Microfinance News Synopsis: Microfin cos want to be a UIDAI registrar

Microfinance Focus, July 7, 2010: Microfinance News Synopsis brings a compilation of industry headlines broadcasted by other news media from across the world.

Microfin cos want to be a UIDAI registrar: Microfinance Institutions Network (MFIN), which is the umbrella organisation for some 39-odd NBFC-turned microfinance players, has made a pitch before the Unique Identification Authority of India (UIDAI) to become one of its registrars. Interestingly, MFIN has direct access to a collective base of 25 million borrowers along with their family members. If the network gets the mandate from UIDAI, they can enable over 100 million people to get the unique identification number, or UID, on fast-track. “UIDAI is a project of national importance. We would like to be part of this,” said the network’s president, Vijay Mahajan. Unique identification numbers will also help microfinance institutions track borrowers more effectively. “I have spoken to UIDAI chairman Nandan Nilekani. He even attended one of our meetings” [Economic Times]

S. E. Investments to consider stock split: S. E. Investments Ltd., a leading financial services company with particular stress on micro credit, has taken major decisions in its board meeting held yesterday. The Board of Directors of the company considered change its name from ‘S. E. Investments Limited’ to ‘SEIL MICROFIN Limited’ and to take steps for its implementation including filing of application with the Reserve Bank of India (RBI) and other concerned authority(ies). The company is currently in the process of filing applications with the Reserve Bank of India (RBI) and other concerned authorities regarding this. Another major announcement emerging from this board meet was of stock split. The company’s equity share of Rs 2/- each will be split into 2 equity shares of Re 1/- each. The implementation of this is, however, subject to the approval of the company’s shareholders [IIFL]

Microfinance Boosts Economic Power of Women in South Asia: What started as a few small loans by an economics professor in Bangladesh to help local laborers avoid unscrupulous, high-interest loan services has become a booming specialized banking business. The business, microfinance, refers to small loans to poor people who generally have no access to banks. Microfinance is widely credited with improving the lives of millions of families around the world. While the rise of microfinance tells a story about growth in a banking sector, it also tells one about women’s economic empowerment. According to economists, women are the big beneficiaries of microfinance, especially women in South Asia, where the majority of microlending takes place. Grameen Bank, the Bangladesh institution at the forefront of microlending, reports that almost all of its borrowers are low-income women [America.gov]

6^th Citi, PPAF Micro entrepreneurship Awards held: Pakistan Poverty Alleviation Fund (PPAF) and Citi Foundation jointly organised the Sixth Citi-PPAF Micro entrepreneurship Awards (CMA) ceremony here Tuesday. Benazir Income Support programme Chairperson Farzana Raja was the chief guest while PPAF CE/MD Kamal Hyat, Citi Global Director of Microfinance & Community Development Robert Annibale, Citi Country Officer/Managing Director Arif Usmani, PPAF Chief Strategy Officer Ahmad Jamal and PPAF Chief Operating Officer Kamran Akbar and others were present on the occasion.  At the ceremony, as many as 50 rising microentrepreneurs were awarded in the categories of ‘Best National Micro-entrepreneur Male’, ‘Best National Micro-entrepreneur Female’ and six ‘Best Regional Micro-entrepreneurs’ from Punjab, Sindh, Balochistan, Khyber Pakhtunkhwa, Federal, Gilgit-Baltistan and Azad Kashmir with one runner-up [The Financial Daily]

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