Microfinance Sector: Microfinance Supervisory Committee held meeting (1/2023)

The Microfinance Supervisory Committee held its meeting (1/2023) at the ministry of planning and finance, Nay Pyi Taw on Wednesday with the attendance of the Chairman of Microfinance Supervisory Committee Deputy Prime Minister Union Minister U Win Shein, Deputy Minister U Maung Maung Win, committee members and senior officials.

In his speech at the meeting, the Committee Chairman Deputy Prime Minister said the microfinance sector was implemented commencing in 2011 with the enactment of Microfinance Business Law 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.

Next, the committee secretary director general of financial regulatory department clarified the current work implementations in the microfinance sector, issues to be made decision and to be recorded including reformation of INGO, NGO financial institutions as the companies, implementation to issue directive to set the maximum amount of saving and to release the directive regarding with the classification of loans and estimation of the losses from the loan.

Then, Myanmar Microfinance Association reported the challenges facing and the measures to be given solutions. Regarding with the clarification, the committee chairman, vice chairman and committee members supplemented necessaries.

Then, the Committee Chairman gave a speech of conclusion.There are total of 181 microfinance business companies up to January, 2023 in Myanmar and they are providing microfinance services for nearly 5 million people from 266 Townships of 15 Regions, States and Nay Pyi Taw.