It is expected that Microfinance Institutions will address any entry barriers by focusing on areas that have not been well served by mainstream financial institutions by offering demand-driven, affordable and convenient products.
Ladies and Gentlemen: I am happy to assure the microfinance industry that the Central Bank will continue to initiate key reforms and structural changes that are necessary in the sector’s legal, regulatory and supervisory frameworks. As you are aware, key among these legislative changes was the specific amendment to the Microfinance Act in January 2011 that introduced agency definition.