KNOW A MICROFINANCE REGULATOR: Regulators of Microfinance in Bangladesh, India, Brazil, Bolivia, Egypt And Kenya

The following regulators are profiled in this brief:

Bangledesh – Microcredit Regulatory Authority (MRA), located at: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Microcredit+Regulatory+Authority+%28MRA%29

India – National Bank of Agriculature and Rural Development (NABARD), located at: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=National+Bank+of+Agriculature+and+Rural+Development+%28NABARD%29

Brazil – Central Bank of Brazil (BCB), located at: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Central+Bank+of+Brazil+%28BCB%29

Bolivia – Superindendent of Banks and Financial Entities (SBEF), located at: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Superindendent+of+Banks+and+Financial+Entities+%28SBEF%29

Egypt – Central Bank of Egypt (CBE), located at: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Central+Bank+of+Egypt+%28CBE%29

Kenya – Central Bank of Kenya (CBK), located at: http://docs.google.com/Doc?docid=0Adr0wzXJKlP0ZGZiN3dwYnFfMzlocDhnZHZmNQ&hl=en

Bangledesh – Microcredit Regulatory Authority (MRA) 

Overview:
The Microcredit Regulatory Authority (MRA) is Bangladesh’s primary regulator over the microfinance activities of all NGO micofinance institutions (MFIs).
Description:
The MRA has three primary functions: to license MFIs, to supervise MFIs for compliance with licensing requirements and to enforce sanctions against non-compliance. In addition, MRA monitors microfinance activity through audits and addresses customer complaints. The Board of Directors, which oversees the governance of MRA, consists of heads of executive levels of government, including the Governor of Bangladesh Bank, Dr. Atiur Rahman who serves as the Chairman of MRA.
Organization’s Website:
Just the Facts:
Year founded: 2006
Chief officer: Khandakar Muzharul Haque, Executive Vice Chairman
Basis for legal authority: Microcredit Regulatory Authority Act, 2006
Number of Licensing Applications: 4,236
Number of Approved Licenses: 460
Number of Loans Under Supervision: BDT 127.15 million (USD 1.85 million) for top 11 MFIs
Number of Savings Under Supervision: BDT 80.91 million (USD 1.18 million) for top 11 MFIs
Number of MFI Branches: 11,059 for top 11 MFIs
Contact Information:

Microcredit Regulatory Authority
62/3 Purana Paltan,
National Sports Council (NSC) Tower, 11th Floor,
Dhaka – 1000

tel: +03 77 2800385
fax: +88 02 9559756
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Additional Resources:
Latest News & Publications:
Link to MicroCapital Universe Wiki Page:

 

India – National Bank for Agriculture and Rural Development (NABARD)
Overview:
The National Bank of Agriculature and Rural Development (NABARD) is a development bank that regulates microfinance activities among state-owned cooperatives and regional rural banks in India.
Description:
The primary functions of NABARD are to formulate the credit and banking policy for the rural sector, to supervise and conduct on-site inspections of cooperatives and regional rural banks and to promote the development of microfinance activities in the rural sector. NABARD is charged with the oversight of the Microentreprise Development Programme (MEDI), which focuses exclusively on the development of microenterprises.
Organization’s Website:
Just the Facts:
Year founded: 1979
Chief officer: Shri Umesh Chandra Sarangi, Chairman
Basis for legal authority: Banking Regulation Act of 1949; National Bank of Agriculature and Rural Development Act of 1981
Number of Regional Branch Offices: 28
Number of Licensing Applications:
Number of Approved Licenses:
Number of Loans Under Supervision: INR 113.97 billion (USD 2.5 billion) for over 2.2 million Self Help Groups (rural women’s cooperatives)
Number of MFI Projects: 244,651 (last updated 2007) 
Contact Information:
Head Office of National Bank of Agriculature and Rural Development
Plot No C-24, “G” Block
Bandra-Kurla Complex
P.B.No 8121
Bandra(E), Mumbai, 400051
Tel: +91 022 26541834, +91 022 26539474
Fax: +91 022 26530103
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Additional Resources:
Latest News & Publications:
Link to MicroCapital Universe Wiki Page:
 
Brazil – Central Bank of Brazil (BCB)
Overview:
The Central Bank of Brazil (BCB) is the primary regulatory authority tasked with establishing the country’s monetary policy and supervising the country’s financial and macroeconomic policies.
Description:
BCB has the ultimate legal authority to supervise microfinance institutions and credit unions. In 2004, BCB formed a national task force of government ministries that coordinates different aspects of the development of the microfinance sector called “Microcredit and Microfinances Inter-Ministry Team.”
Organization’s Website:
Just the Facts:
Year founded: 1964
Chief officer: Henrique de Campos Meirelles, Govenor
Basis for legal authority: Financial System Law of Brazil, No. 4594 of 1964
Number of Regional Branch Offices:
Number of Licensing Applications:
Number of Approved Licenses:
Number of Loans Under Supervision:
Number of MFIs & Coops: 1465 (as of September 2009)
Contact Information:
Banco Central do Brasil
Setor Bancário Sul
SBS – Quadra 3 – Bloco B – Ed. Sede
Caixa Postal 08670
70074-900 Brasília (DF)
Brazil
Tel: +55 61 3414; 3980
Email: gerin@bcb.gov.br
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Additional Resources:
Latest News & Publications:
Link to MicroCapital Universe Wiki Page:

Bolivia – Superintendent of Banks and Financial Entities (SBEF)

Overview:

The Superindendent of Banks and Financial Entities (SBEF) was estalished in 1993 as the regulatory body responsible for the licensing and supervision of the financial banking sector.

Description:

SBEF regulates microfinance institutions pursuant to Supreme Decree 24,000 which established microfinance institutions called Public Financial Funds (PPFs) to channel credit to microenterprises.  SBEF sets regulations that govern the ability of microfinance institutions to take deposits, disburse loans and disclose interest rates for their products. 

Organization’s website (spanish only):

http://www.sbef.gov.bo/

Just the Facts:

Year founded: 1933

Executive officer: Efrain Camacho, Deputy Director

Basis for legal authority: Law No.1488 Law on Banks and Financial Institutions

Number of Regional Branch Offices:

Number of Licensing Applications:

Number of Approved Licenses:

Number of Loans Under Supervision:

Number of MFIs & Coops:

Contact Information:

Superindendent of Banks and Financial Entities
Plaza Isabel la Católica # 2507

Tel: +591 2 431919
Fax: +591 2 430028

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Additional Resources:

Latest News & Publications:

http://www.asfi.gov.bo/template.php?idPag=2 

Link to MicroCapital Universe Wiki Page:

https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Superindendent+of+Banks+and+Financial+Entities+%28SBEF%29

Egypt – Central Bank of Egypt (CBE)

Overview:

The Central Bank of Egypt (CBE) has the ultimate regulatory authority over the banking sector, which includes microfinance. 

Description:

The functions of CBE are to establish the country’s monetary, credit and banking policy and to ensure the soundness of the financial sector. In addition, a recently proposed microfinance bill has the following objectives: to establish microfinance companies and to urge them to raise funds, while at the same time, to build regulatory frameworks to monitor and supervise microfinance activities. 

Organization’s website:

http://www.cbe.org.eg/contactus.htm

Just the Facts:

Year founded: 2003

Executive officer: Minister Mahmoud Mohieldin

Basis for legal authority: The Law of the Central Bank, the Banking Sector and Money (Law No. 88 of 2003, as amended through 2005)

Number of Regional Branch Offices:

Number of Licensing Applications:

Number of Approved Licenses:

Number of Loans Under Supervision:

Number of MFIs & Coops:

Contact Information:

Central Bank of Egypt

54 Elgomhoreya Street
11511, Cairo Egypt

Tel:   +2 02 2770 27700
Email: 
info@cbe.org.eg

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Additional Resources:

Latest News & Publications:

http://www.cbe.org.eg/Publications.htm

Link to MicroCapital Universe Wiki Page:

https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Central+Bank+of+Egypt+%28CBE%29

 

Kenya – Central Bank of Kenya (CBK)

Overview:

The Central Bank of Kenya (CBK) is the nation’s central banking authority.

Description:

With the microfinance regulations taking effect in May 2008, the Central Bank of Kenya operationalized the Microfinance Act of 2006, which paved the way for the licensing of microfinance institutions (MFIs) that take deposits from the public. Currently, the microfinance industry in Kenya consists of a variety of institutions, e.g. commercial banks, cooperatives, NGOs etc., which are regulated under different laws by different government agencies. With the passage of the Act, deposit taking MFIs and other financial institutions engaging in microfinance activities will be regulated under an umbrella regulatory framework.

Organization’s website:

http://www.centralbank.go.ke/default.aspx

Just the Facts:

Year founded: 1966

Executive officer: Prof. Njuguna Ndung’u, Govenor

Basis for legal authority: Microfinance Act of 2006

Number of Regional Branch Offices: 4

Number of Licensing Applications:

Number of Approved Licenses: 26 (during year 2008)

Number of Loans Under Supervision: NA

Number of MFIs & Coops: 34

Contact Information:

The Bank Secretary
Central Bank of Kenya 
Haile Selassie Avenue
P O Box 60000-00200
Nairobi

Tel: +254 20 2861000
Fax: +254 20 340192
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Additional Resources:

Latest News & Publications:

http://www.centralbank.go.ke/downloads/bsd/annualreports/bsd2008R.pdf

Link to MicroCapital Universe Wiki Page:

http://docs.google.com/Doc?docid=0Adr0wzXJKlP0ZGZiN3dwYnFfMzlocDhnZHZmNQ&hl=en

 

 

 

 

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