Credicorp bought MiBanco for $179m. According to the stated equity on the MixMarket, this would suggest they paid 1.25x the net equity of the bank, for a 61% stake. This is a low price compared to most microfinance transactions, but … Continue reading
Introduction It seemed appropriate to take a closer look at the bank in the centre of the emerging “incident” in Peru’s beloved microfinance sector. In a later post I may do a comparison of MiBanco to other banks in the … Continue reading
I have received a few questions on whether I am suggesting this is the beginning of an actual Peruvian microfinance meltdown, and should clarify my stance on this. Basically, I don’t know. The signals are inconclusive. But when we look … Continue reading
I have received endless calls, emails and messages about my recent post, almost unexpectedly, so I feel obliged to keep my loyal readers up to date on the unfolding problems in Peru. I have therefore diligently prepared three new posts … Continue reading
I was surprised more fuss wasn’t made of Fitch’s October 2013 downgrade of Grupo ACP – the main shareholder of Peru’s flagship microfinance institution (MFI): MiBanco. “The downgrade [] is driven by ACP’s losses (mainly due to foreign exchange volatility … Continue reading
It’s not every day I read a post or article on microfinance that nearly knocks me off my chair. This article is one of them. Read it. It’s short and surprisingly frank. The opening reference to Yunus is tangential. The … Continue reading
I had a go at Opportunity International in November 2012 over their extortionate interest rates. I thought I’d update the findings, as new data has emerged on Chuck Waterfield’s excellent website www.mftransparency.org. The results were interesting: The poor Kenyans saw … Continue reading
Introduction A reading list produced by the Center for Financial Inclusion (aka Accion) was recently re-Tweeted. It is boldly entitled “5 Great Books About Microfinance and How the Poor Use Money”. The list is bizarre to anyone with a remote interest … Continue reading
What is “Truelift”? What pops into your mind? I initially thought it might be a rival to the Wonderbra; a new botox treatment; an elevator for the elderly or handicapped, perhaps? In fact it is the latest effort to perk … Continue reading
I criticised this former Minister for Foreign Affairs in Italy for comments which, in my opinion, were foolish. He became irritated and is now trying to deny it in bite-sized chunks on Twitter (@GiulioTerzi). In a nutshell, I question his … Continue reading
