Deputy Prime Minister Union Minister for Planning and Finance U Win Shein, who is also Chairman of the Microfinance Business Supervisory Committee, presided over the 1/2025 committee meeting in Nay Pyi Taw yesterday.
First, the Union minister said there are 174 microfinance institutions in regions and states, which have been operating their business activities in 2,300 wards and 27,006 villages in 263 townships, with 3.228 million members and K2,011.077 million granted loans until January 2025.
The microfinance institutions should follow the law, rules and regulations, procedures and directives in offering financial services.
Moreover, the companies granted loans to MSMEs in addition to the agricultural sector for the State economic development, and the committee also works with the Central Bank of Myanmar in allowing corporate insurance representatives of microfinance institutions and using digital financial services to collect the loans and grant loans to the borrowers’ accounts.
The collaboration of microfinance institutions in addition to the local banks is needed to grant loans for the MSMEs development. All should follow the rules and regulations of the Central Bank of Myanmar in using digital financial services. The licensed microfinance institutions also need to follow the enacted law, procedures and directives without fail.
Then, the attendees coordinated the discussion.
The meeting permitted three local companies for microfinance services, four companies for capital increases, three corporate life insurance representatives and three companies for expansion of the industry. — MNA/KTZH
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