Microfinance activities: Microfinance Supervisory Committee held meeting

The government is addressing for the low income population to access the financial service easily facilitating the development of rural area and poverty alleviation.

The above task is implemented and supervised by the Microfinance Supervisory Committee. The committee held its meeting (1/2021) at the ministry of planning and finance, Nay Pyi Taw on Friday and the Union Minister U Win Shein gave a remark. The union minister said that the microfinance law was enacted in 2011 and the microfinance services have been facilitating for rural and urban low income population and the small and medium enterprises to access financial services easily and affordably.

There are total of 186 microfinance institutions in Myanmar including 2 INGOs, 6 NGOs, 53 foreign companies and 117 local companies, 8 joint-venture companies. They are providing microfinance services for over 5 million people from 259 Townships of 15 Regions, States and Nay Pyi Taw. Their capital finance is over 800 billion Kyats and the current balance is over 24 billion Kyats etc.

Next, the vice chairman of the committee, deputy minister U Maung Maung Win clarified the current work implementations in the microfinance sector. The committee secretary reported the decisions on the license application submitted to the committee, issuing permanent license, permission of microfinance institution which can accept the deposit money and the points to be recorded.

Then, Myanmar Microfinance Association reported the challenges facing and the measures to be given solutions. Afterward, the committee members discussed in detail on the proposals submitted by the microfinance business institutions and companies and carried out assessment on them. Then, the Committee Chairman, Union Minister U Win Shein gave a speech of conclusion.