In a follow-up to their meeting earlier this month, the East African Community (EAC), a regional intergovernmental organization founded in 1967 consisting of the Republics of Kenya, Uganda, Rwanda, Burundi and the United Republic of Tanzania, is reportedly discussing the possible elimination of microfinance institution (MFI) licenses with the aim of facilitating the expansion of microfinance operations in the member states. The first meeting, which took place in September 2010, in Kigali, Rwanda, was focused on the harmonization of MFI regulation [1]. However, the group has since reportedly shown an inclination towards allowing MFIs in any of the EAC partner states to operate without licenses in order to foster better and quicker coverage of financially underserved communities [2].
About the National Bank of Rwanda (NBR): Founded in 1964, The National Bank of Rwanda (NBR) is Rwanda’s central bank with headquarters in Kigali. Its purpose is to define and implement monetary policy, supervise and regulate the foreign exchange market and financial institutions and mint currency. It also operates Rwanda’s Securities Exchange. In 2009, NBR reported total assets of RWF 726.8 billion (USD 1.23 billion).
By Diana Baide, Research Assistant
[1] MicroCapital. “East African Community (EAC) Seeks to Align Microfinance Institution Regulation” by Jennifer Shevock, 21 September 2010
MICROCAPITAL BRIEF: East African Community (EAC) Seeks to Align Microfinance Institution Regulation
[2] allAfrica. “EAC Could Scrap License for MFIs” by Bosco Hitimana, 13 September 2010
http://allafrica.com/stories/201009140992.html
MicroCapital’s Microfinance Universe profile: National Bank of Rwanda
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=The+National+Bank+of+Rwanda
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