- October 9, 2022
- Posted by: admin
- Category: Financial Sector Management
Microfinance Institutions (MFIs) play a critical role in poverty alleviation and economic empowerment of marginalised communities. In the MEFMI region, MFIs have their roots in micro credit programmes which used to supply credit to low-income earners. However, MFIs have evolved into market-oriented providers of demand-driven financial services including savings, micro-insurance, consumption loans, leasing products, and other services. As they have grown into a significant component of the financial sector, the proper regulation of MFIs has become vital.
Against this background, from 28 March to 6 May 2022, MEFMI delivered an e-learning course on Fundamentals of Regulating Microfinance Institutions. The objective of the course was to improve the participants’ knowledge of the key and unique features of microfinance; the role of microfinance in fostering sustainable economic development; microfinance risk management frameworks; and regulation of microfinance institutions. The course also covered the recent developments affecting microfinance such as fintech and anti-money laundering.
Out of the 57 officials who participated, 54 successfully completed the course. The participants comprised 28 females and 29 males from nine (9) MEFMI member countries i.e. Angola, Botswana, Eswatini, Malawi, Mozambique, Rwanda, Tanzania, Zambia and Zimbabwe. Mrs Racheal Mushosho, a MEFMI Accredited Fellow and Deputy Director at the Reserve Bank of Zimbabwe mentored the course participants.
Prepared by Noel Mahombera