The Reserve Bank of India, the country’s financial regulatory authority, recently announced the inauguration of a financial inclusion advisory committee (FIAC) under the chairmanship of the bank’s Deputy Governor K.C. Chakrabarty.
Category: Regulation
MICROCAPITAL BRIEF: Central Bank of Sri Lanka Hopes Third Time is Charm for Microfinance Institutions Law
The Central Bank of Sri Lanka (CBSL) has reportedly floated a third draft of legislation to regulate microfinance institutions (MFIs) with the intent of ensuring financial stability in the sector.
MICROCAPITAL BRIEF: Bank of Zambia Urges Microlenders to Move Away From Consumption-Related Lending at Launch of Microfinance Zambia
The Bank of Zambia (BOZ), the country’s apex financial institution, has recently called for microfinance institutions operating in the country to embrace lending to productive sectors in the economy as distinct from lending for consumer- related purposes, which is estimated to account for about 90 percent of the amount loaned in the country’s microfinance sector.
MICROCAPITAL BRIEF: Central Bank of Kenya May Give Microfinance Institutions Access to Credit Reference Bureau
The Kenya Bankers Association (KBA), which promotes the interests of its 43 member banks, and the Central Bank of Kenya (CBK) are reportedly working on possible regulation changes that would allow microfinance institutions (MFIs) to access customer data at the country’s Credit Reference Bureau.
MICROCAPITAL BRIEF: Central Bank Governor Sanusi of Nigeria Argues Microfinance Should Empower Families
Governor Sanusi Lamido Sanusi of the Central Bank of Nigeria, the apex financial authority of the country, recently announced the bank’s plans to establish a database of microfinance banks in Nigeria as part of efforts to regulate the microfinance sector [1].
MICROCAPITAL BRIEF: International Finance Corporation (IFC) Backs Housing Microfinance in Peru with $45m Investment in BBVA Continental
The International Finance Corporation (IFC), the private investment arm of the World Bank Group, and BBVA Continental, a commercial bank in Lima, Peru, recently entered into a USD 75 million loan agreement to boost renewable energy and mortgage financing in the country.
MICROFINANCE PAPER-WRAP UP: “Emerging Perspectives on Youth Savings;” by Tanaya Kilara and Alexia Latortue; published by CGAP
By Tanaya Kilara and Alexia Latortue; published by CGAP (Consultative Group to Assist the Poor); July 2012; 10 pages; available at: http://www.cgap.org/sites/default/files/CGAP-Focus-Note-Emerging-Perspectives-on-Youth-Savings-Aug-2012.pdf
MICROCAPITAL BRIEF: At AFI Global Policy Forum, Bangladesh Bank Governor Endorses Financial Inclusion to Boost GDP
Governor Atiur Rahman of Bangladesh Bank, the central bank and industry regulator in Dhaka, has reportedly called for stakeholders in the global finance sector to adopt financial inclusion strategies as a means to enhance gross domestic product (GDP) amidst a weak financial environment [1].
MICROCAPITAL BRIEF: Asian Development Bank Invests $40m in Vietnam’s Microfinance Sector
The Asian Development Bank (ADB), a development finance institution based in the Philippines, recently lent USD 40 million to the government of Vietnam in an effort to improve the country’s microfinance sector.
MICROFINANCE EVENT: The African Microfinance Transparency to Host 5th Annual Investor’s Fair, Tunisia, October 11-12, 2012
Event name: Fifth Annual Investor’s Fair
Event date: October 11-12, 2012
MICROCAPITAL BRIEF: ProCredit Ghana Sounds Alarm on Multiple Lending, Calls for Tighter Entry Requirements for Microfinance Institutions (MFIs)
Mrs Sarah Tsien Zetterli, Managing Director of ProCredit Savings and Loan Company of Ghana, reportedly stated recently that the microfinance market in Ghana has become overcrowded and that tighter entry requirements for microfinance institutions (MFIs) must be established by the Bank of Ghana.
MICROCAPITAL BRIEF: International Finance Corporation (IFC), Data Bureau Limited Launch Tongan Credit Bureau
The International Finance Corporation (IFC), a member of the World Bank Group that supports private-sector development, and Data Bureau Limited, a Fijian-owned credit information company, recently set up a credit bureau in Tonga.
MICROCAPITAL PAPER WRAP-UP: “Youth’s Financial Inclusion Policy Reform Study;” by Yassir Ahmed Hassan Jamie; published by MDG Achievement Fund; Microfinance Unit, Central Bank of Sudan; United Nations Development Programme
By Yassir Ahmed Hassan Jamie, published by MDG (Millennium Development Goals) Achievement Fund; Microfinance Unit, Central Bank of Sudan; United Nations Development Programme, May 2012, 103 pages, available at http://www.microfinancegateway.org/gm/document-1.9.57618/Youth%20Financial%20Inclusion%20Policy%20Reform%20Study%20FINAL.pdf
MICROCAPITAL BRIEF: Insurance Regulatory and Development Authority (IRDA) of India Proposes Shop Owners be Allowed to Sell Microinsurance
India’s Insurance Regulatory and Development Authority (IRDA) reportedly has proposed in a draft set of Micro Insurance Regulations that propose shop owners should be allowed to sell microinsurance in order to increase the usage of insurance.
MICROCAPITAL BRIEF: Myanmar Caps Microloan Interest Rates at 17%, Germany’s Savings Bank Foundation for International Cooperation (SBFIC), Philippine’s CARD Fund Mingalar Myanmar, Myanmar Egress Microfinance Projects
Sparkassenstiftung fuer internationale Kooperation (Savings Bank Foundation for International Cooperation, SBFIC), a development organization that finances microfinance institutions (MFIs), and the Centre for Agriculture and Rural Development (CARD), an MFI in the Philippines, recently signed deals to begin microfinance projects with Mingalar Myanmar and Myanmar Egress, two NGOs in Myanmar.
MICROCAPITAL BRIEF: Parliament Votes for Tougher Regulation of Microcredit Organizations in Kazakhstan
While details remain sparse, the Majilis, the lower house of the Parliament of Kazakhstan, recently passed a new bill regulating microfinance institutions (MFIs) that is intended to protect the rights of the borrowers.
MICROFINANCE PUBLICATION ROUND-UP: Financial Advisors on Sustainable Investing; Risk Management in Microfinance; Supply-Side Financial Inclusion Data
“Gateways to Impact: Industry Survey of Financial Advisors on Sustainable and Impact Investing;” published by Calvert Foundation; June 2012; 14 pages; available at: http://www.gatewaystoimpact.org/images/gatewaystoimpact.pdf
MICROCAPITAL BRIEF: India’s Redrafted Micro Finance Institutions Bill Would Raise Loan Ceiling to $9k, Task State Committees with Reporting Violations
A change in the Indian Micro Finance Institutions (Development and Regulation) Bill has reportedly raised the ceiling for loans disbursed by microfinance institutions (MFIs) from INR 50,000 (USD 910) to INR 500,000 (USD 9,100).