Myanmar keyword: Microfinance Business License ("MFI License")

June 29, 2019

On 4 June 2019, the Financial Regulatory Department (“FRD”) issued a letter (“Letter”) directing International Non-Governmental Organizations (“INGOs”) and Non-Governmental Organizations (“NGOs”) which provide microfinance services to register as companies and apply for fresh Microfinance Business License (“MFI License”). MFI License issued previously Pursuant to the Letter, FRD had previously issued MFI Licenses to 3 […]

June 24, 2019

On 5 June 2019, the Microfinance Business Supervisory Committee issued Directive 1/2019 (the “Directive”) which revises the interest rates applicable to micro-credits and savings of the members. New rates of interest The Directive introduces an interest rate of 28% on micro-credit (the “New Rate”) and provides illustrations with regard to calculating the effective rate of […]