Pride Microfinance, a deposit-taking institution in Uganda, recently partnered with the UN Capital Development Fund (UNCDF) to fund a program called Tondeka, which can be translated as, “Don’t leave me behind.” Pride is accessing the local-currency equivalent of USD 290,000 to provide loans, guarantees, training and incubator services to micro- and small enterprises in the cities of Arua and Gulu. The goal is to reach 700 people who fall into one or more of the following categories: women, youth, forcibly displaced persons (FDPs) and members of communities that are hosting FDPs. Pride has 44 service locations and reports total assets of USD 110 million.

Author: Yuchen Jin

The UN’s International Fund for Agricultural Development (IFAD) and Belgium-based Moneytrans Payment Services recently partnered on an effort to encourage migrants from Morocco who live in Europe to use electronic channels rather than cash-based systems to send money home. This can allow migrants to spend less in transfer fees as well as boost access for senders and recipients to savings and credit opportunities. IFAD Program Manager Pedro de Vasconcelos said, “IFAD’s support will promote the digital transition and financial inclusion of a category of migrant workers who are particularly resistant to the idea of using non-cash transaction methods and who know little about the advantages offered by the financial services that would become accessible.” The goal is for 18,000 workers to adopt digital channels for sending money to 31,000 family members, of whom 30% live in rural areas. During 2021, Moroccans living abroad sent USD 10 billion home. Moneytrans serves 140 countries.

Author: Pranav Agarwal