Through its compliance with the agreed Microfinance Development Program (MDP) policy actions, the government made remarkable progress during 2008-2014 in creating a conducive policy and regulatory environment for developing inclusive and sustainable microfinance. Despite this, the issuing of implementing rules and regulations (IRRs) related to the licensing requirements for microfinance institutions (MFIs) is still pending. The government attributes the delay to its desire to await a Prime Minister Decision on unlicensed microfinance operations. This seems necessary for a holistic approach to be taken so that licensed and unlicensed microfinance operations can achieve their full potential in reaching unserved and underserved clients and to clearly demarcate the regulations on licensed and unlicensed microfinance entities.
Microfinance Development Program - Subprograms 1 and 2: Program Completion Report