Fintech PR
Global Microfinance Index announces early insights, Top Impact Award Winners and 3 new tools to access the data
Now in its second year, 60 Decibels releases 5 key findings from the world’s largest financial inclusion index grounded in human voice, ahead of its public report launch later this year
Early findings at a glance:
- Microfinance clients continue to report higher confidence to deal with a future shock compared with the population as a whole.
- Clients who use their loan for business (productive) purposes report better outcomes in financial resilience and their households.
- Clients in Southeast Asia report poorer outcomes in client protection, driven by results from Cambodia.
- Clients with group loans report a better experience with their Financial Service Provider (FSP) than those with individual loans.
- Women report slightly stronger outcomes in confidence and decision making compared to men.
LONDON, July 13, 2023 /PRNewswire/ — Microfinance is improving the quality of life, increasing the resilience of low-income customers to withstand economic shocks, and reaching people without prior access to financial services without creating over-indebtedness. By providing small loans, savings accounts, and other financial services tailored to the needs of marginalized communities, FSPs empower individuals to improve their livelihoods and break the cycle of poverty.
The 60 Decibels Microfinance (MFI) Index is a groundbreaking financial inclusion initiative that exists to measure and benchmark the impact of the microfinance industry – providing high-quality, comparable social performance data for Africa, Asia and Latin America. The Index has expanded to collect more than 1 million unique data points in 2023, speaking to over 32,000 microfinance clients across 32 countries to provide a ground-up perspective on the lives of 25 million microfinance clients.
This year the Index includes data from more than 115 participating FSPs and is supported by 32 Partners, including Abler Nordic, Accion, Advans Group, ASN Impact Investors, Baobab Group, BRAC, Ceniarth Group, Developing World Markets, Enabling Qapital, FinnFund, FMO, Global Partnerships, Gojo, Grameen Crédit Agricole Foundation, HOPE International, International Solidarity for Development and Investment (SIDI), Invest In Visions, Kiva, MCE Social Capital, Mercy Corps, Opportunity International, Pro Mujer, Proparco, Social Performance Task Force (SPTF), Triodos Investment Management, Symbiotics, Temasek Trust, Tipping Point Fund on Impact Investing, TripleJump, Vision Fund International, and WaterEquity.
More on the early findings
Early insights from the aggregate dataset include that microfinance clients continue to report higher confidence to deal with a future shock, compared with the population as a whole.
The Global Findex in 2021 found that 32% of adults in developing countries say it would be ‘very difficult’ to fund an emergency expense in the next month. Conversely, of the microfinance clients surveyed in the 2023 MFI Index, only 8% said it would be ‘very difficult’ to come up with such an emergency expense (down from 10% from the 2022 MFI Index).
While not a perfect comparison, it suggests that the clients surveyed for the MFI Index are more resilient than the average across developing countries.
Women were found to be considerably more likely than men to find it ‘difficult’ to fund an emergency experience – 33% of the women would find it difficult versus 23% of the men.
New to the Index this year is the addition of an ‘Agency’ dimension, which measures the impact FSPs have on clients’ confidence, ability to make decisions about their money, and their ability to achieve their financial goals.
Women reported slightly stronger outcomes in confidence and decision making compared to men; 83% of the women stated that their confidence had increased, because of the FSP (compared to 79% of the men), while 67% of the women said that their ability to make financial decisions without consulting their spouse or another adult had increased, because of the FSP (compared to 61% of the men).
Clients who use their loan only for business or productive purposes report better outcomes in financial resilience and in their households; 83% of clients use their loan for at least some business purpose.
Clients who use their loan for productive purposes also report greater increases in the amount they spend on their child’s education, healthcare, meals, and home improvements.
Accessing the data behind the MFI Index
Ahead of the public-facing report launching in October, the data from this year’s Index can also be accessed via 3 new data tools built by 60 Decibels: a regionally disaggregated dashboard demonstrating results across all indicators in the Index; geographic snapshots for countries such as Cambodia, Ecuador, India, Indonesia and Uganda; or fully customisable insights discovery. More info on the 3 MFI Index data tools can be found at https://60decibels.com/insights/mfi-data/.
Top Impact Award winners
Nine Top Impact Award winners have also been announced as part of this year’s Index – awarded to FSPs who ranked in the top 3 for their region across all 6 dimensions of impact in the Index (Access, Business Impact, Household Impact, Client Protection, Resilience, and — new to 2023 — Agency).
Out of the 115 financial service providers in 32 different countries, the winners demonstrated exceptional performance in delivering financial services and positively impacting their clients’ lives. Full details of the winners and award criteria can be found at https://60decibels.com/mfi-awards/.
All details about the initial findings can be explored via 60decibels.com/mfi-index, where you can sign up to receive the public report when it launches or learn more about accessing the data behind the Index.
About 60 Decibels
60 Decibels is a global, tech-enabled, impact measurement company that brings speed and repeatability to social impact measurement and customer insights. They provide tangible benchmarks of impact performance, enabling organizations to understand impact relative to peers and set performance targets. With a network of 1,100+ researchers in 80+ countries, 60 Decibels has worked with more than 1,000 of the world’s leading impact investors, companies, foundations, corporations, NGOs, and public sector organizations to make it easy to listen to those who matter most.
Website: https://60decibels.com/
About the MFI Index
The Microfinance Index is an industry-wide initiative designed to complement and integrate with existing frameworks and standards in microfinance, impact investing, and international development. Participation in the MFI Index provides FSPs and investors with feedback on the practices recommended by SPTF and CERISE in the Universal Standards, Client Protection Principles, and SDG Impact Standards. The 2023 MFI Index provides data aligned to IRIS+ metrics and the five dimensions of impact guidance established by the Impact Management Project.
This year’s survey gathers quantitative and qualitative data along six key dimensions of impact, including Access, Business Impact, Household Impact, Client Protection, Resilience, and Agency. The 2023 edition will also include additional segmentation features such as lending methodology, gender, and client tenure. A public report will share the resulting insights, providing essential insight into sector-wide performance on these key outcomes. The data from this year’s Index can also be accessed via 3 new data tools built by 60 Decibels: a regionally disaggregated dashboard demonstrating results across all indicators in the Index, geographic snapshots, or custom insights discovery.
60 Decibels Contacts:
Devin Olmack
[email protected]
Madeline Copp
[email protected]
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A strategic partnership between two of the largest Qatari companies to add value to the local and regional market, enhancing food security and innovation in several key sectors.
DOHA, Qatar, Nov. 16, 2024 /PRNewswire/ — Senyar Trading & Distribution Company and Al Baladi Holding have announced the launch of their strategic partnership under the name of ‘Al Faisal Al Baladi Holding’. The launch ceremony was attended by Sheikh Faisal bin Qassim Al Thani, Chairman of Al Faisal Holding, and Mr. Mohammed Abdullah Al Attiyah, Chairman of Al Baladi Holding. This partnership aims to provide added value to the Qatari and regional markets, and to enhance the role of Qatari companies in supporting and developing the local economy in line with Qatar National Vision 2030.
Within this partnership, a strong economic icon was established under the name ‘Al Faisal Al Baladi Holding Group’, capable of implementing huge projects across the MENA region in a number of different vital sectors, especially livestock and agricultural production projects, which contributes to supporting food security and enhancing livestock in a sustainable manner. In addition, the retail sector constitutes a significant part of the Company’s activities.
Al Faisal Al Baladi Holding Group Holding includes Al Faisal Al Baladi Holding LLC, based in Qatar, Al Faisal Al Baladi Group for Malls Management and Operations, based in Egypt, and Al Faisal Al Baladi Holding, based in the Sultanate of Oman. As well as livestock and agricultural production, these companies will operate in several diverse sectors including distribution and wholesale, manufacturing, hospitality and hotels, restaurants, food and beverages, with the retail sector also constituting a significant area of focus. Through these activities, they will seek to meet the growing demand for innovative products and solutions, while supporting sustainable economic development in Qatar and the region.
Commenting on this announcement, Sheikh Faisal Bin Qassim Al Thani, Chairman of Al Faisal Holding, stated: “I am pleased to witness the formation of this strategic partnership that represents the development of the private sector in Qatar and enhances its ability to compete through cooperations built on solid foundations. This partnership is a realization of Qatar Vision 2030 of empowering the private sector and enhancing its contribution to the local economy. I wish both parties success in this promising partnership.”
Mr Mohammed Abdullah Al Attiyah, Chairman of Al Baladi Holding and Chairman of Al Faisal Al Baladi, said: “We are delighted with this cooperation which opens new horizons for growth and expansion. Al Baladi Holding has achieved remarkable successes in recent years, and this partnership comes to underpin our position in the market and expand the scope of our activities. We hope that Al Faisal Al Baladi Holding will contribute to the development of successful and innovative projects that will be a source of pride for everyone.”
Sheikh Mohammed bin Faisal Al Thani, Vice Chairman of Al Faisal Al Baladi Holding, added: “We share common goals, integrated resources, and expertise with Al Baladi Holding. Through this partnership, we will achieve integration and synergy in diverse businesses to maximize value for all parties, including consumers and investors, which will benefit all stakeholders and contribute to achieving a positive impact across every level.”
Mr. Abdullah Mohammed Al Attiyah, Vice Chairman of Al Baladi Holding, said: “Undoubtedly, the stability of the Qatari economy, the diversity of investment opportunities, and the positive business environment, have all contributed to Al Baladi Holding’s market leading position. We look forward to this partnership with confidence in its promise to help build a bright future”
Mr. Tarek Mahmoud Al Sayed, Board Member of Al Faisal Al Baladi Holding, added: “Food security projects hold special importance, especially in their comprehensive and sustainable concept, which constitute an essential part of our future strategy. We seek to play a pivotal role in the region through livestock and agricultural production projects, as we currently own a number of livestock and agricultural production companies in Qatar and Oman, and we plan to expand and launch new projects in a number of countries in the region and North Africa. This will support Al Faisal Al Baladi in becoming a leading company in achieving food security at the regional level.”
Mr Hany Al Sayyadi, CEO and Board Member of Al Faisal Al Baladi Holding, concluded by saying: “This partnership strengthens our diversified investment portfolio and facilitates the expansions of our presence in regional and global markets. Our vision is to achieve a strong presence in the Middle East region, by focusing on innovation and quality in all our sectors. This partnership is a natural extension of the vision of both companies to enhance economic integration and contribute to driving development in Qatar and the region.”
Al Faisal Al Baladi plans to expand its business activities in regional and global markets, by utilizing the diverse investment opportunities represented by the manufacturing, hospitality and retail sectors. The Group’s current portfolio includes more than 30 leading companies in their fields, including Al Baladi and Al Baladi Express Markets, Al Wajba Dairy and Juice Factory, City Limousine Company, in addition to a number of restaurants and companies in the food sector, and many others.
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Fintech PR
Sustainable Infrastructure Holding Company (“SISCO”) Q3FY24 revenue (excluding accounting construction revenue) increases by 23.8% to 341.8 million
- Revenue grew by 23.8% compared to previous year
- Gross profit of SAR 179.8 million, a 21.7% increase compared to Q3FY23
- Adjusted EBITDA rose 29.5% to SAR 210.2 million
JEDDAH, Saudi Arabia, Nov. 16, 2024 /PRNewswire/ — Sustainable Infrastructure Holding Company (“SISCO”, “TADAWUL: 2190”), Saudi Arabia’s leading strategic investor in Ports & Logistics and Water Solutions has announced its financial results for the quarter ended 30 September 2024.
Revenues for the third quarter of 2024, excluding accounting construction revenue, grew by 23.8% compared to Q3FY23 to reach SAR 341.8 million. On a quarter-to-quarter basis, revenues grew by 13.0% compared to Q2FY24.
The third-quarter gross profit of SAR 179.8 million represents 14.7% quarter-on-quarter growth and 21.7% growth compared to Q3FY23. The gross profit margin for Q3FY24 was down 0.9% year-on-year, due to increased depreciation and direct costs, but was up 0.8% quarter-on-quarter, in line with expectations. Year-to-date saw gross profits increase by 13.8% to SAR 469.5 million.
Adjusted EBITDA growth rose 29.5% to SAR 210.2 million compared to Q3FY23, aligning SISCO with strategic goals. Quarter-on-quarter growth was 20.8%, with a year-to-date increase of 17.7% to SAR 543.8 million.
SISCO reports a strong recovery in the Red Sea Gateway Terminal from subdued Q3FY23 Port segment results due to the Red Sea situation. Port volume reached 828,868 TEUs in Q3FY24, returning to levels similar to Q4FY23.
Commenting on the results: Eng. Khalid Suleimani, Group CEO, SISCO said:
“I am pleased to report that SISCO has continued to demonstrate strong growth and operational performance in Q3FY24, with revenues improving by 23.8% compared to Q3FY23. Our Ports segment, which remains a key growth driver, saw a significant increase, leading to robust results despite the Red Sea challenges.
Net income remains strong, despite the one-off payment of SAR 25 million to Zakat. Another highlight of the quarter is the impressive recovery in the Red Sea Gateway Terminal, highlighting it’s resilience.
We are also excited to announce the Multi-Purpose Terminals (MPT) concession, which will allow us to expand operations across all non-containerised port facilities in the Red Sea Gateway Terminal. This strategic initiative positions SISCO to capture further growth opportunities domestically and internationally.
Looking ahead, we remain committed to executing our five-year strategy to double revenues by 2026 and continue delivering long-term value to our shareholders.”
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DUBAI, UAE, Nov. 15, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, opens up the November arena for the Bybit Crypto Titans trading competition. Available for users in select regions, a prize pool of 55,000 USDT will be available for a limited time only.
From now to Nov. 30, eligible traders can level up their trading strategies and amplify their winning chances by inviting friends to share two prize pools in two simple steps: register for the event at the Grand Arena, and invite friends and trade.
Battlefields: Once in the Arena, users can pick their battlefields. Up to 30,000 USDT are up for grabs in the Team Battlefield ranked by total trading volume, while another 15,000 USDT is reserved for traders in the Solo Battlefield competing by PnL(%).
More perks: Additionally, top traders and leaders will receive extra perks. Participants will receive a bonus 5 USDT for every new qualified referee, and the first 50 Team Leaders whose team exceeds a threshold amount in trading volume will be entitled to a 100 USDT bonus.
“As trading volumes overall are climbing, we are seeing so many talented traders in our community with a knack for navigating fast-moving markets. This event gives some of them an incentive to share their passion with their friends, and there is room for rewards for the solo trading pros to shine as well,” said Joan Han, Sales and Marketing Director of Bybit.
Market sentiment and activities have been trending up in recent weeks globally, and the enthusiasm is shared among users in niche markets. While traders rush to capture opportunities in a heated market, the Crypto Titans competition encourages users to bring out the best trading game and hone their trading skills for healthier returns.
Find out more about Bybit’s Crypto Titans: November Showdown, terms and conditions apply.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press
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