Microfinance Business Supervisory Committee 1/2024 meeting

Deputy Prime Minister Union Minister for Planning and Finance U Win Shein, in his capacity as Chairman of Microfinance Business Supervisory Committee (MBSC), presided over 1/2024 meeting of the committee, yesterday.
First, the Union Minister said there are 178 microfinance institutions in regions and states, which have been operating their business activities in 2,245 wards and 26,986 villages in 263 townships, with 3.45 million of members and K1,835.954 billion remaining loans until January 2024.
The MBSC should supervise the licensed microfinance companies to follow the law, rules and regulations, procedure and directives in offering financial services, and should facilitate the loan services of local banks for microfinance institutions to overcome the hardships in withdrawing cash and receiving foreign loans due to COVID-19 and certain political issues.
It also needs to conduct classification of loans and ease certain irrecoverable debt, allow corporate insurance representative of microfinance institutions, digital monetary services, new loans and expansion of industry in other regions with potential businesses.
He then urged the microfinance institutions to disburse MSME loan for MSME development which is a priority of the government and carry out corporate social responsibility-CSR for members in addition to grant loan for the whole Supply Chain from planting to production processes.
Then, Deputy Minister U Maung Maung Win and relevant officials discussed the work plans of microfinance business, estimation to change interest rate, licence applications of three microfinance institutions, expansion and Mobile Financial Services permit.— MNA/KTZH

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