Rural Development: Microfinance Business Supervisory Committee meeting

The Microfinance Business Supervisory Committee convened its meeting at the Ministry of Planning and Finance on Friday.

Chairman of the Committee and Deputy Prime Minister, Union Minister U Win Shein delivered a speech acknowledging the transformative impact of the Microfinance Law enacted in 2011. He highlighted that microfinance services have significantly benefited low-income individuals and MSME businesses, contributing to achievements in rural development and poverty alleviation.

The Union Minister underscored the importance of adhering to established rules, regulations, and procedures. The meeting discussed the operational procedures, interest rate amendments, capacity-building training, and collaborations with development partners.

As of July 2023, a total of 180 local and foreign microfinance companies and organizations have been granted permission to operate, extending financial assistance to 3.6 million members across 15 regions and states.