high incidence of poverty, and very low financial inclusion. The potential for well-run MFIs like Utkarsh to make an impact in this region is tremendous, and we believe Utkarsh has the professionalism and commitment required to make a difference and to achieve the joint mission of Utkarsh and NMI on financial inclusion, This investment is also an attractive complement to NMI’s other activities in India,”

Anurag Agrawal, Co-Founder Intellecap, and Senior Vice President of the Investment Banking arm said, “Utkarsh is doing some great work in promoting financial inclusion among low income communities, and Intellecap is very happy to have played a role in their mission. This investment by NMI in Utkarsh is a reinforcement of our belief that, in spite of all that has happened over the last year or so in the microfinance sector, there is still a fundamental business proposition for microfinance in India and informed global investors are willing to commit significant capital to quality institutions who are doing good work on the ground to serve the large unmet demand for microfinance services. We are optimistic that this space will see gradual growth over the next few years, as it adapts to a changed regulatory environment”.

Iraq’s microfinance institutions to hold conference on financial inclusion

An Inclusive Financial Services Stakeholders Conference will be held in Erbil on October 3 and 4. The USAID-Tijara Provincial Economic Growth Program, along with Iraq’s 12 institutions who deal with microfinance, will be holding the conference. The theme for the conference is ‘Transforming Inclusive Financial Services for Increasing Outreach.’

The forum will be composed of policy makers from Iraq, international rating institutions, donors, and commercial bankers. In addition, representatives from the U.S. Agency for International Development will also be joining the forum.

Discussion on some important matters will be held in the conference. Some of the major topics of discussion include institutional reform, transparency, and governance. The forum will also discuss ways to effectively serve youth and women, while creating new products that depend on demand. Study topics will also include strategic business planning and the developing a credit bureau. Amongst the leading participants are Planet Rating, Shore Bank International and the Central Bank of Iraq.

Iraq’s microfinance industry has been actively providing micro loans, since 2003; till now, it has made 313,300 microloans, amounting to over $729 million. At present, Iraq’s microfinance industry has 84,000 clients, which include more than 16,218 women, having a total loan of $123 million.