News

A packaged financial solution, launched by Co-operative (Co-op) Bank of Kenya, will go towards supporting MSMEs. 

Co-op Bank of Kenya has worked with the International Finance Corporation (IFC) over the past year, to understand the inner-workings of the MSME business segment to improve MSMEs. Co-op Bank will offer training programs, forums and financial tools to build and grow “world class entrepreneurs,” according to the article. 

IFC will provide $55 million to BIND Banco Industrial to increase the bank’s lending to SMEs in Argentina. The funds will allow BIND to offer SMEs longer-term financing options. 

According to the article, even though SMEs are essential to job creation and growth, “more than 70 percent of Argentina’s SMEs have difficulties accessing financing.” 

Washington, D.C., August 7, 2018 – DBS became the newest member of the SME Finance Forum, a global membership network that brings together financial institutions, technology companies, and development finance institutions to share knowledge, spur innovation, and promote the growth of SMEs. 

“200 million businesses worldwide need financing to invest, grow and create new jobs. We are proud to have DBS join our network of 140 members who work to expand access to finance for small and medium businesses,” said Matthew Gamser, CEO of the Forum. 

MSMEs need loans and grants to thrive in emerging economies. Mastercard's and Unilever's CEOs have a solution. SME Finance Forum member Mastercard is working with Unilever on new lending models for micro merchants in Kenya.

Ajay Banga is the president and CEO of Mastercard. Paul Polman is the CEO of Unilever. Their Fortune piece highlights they ways the two achieve scale and long-term growth for SMEs, by bringing together tools, data insights, and partnerships from across different sectors to change the model of small business financing.

SME Finance Forum member, Overseas Private Investment Corporation (OPIC) President and Chief Executive Officer Ray W. Washburne traveled to Zambia where he toured Zambia’s first utility scale solar power facility which is being supported by a $13 million OPIC loan and a $26 million loan from the International Finance Corporation to Neoen and Arizona-based First Solar, the joint developers of the project. The project supports the mission of Power Africa.

Mastercard is partnering with fintech startup, Strands Finance to offer issuing banks digital cash management tools aimed at SME customers. Strands will tap into Mastercard’s BFM (business financial management) offering, which helps small firms manage accounts payables, receivables, budges and provisions. “SMEs are the backbone of the global economy and represent one of the biggest potential sources of revenue for banks; yet they are typically offered banking solutions designed with the retail customer in mind,” shared Mike Brieva, CEO of Strands.

AltFi reports that SME Finance Forum member BNP Paribas Asset Management has completed its first UK loan on its new SME lending platform.

The loan, a six year senior unsecured amortising loan, was made to a specialist recruitment services company based in the West of England.

BNPP AM says investing in its SME alternative financing offers its client base a "differentiated and unique access" to SME lending as an asset class. It also has a warehousing capacity that enables it to immediately start granting loans, with the typical loan size being between £500,000 and £5m.

SME Finance Forum BRAC Bank has celebrated the first anniversary of the launch of its comprehensive Women’s Banking solutions ‘TARA’.

Selim RF Hussain, Managing Director and CEO, BRAC Bank, and senior officials were present at the programme to mark the occasion at the bank’s head office on May 8. BRAC Bank is the first bank to launch a women banking proposition with a 360 degree approach to appreciate the contribution of women of the country.