#microfinance rules

[zvaigzdelasas]

[ThePrint is Indian Private Media]

Speaking to ThePrint minutes after Hasina left Bangladesh, Yunus, who has been charged by the Hasina government in over 190 cases, said, “Bangladesh is liberated… We are a free country now.”

“We were an occupied country as long as she (Hasina) was there. She was behaving like an occupation force, a dictator, a general, controlling everything. Today all the people of Bangladesh feel liberated.”[...]

Yunus was convicted by the Hasina-led government in January for violating the country’s labour laws and is currently out on bail.[...]

Yunus, founder of the pioneering microfinance system that lifted millions of poor out of poverty in Bangladesh, ruled out any role in active politics. “I’m not the kind of person who would like to be in politics. Politics is not my cup of tea,” he maintained.

Currently in Paris, he said he would soon return to Bangladesh and continue to work for the people the way he did earlier.[...]

“I will continue with my work in a more free environment that I didn’t have during the regime of Sheikh Hasina because she was always attacking me. I will continue, devote myself to the things I could not do before,” he said.

Earlier in the day, coming down heavily on the Hasina-led government, Yunus had in a separate interview with ThePrint demanded that she resign immediately.[...]

He added that unlike the US, India has played a “major role” as far as Bangladesh is concerned.

“I don’t know what role they are playing now in this scenario and what role they will play in the upcoming situation,” he told ThePrint.[...]

The Nobel Laureate said that with Hasina no longer calling the shots in Dhaka, things have changed in Bangladesh and he is not sure what role opposition parties including former PM Khaleda Zia’s Bangladesh Nationalist Party (BNP) will play in the current scenario.

He added that the BNP was silent so far because they have been under attack all along. “Now in a free country, how they emerge, how they decide their policies and actions, if there is an election, what role they will play in the elections, how they perform in the elections, is not very clear as of now.”

[Dhaka Tribune is Bengali Private Media]

The coordinators of the Anti-Discrimination Student Movement have announced an outline for an interim government headed by Nobel Laureate Dr Muhammad Yunus.

This information was conveyed in a video message by key coordinators of the student movement, Nahid Islam, Asif Mahmud, and Abu Bakar Mazumdar, at 4:15am on Tuesday.[...]

The army chief also mentioned that he would soon meet with representatives of students and teachers.

He expressed confidence that the situation would return to normal soon and sought all-out cooperation from people of all classes and professions, including students, regardless of party affiliations and opinions.

5 Aug 24

[sa7abnews]

Bangladesh coup was US revenge for military base refusal – ousted PM

New Post has been published on https://sa7ab.info/2024/08/16/bangladesh-coup-was-us-revenge-for-military-base-refusal-ousted-pm/

Bangladesh coup was US revenge for military base refusal – ousted PM

Sheikh Hasina was forced to resign and flee the country earlier this week amid violent protests

Former Bangladeshi Prime Minister Sheikh Hasina, who was forced to resign and flee the country amid mass protests earlier this week, has accused the US of involvement in her ouster. In a message on Sunday cited by the Economic Times, Hasina signaled that she could have retained power if she had agreed to host a US military base in Bangladesh. “I resigned, so that I did not have to see the procession of dead bodies. They wanted to come to power over the dead bodies of students, but I did not allow it, I resigned from premiership,” Hasina was cited as saying. “I could have remained in power if I had surrendered the sovereignty of Saint Martin Island and allowed America to hold sway over the Bay of Bengal. I beseech the people of my land, please do not be manipulated by radicals.”

Read more

A serious crisis is brewing on India’s doorstep, and the West has a role in it

Hasina was referring to Bangladesh’s coral reef island in the northeastern part of the Bay of Bengal and Washington’s alleged attempts to seize control over it. A number of Bangladeshi officials claimed over the past months that the US had proposed leasing the island on several occasions, but was refused. Hasina said that “white men” – her term for US officials – met with her before the previous election and sought her support in building an air base on Saint Martin. The 76-year-old politician, who held office for 15 years, fled to neighboring India following her resignation on August 5. She pledged to return to Dhaka “soon… with the grace of almighty Allah.” Hasina’s ouster came after weeks of nationwide student-led demonstrations against a quota system for government jobs, which was criticized for favoring people with connections to the ruling party. Starting off peacefully, the protests quickly turned violent, reportedly resulting in over 400 deaths and around 11,000 arrests.

READ MORE: India to monitor safety of Hindus in Bangladesh amid ongoing unrest

Shortly after Hasina resigned, the chief of army staff, General Waker-uz-Zaman, announced that he would form an interim government. Muhammad Yunus, a Nobel Peace Prize winner known for pioneering the concepts of microcredit and microfinance, was sworn in as head of the interim government on August 8.

[swiftnliftnewsandarticle]

What is the future of fintech?

The future of fintech (financial technology) is poised to be transformative, driven by rapid technological advancements, changing consumer preferences, and evolving regulatory landscapes. These significant innovations and trends are anticipated to influence the direction of fintech in the future:

Increased Adoption of Digital Payments: As society moves closer to becoming cashless, digital wallets, contactless payments, and cryptocurrency usage will all increase. Payment systems will advance in speed, security, and integration with regular business operations.

Blockchain and Cryptocurrencies: From safe transactions to open and effective supply chains, blockchain technology will transform many facets of the financial industry. Alternative financial services beyond conventional banking systems will be provided via cryptocurrencies and decentralized finance (DeFi) platforms.

Artificial Intelligence and Machine Learning: These two technologies will improve risk management, customer service, and decision-making procedures. Robo-advisors, AI-powered fraud detection, and predictive analytics will all grow in sophistication and application.

Personalized Financial Services: Fintech companies aim to provide highly tailored financial products and services by utilizing data analytics. Individualized financial advice, customized credit products, and customized investment portfolios will all become commonplace.

RegTech: Financial institutions will be able to more economically and efficiently comply with rules thanks to regulatory technology. As regulations change, automated compliance, real-time reporting, and risk management tools will become increasingly important.

Open Banking: Third-party developers will be able to create applications and services centered around financial institutions as open banking continues to progress. Better financial products and more options for consumers will result from this, which will also encourage innovation.

Enhanced Cybersecurity: Strong cybersecurity measures are becoming more and more necessary as fintech expands. Artificial intelligence (AI)-powered security technologies, biometric authentication, and advanced encryption will fend off more complex cyberattacks.

Financial Inclusion: Fintech will be crucial in enhancing financial inclusion by giving underbanked and unbanked people access to banking services. Peer-to-peer lending platforms, microfinance, and mobile banking will aid in closing the gap.

Partnership with Conventional Financial Institutions: Fintech companies and conventional banks will work together more often than they will against each other. Banks will use fintech technologies to improve their offerings, while fintech firms will profit from the regulatory know-how and client base of banks.

Sustainable and Ethical Finance: These two areas of finance will receive more attention. Fintech technologies will facilitate carbon tracking, transparent supply chains, and green investments, thereby balancing financial objectives with social and environmental responsibilities.

Global Growth: Fintech innovations are expected to persist in their global expansion, especially in emerging nations. The growing need for easily accessible and reasonably priced financial services presents these areas with substantial growth prospects.

Fintech's future holds promise for more innovation, efficiency, and inclusion in the financial services industry, radically changing how people and businesses handle their money.

For more information>>

[professionalutilities1]

What is the process of Section 8 microfinance company registration?

The process of Section 8 microfinance company registration:-

Step 1: Obtain the Digital Signature Certificate (DSC). To start a corporation, you must apply for the digital signature certificates of the proposed firm's directors. Section 8 corporations file all of their documentation online, and e-forms must be digitally signed. As a result, the designated directors must receive their DSCs from certification agencies. Step 2: Apply for Name Approval. The following step is to apply for name approval. The name must indicate that it is a Section 8 company. The company's industrial activity code and object clause must be defined when applying for its name. Step 3: Submit the SPICe Form (INC-32). After the name has been approved, the SPICe+ form must be filled out with registration information for the company. It is a simpler proforma for incorporating a business electronically. The details of the form are as follows. Details of the company Details of members and subscribers Application for the Director Identification Number (DIN) Application for PAN and TAN, including declarations by directors and subscribers. Declaration and certification by professional Step 4: File the MoA and AoA under "Finance" Objective SPICe e-MoA and e-AoA are the related forms that must be completed when applying for company registration. SPICe e-MoA and e-AoA are the related forms that must be completed when applying for company registration. The company must draft the MoA and AoA and submit them along with the required documentation. The Memorandum of Agreement is the foundation upon which the company is founded. It defines the company's constitution, powers, and objectives. The AoA outlines all of the rules and regulations that govern the company's management.

Step 5: Issue of Incorporation Certificate Following approval of the paperwork by the Ministry of Corporate Affairs, the competent department will issue the PAN, TAN, and Certificate of Incorporation.

[metamoonshots]

Bitfinex Securities – the specialised platform devoted to the itemizing of real-world tokenized securities – introduced that its first tokenized bond will probably be listed in November this yr. The brand new tokenized bond, known as – ALT2611 – is a 36-month, 10% coupon bond and leverages Blockstream’s Bitcoin layer-2, Liquid. USDT Denomination For ALT2611 In keeping with the newest tweet by Tether CEO Paolo Ardoino, the tokenized bond ALT2611 is denominated in USDT stablecoin and issued by Mikro Kapital, a Luxembourg-based influence finance and microfinance group. The exec additionally mentioned that the primary bond listed on Bitfinex Securities represents a “new period” for capital raises by means of “deep liquid markets and inventory/fond markets.” The web site revealed that ALT2611’s core focus revolves round buying dangers linked to debt and fairness of micro-financing firms, small monetary establishments, leasing corporations, banks, or credit score cooperatives granting entry to financing companies to micro-, small- and medium-sized enterprises and entrepreneurs. This initiative extends throughout areas encompassing Italy, Romania, and Moldova, in addition to rising nations alongside the Silk Street. ALT2611 isn't supplied to, neither is it made accessible for, US residents or people at the moment located inside america or some other jurisdiction the place such a suggestion or sale would contravene the regulation. “ALT2611 isn't supplied or made accessible to Prohibited Individuals, reminiscent of U.S. Individuals or Individuals current within the U.S. or some other jurisdiction the place the provide or sale could be illegal.” In the meantime, Bitfinex revealed that the tokenized bond will begin buying and selling on the worth of 100 USDT whereas the minimal funding quantity of 125,000 USDT. The safety distribution inside one week following the completion of the capital increase. It has a 3-year maturity interval after issuance. The securities bond will probably be ruled by and construed in accordance with the regulation of the Grand Duchy of Luxembourg. Bitfinex Securities Indicators MoU With Mikro Kapital The newest growth comes lower than a month after Bitfinex Securities signed a Memorandum of Understanding (MOU) with Mikro Kapital in a bid to discover initiatives to tokenize, listing, and commerce debt securities and assess using USD-backed Tether tokens and Euro-backed Tether tokens for capital elevating and microfinancing. Ardoino, who can also be serving because the CTO of Bitfinex Securities, had then commented. “The worldwide microfinancing market is on a trajectory to greater than double from 2020 to 2027. The rising demand for strong tokenized funding alternatives aligns completely with the experience Mikro Kapital brings to the microfinancing enviornment. We envision the immense potential for tokenized securities and microfinancing options in rising markets.” SPECIAL OFFER (Sponsored) Binance Free $100 (Unique): Use this link to register and obtain $100 free and 10% off charges on Binance Futures first month (terms).PrimeXBT Particular Supply: Use this link to register & enter CRYPTOPOTATO50 code to obtain as much as $7,000 in your deposits.

[m2iconsulting]

Client Protection Principles in Microfinance

Client Protection Principles in Microfinance Institutions. Principles of Client Protection in Microfinance Providing access to financial services to millions of underserved individuals worldwide, microfinance has emerged as a potent instrument for financial inclusion. However, due to its rapid expansion, concerns regarding client safety and ethical practices have emerged. The Smart Campaign introduced the Client Protection Principles in Microfinance Institutions (CPPs) to address these issues. Albeit the Savvy Lobby has stopped activities, the SPTF (Social Execution Team) and CERISE have accepted the responsibility of shielding the CPPs, guaranteeing that microfinance establishments stick to these standards. We will discuss the significance of the fundamental principles of client protection in microfinance in this blog post.

Appropriate product design and delivery Microfinance institutions should make certain that the products and services they offer are designed and delivered with the customers' best interests in mind. This entails tailoring financial solutions that are appropriate for the circumstances of the clients by comprehending their requirements, preferences, and capabilities. Proper item configuration considers factors, for example, credit terms, reimbursement plans, and the client's capacity to reimburse without becoming overburdened.

Counteraction of over-obligation

Over-obligation is a critical gamble in the microfinance area, where clients might be helpless against numerous credits or shifty loaning rehearses. Microfinance foundations should practice dependable loaning by leading exhaustive appraisals of clients' reliability and reimbursement limit. Carrying out instruments to keep clients from becoming over-obligated, for example, credit limits, advance global positioning frameworks, and borrower training, is vital to shield clients from falling into an obligation trap.

Straightforwardness

Straightforwardness is a crucial rule in client security. The fees, interest rates, and terms and conditions of the products offered by microfinance institutions must be made clear and accurate. The costs, risks, and obligations of the financial services they are accessing should be fully understood by customers. Clients are safeguarded from hidden fees and deceptive practices when pricing and disclosures are open and honest.

Microfinance products' interest rates, fees, and charges must be fair and reasonable in order to be considered responsible pricing. Predatory practices should be avoided by microfinance institutions that exploit customers by charging high interest rates or hiding fees. Pricing ought to be determined by the actual expenses associated with providing financial services and supporting sustainable operations. In order to foster responsible financial inclusion and build trust, it is essential to communicate pricing policies openly.

Clients deserve to be treated with dignity, respect, and fairness from microfinance institutions. The significance of avoiding any form of discrimination, exploitation, or mistreatment is emphasized in this principle. Staff individuals ought to be sufficiently prepared to comprehend and maintain the freedoms of clients, tending to their interests and giving fitting client care. Fair treatment builds trust and long-term relationships between microfinance institutions and their clients.

Client data privacy is an important part of client protection. Client data privacy and confidentiality are important. Microfinance organizations should lay out hearty information security strategies and techniques to shield client data. Consent-based use of client data, secure storage, and appropriate access controls are all part of this. Regarding client security shields their touchy data as well as fabricates trust in the microfinance area.

Mechanisms for resolving complaints For the sake of client safety, it is essential to establish efficient channels through which customers can submit complaints and find solutions to their problems. Microfinance establishments ought to have available channels for clients to give input, report issues, and look for redressal. In order to ensure that clients' concerns are addressed in a timely and equitable manner, these mechanisms ought to be transparent, impartial, and independent.

M2i can assist MFIs in establishing frameworks, procedures, and policies to guarantee compliance with the Client Protection Principles.

For more details - https://m2iconsulting.com/blog-detail.php?name=Client%20Protection%20Principles%20in%20Microfinance%20Institutions&id=61

[shrutim12]

Into the Wild: Embracing the DeFi Frontier of Borderless Finance

Today, we're venturing into the untamed wilderness of DeFi – the wild, wild west of finance! It's like a digital rodeo, where traditional rules are tossed out the window, and possibilities are as vast as the savannah. So, tighten your shoelaces and get ready to explore the thrilling frontier of DeFi!

What on Earth is DeFi Anyway?

Alright, folks, let's break it down like we're chatting by the campfire. DeFi, short for Decentralized Finance, is like the rebel in the financial world. It's all about leaving those stuffy banks behind and embracing the era of blockchain technology. Picture it as a digital playground where financial institutions play with smart contracts and cryptocurrencies!

The Wild Opportunities of DeFi

DeFi is the goldmine of opportunities, just waiting for a savvy prospector like you. It's like stumbling upon a secret treasure map! From earning passive income through staking to lending and borrowing without a nosy middleman, the possibilities are endless.

Also Read: The Opportunities and Challenges in Real Estate Investment in India

The Thrills and Spills of the Frontier

In every wild adventure, there are risks and dangers, and DeFi is no exception! Like a bucking bronco, the crypto market can be unpredictable, leaving you hanging on for dear life. So, keep your wits about you and don't let those ups and downs spook you.

No Banks, No Worries: The Power of Decentralization

In DeFi land, there's no need to say hello to the bank. It's like breaking free from a cattle pen! With DeFi, you call the shots, and your funds are under your control. No grumpy bankers, no hidden fees – just the freedom to ride the financial range like a true pioneer!

Smart Contracts to the Rescue

Now, here's the real magic of DeFi – smart contracts! They're like trusty sidekicks that follow your lead without question. No paperwork, no delays – it's like having a posse of reliable deputies by your side. You say the word, and they make it happen.

Also Read: How Microfinance Enables Poor Households and Businesses to Thrive

DeFi for Everyone

Contrary to what some may think, DeFi isn't just for the tech-savvy peeps! Anyone with a smartphone and a pinch of curiosity can join this thrilling posse. So, whether you're a seasoned prospector or a expert in town, DeFi welcomes all to the frontier of finance!

Conclusion

In the realm of DeFi, you become the master of your financial fate. This borderless adventure offers lending, trading, and even digital ownership like never before. But remember, with great opportunity comes great responsibility. So, gear up, explore wisely, and let the wild world of DeFi redefine your financial horizons.

[hardynwa]

FG approves 173 loan apps, bars illegal online banks

The Federal Competition and Consumer Protection Commission has approved 173 digital lending applications to operate in the country. Of the 173, 119 have full approvals and 54 have conditional approvals. After loan apps started harassing Nigerians, the FCCPC began a registration drive to protect citizens from the atrocities of these apps. It released a ‘Limited Interim Regulatory/ Registration Framework and Guidelines for Digital Lending 2022’ to regulate the digital lending space and make registration and approval a prerequisite for companies seeking to operate in the space. After shifting its deadline multiple times, it finally adopted March 27, 2023, as the close of registration. The commission has now released a list of approved apps that can operate in the country. Companies without approvals will not be able to operate in the space. Commenting on its effort against digital lending apps in August 2022, the FCCPC said, “In addition to the enforcement action(s) and in furtherance of the desire to promote fair, transparent and mutually beneficial alternative lending opportunities apart from traditional lending to consumers, the inter-agency Joint Regulatory and Enforcement Task Force has developed and mutually adopted a Limited Interim Regulatory/ Registration Framework and Guidelines for Digital Lending, 2022 as the first and interim step to establishing a clear regulatory framework. “This becomes enforceable immediately. It requires permission to proceed in digital lending; it provides a limited moratorium period for existing businesses to comply in order to continue in digital lending. “The guidelines also mandate different service providers in the relevant ecosystem (such as banks, access/download platforms or stores, technology providers and payment systems) to require regulatory approval before providing services.” Some of the approved loan apps listed by the commission include Branch International Financial Services Limited, Fairmoney Micro Finance Bank, Pivo Technology Limited, Renmoney Microfinance Bank Limited, Carbon Microfinance Bank Limited, Creditwave Finance Limited amongst others. Loans without the FCCPC’s approval will be removed from Play Store by Google and unavailable for download. In November, Google Play announced updates to its Developer Program Policy, which mandated that digital money lenders in Nigeria, India, Indonesia, the Philippines, and Kenya must conform to regulatory rules. This was expected to come into force from January 31, 2023. In March, Google took down hundreds of unapproved loan apps from the Play Store in Kenya according to a report on TechCrunch. In February 2023, the Nigeria Data Protection Bureau revealed that a national committee, made up of federal agencies, was working in tandem to clip the activities of illegal loan apps in the country. Read the full article

[squarwell-breakingnews]

New microfin norms will bring down credit risk: RBI - Times of India

New microfin norms will bring down credit risk: RBI – Times of India

MUMBAI: The RBI has said that its regulations on microfinance are aimed at improving the credit worthiness of borrowers and enable them to raise loans at lower interest rates. Under the new regulatory arrangement, rule-based guidelines on pricing of loans have been replaced with a principle-based framework based on enhanced disclosures and transparency requirements, deputy governor M Rajeshwar…

[robertgoetschkes]

What exactly are community activities?

Community activities are gatherings of locals who come together to benefit others. These events can be centered on a particular location, such as a river or a park. They can also be more generic in nature, such as cleaning up an industrial area. People can participate in a variety of community activities, such as fostering a pet, holding a game night, or running a barter board.

Investing in your community can have a significant impact on it. It might be as easy as improving the housing in your community or providing healthier eating options. Investing in your town can also result in the creation of a varied range of jobs. This can all have a good impact on your community.

Becoming a member of a local financial institution is one of the most efficient ways to contribute to your community. Many credit unions and banks serve as community development institutions and follow stringent rules to promote underprivileged communities. Some community development financial organizations also offer microfinance to local enterprises.

Community investing is an excellent method to help those in need while also creating wealth. While there are numerous dangers associated with community investment, if done correctly, it has the potential to generate wealth for you and others. This form of investment can assist people in becoming more self-sufficient and improving their quality of life. It is comparable to charitable giving, except there is a monetary reward. Also, you can deduct your losses from your taxes. This makes sure that you are not worse off than if you had given the same amount to charity.

You may save a life and serve your community by fostering a pet. Shelter pets do not have a lot of time or space to be adopted, so fostering an animal can provide these canines with a loving home. Fostering can also lessen stress for animals in shelters, allowing more space to be provided for another pet. Fostering a pet is also free!

There are numerous ways to foster a pet, depending on your circumstances. Make yourself accessible for fostering by contacting your local animal shelter or rescue organization. You can also check up on animal welfare organizations like Petfinder online. This non-profit website supports a number of programs, including Foster a Lonely Pet for the Holidays and Guardian Angels for a Soldier's Pet, which assists active-duty military and honorably discharged veterans in reuniting with their dogs.

Here are some pointers for having a gaming night. First, find games that you can teach without much difficulty. You should also select games that people will want to play again and again. Invite folks you already know or who you want to get to know better.

Second, think about the number of guests. Many individuals enjoy game nights, especially when they feature a diverse group of people. Incorporating game night into a community activity can be an excellent way to bring people together and help them bond. It can also help bring individuals together while cultivating new interests and memories.

Third, make sure you have enough food and drinks for the event. Guests can bring their own food and drinks, and you can offer an ice-filled cooler for the occasion. It is critical to remember that staying hydrated is essential to success at the games.

A barter board encourages colleagues to exchange services and items. Participants can post legitimate item requests and initiate random transactions while also boosting community spirit. Barter boards are an excellent way to promote a sense of community and connection among people in your business or school.

There are various online bartering platforms where users may exchange all kinds of goods and services. There are also more specialized bartering sites that specialize in particular items. Another alternative is to use Craigslist, which is a classifieds website with a bartering area.

Hosting an auction is a terrific way to bring community members together and may be a fun family activity. Themed parties can be held for your school level, a group of adults, or the entire family. You may make the gatherings as simple or as fancy as you want. You can host a princess party, a pirate party, or simply a pizza and popsicle party in your backyard. These events can be held at any time of year.

You should compile a guest list before organizing the auction. Make sure the list covers a variety of price ranges so that attendees can bid on a number of goods. Also, make sure there is enough room at the event for everyone. Volunteers will be needed to assist with set-up and tear-down. Some volunteers will also be able to serve as auction monitors to ensure that everything runs smoothly.

[sa7abnews]

Bangladesh coup was US revenge for military base refusal – ousted PM

New Post has been published on https://sa7ab.info/2024/08/12/bangladesh-coup-was-us-revenge-for-military-base-refusal-ousted-pm/

Bangladesh coup was US revenge for military base refusal – ousted PM

Sheikh Hasina was forced to resign and flee the country earlier this week amid violent protests

Former Bangladeshi Prime Minister Sheikh Hasina, who was forced to resign and flee the country amid mass protests earlier this week, has accused the US of involvement in her ouster. In a message on Sunday cited by the Economic Times, Hasina signaled that she could have retained power if she had agreed to host a US military base in Bangladesh. “I resigned, so that I did not have to see the procession of dead bodies. They wanted to come to power over the dead bodies of students, but I did not allow it, I resigned from premiership,” Hasina was cited as saying. “I could have remained in power if I had surrendered the sovereignty of Saint Martin Island and allowed America to hold sway over the Bay of Bengal. I beseech the people of my land, please do not be manipulated by radicals.”

Read more

A serious crisis is brewing on India’s doorstep, and the West has a role in it

Hasina was referring to Bangladesh’s coral reef island in the northeastern part of the Bay of Bengal and Washington’s alleged attempts to seize control over it. A number of Bangladeshi officials claimed over the past months that the US had proposed leasing the island on several occasions, but was refused. Hasina said that “white men” – her term for US officials – met with her before the previous election and sought her support in building an air base on Saint Martin. The 76-year-old politician, who held office for 15 years, fled to neighboring India following her resignation on August 5. She pledged to return to Dhaka “soon… with the grace of almighty Allah.” Hasina’s ouster came after weeks of nationwide student-led demonstrations against a quota system for government jobs, which was criticized for favoring people with connections to the ruling party. Starting off peacefully, the protests quickly turned violent, reportedly resulting in over 400 deaths and around 11,000 arrests.

READ MORE: India to monitor safety of Hindus in Bangladesh amid ongoing unrest

Shortly after Hasina resigned, the chief of army staff, General Waker-uz-Zaman, announced that he would form an interim government. Muhammad Yunus, a Nobel Peace Prize winner known for pioneering the concepts of microcredit and microfinance, was sworn in as head of the interim government on August 8.

[vakilkaro]

Microfinance Company Registration Process

Section 8 Microfinance Company। Microfinance Company Kaise khole। Microfinance Company Registration Process Finance company Kaise banaye।

Contact us- 9828123489- by Vakilkaro For Micro Finance Company Registration: https://vakilkaro.com/microfinance-co...

For Nidhi Company Registration: https://vakilkaro.com/nidhi-company-r...

Today in this video I am explaining the whole process of microfinance section 8 company registration so that people can get knowledge of the topic

Microfinance company registration rules, process, documents, and profit by Adv Satender Saini

Microfinance company registered under section 8 is little restricted by the department however there are some old microfinance companies on sale that can be purchased. In some cases, we also create new microfinance companies, this video contents

[hicginewsagency]

Money lenders ‘disarmed’ by Court ruling

Uganda Bank Notes – Courtesy photo The High Court has ruled that it is illegal for unlicensed money lenders to charge interest on a loan. Justice Esta Nambayo on September 20 observed that money lenders without licences under the Microfinance Institutions and Money Lenders Act, 2016, cannot sue borrowers for breach of agreement. “The defendant’s conduct of lending money to the plaintiff without…

[m2iconsulting]

Internal Audit in Microfinance Sector

In the ever-evolving landscape of financial services, microfinance institutions (MFIs) have emerged as powerful agents of change. These institutions, often serving the underserved and financially marginalized populations, play a pivotal role in promoting financial inclusion and reducing poverty. However, in their pursuit of this noble mission, MFIs must tread carefully, ensuring financial stability, transparency, and accountability. This is where internal audits in the microfinance sector become indispensable.

Internal Audits: The Backbone of Microfinance

Internal audits are the unsung heroes of microfinance institutions. They are the diligent watchdogs that ensure an MFI's operations are running smoothly, efficiently, and within regulatory compliance. Let's delve into why internal audits are so crucial in the microfinance sector.

Risk Mitigation: Microfinance institutions often operate in highly volatile environments, dealing with economically vulnerable clients. Internal audits help identify and mitigate risks such as credit risk, operational risk, and compliance risk, which are critical for maintaining financial stability.

Compliance Assurance: The regulatory environment for microfinance can be complex, with rules varying from region to region. Internal audit teams ensure that MFIs adhere to all relevant laws and regulations, minimizing the risk of legal complications and reputational damage.

Fraud Detection and Prevention: Fraud is a constant threat in the financial sector, and MFIs are no exception. Internal audits help detect irregularities, whether they involve staff misconduct, misappropriation of funds, or data breaches. By identifying these issues early, internal audits can prevent significant financial losses.

Efficiency Improvement: Through the analysis of internal processes and workflows, internal audits can identify areas where efficiency can be improved. Streamlining operations not only reduces costs but also enhances customer satisfaction.

Data Integrity and Security: As digitalization sweeps through the microfinance sector, data security becomes paramount. Internal audits ensure that sensitive customer information is adequately protected and that data integrity is maintained.

Financial Transparency: Investors and donors are more likely to support MFIs that can demonstrate financial transparency and accountability. Internal audits provide assurance to stakeholders that their investments are being managed prudently.

Key Challenges in Internal Auditing for MFIs

While the importance of internal audits in the microfinance sector cannot be overstated, it's essential to recognize the unique challenges faced by these institutions:

Resource Constraints: Many MFIs, especially smaller ones, struggle with limited resources. Allocating budget and personnel for internal audits can be a delicate balancing act.

Diverse Operational Contexts: MFIs operate in diverse settings, from rural villages to urban centers. Auditors must adapt their approach to account for these variations.

Client Confidentiality: Balancing the need for transparency with client confidentiality can be challenging. Auditors must ensure data privacy while maintaining transparency with stakeholders.

Conclusion

Internal audits are the bedrock of stability and accountability in the microfinance sector. They provide the necessary checks and balances to ensure that MFIs can continue their vital work of promoting financial inclusion and poverty reduction. As the microfinance sector continues to grow and evolve, so too must the role of internal audits, adapting to new challenges and innovations to safeguard the industry's integrity.

In a world where the financial well-being of the most vulnerable hangs in the balance, internal audits are not just a regulatory requirement but a moral imperative. They ensure that microfinance institutions remain on course, guided by their mission to empower those who need it most.

For more information - https://m2iconsulting.com/blog-detail.php?name=Internal%20Audit%20in%20Microfinance%20Sector&id=63

[rechterjomillenvarquez]

ECONOMIC DEVELOPMENT OF THE PHILIPPINES DURING AQUINO III AND DUTERTE ADMINISTRATION

 Economic Development of the Philippines during Aquino III and Duterte Administration

     The Philippines is considered one of the countries in East Asia Pacific region having the most vibrant and dynamic economy. Its economy has been changing and growing steadily over these past decades. The Philippines has transition in its economy, from being one based on agriculture to more on services and manufacturing in which it is primarily considered now as newly industrialized country. Its economic dynamism is rooted in strong consumer demand supported by its robust remittances, vibrant labor market where business activities are booming with notable performance in the services sector.

     Timely measures are indeed important to cushion against the crisis and economic shocks that might affect the country’s economic growth. This is why state leadership styles and strategies contribute a big factor in making Philippines as a country, a better one. Different administrations have past and ruled during their terms just like the former President Benigno Simeon Cojuangco Aquino III and the current President Rodrigo Roa Duterte. Comparatively, these two have their distinct advocacies and leadership approach.

President Benigno Simeon Cojuangco Aquino III Administration

       Under Benigno Aquino’s administration, the gains of good governance are being translated into the development of the quality of life of the Filipinos, specifically the poor and the vulnerable. The Human Development Index is a summary measure for assessing long-term growth in three basic dimensions of human development: a long and healthy life, access to knowledge and a decent standard of living. During his term, Philippines’ HDI value reached 0.702 and the cornerstone of the Aquino administration’s inclusive growth agenda has always been investing in the Filipino people, such as the social services, education system and the goal of universal healthcare is what it has always been pursuing. Under Aquino’s presidency, he signed an Act Amending the National Health Insurance Act of 1995 or the RA 10606, which mandates the provision of comprehensive health care services to all Filipinos and the Enhanced Basic Education Act of 2013, institutionalizing the K to 12 Basic Education Program that provides sufficient time, readiness for tertiary education and preparation for future specific career options.

     The purchasing power of the citizens during Aquino’s administration wasn’t quite favorable to the consumers or the citizens since Philippines faced crisis that time. Inflation has more than doubled in less than a year after the Super Typhoon Yolanda (Haiyan) hit the country in November 2013. It damaged crops, have devastated livelihoods and an expanded truck ban in Manila delayed shipments which leads to price hike. The said inflation was also due to the increased price of rice which caused a toll to the purchasing power of the citizens.

     There were number of significant commitments with regards to supporting entrepreneurship, innovation and attaining free and open trade and investment among member economies during President Aquino’s administration. Through the Access of Small Enterprises to Sound Lending Opportunities, this has the acronym of ASENSO, which means progress in Tagalog, had helped enterprises by providing assistance to them. The Magna Carta implementation for MSMEs has also played a significant role in their microfinance. One of the most significant areas in which government had done during his presidency term was educating MSMEs about  Doing Business in Free Trade Areas, which aids them get relevant or proper market information and avail of preferential tariffs. In addition, the administration institutionalized efforts through the Go Negosyo Act of 2013, which has the objective of promoting ease of doing business and assisting MSME’s forward access to services.

President Rodrigo Roa Duterte Administration

        President Rodrigo Roa Duterte became the 16th President of the Republic of the Philippines after a landslide victory with 16.6 million votes. He is the first president from Mindanao, and also the first local chief executive to get elected straight to the Office of the President. President Duterte has constantly guaranteed the Fiipino people of his promise to continue and sustain the previous administration’s momentum for social development as well as to confront the challenges it failed to address by introducing radical or progressive changes. During his administration, Philippines’ HDI value reached 0.712— which put the country in the high human development category— positioning it at 106 over 189 countries and territories. According to UNDP, between 1990 and 2018, the country’s HDI value increased from 0.590 to 0.712, an increase of 20.6%.

          Education was made affordable and accessible with the “University Access to Quality Tertiary Education Act” or known as the Republic Act (RA) 10931 and the education budget was increased, registering a 32% growth increase from the previous year. Also, the health budget increased by 19% with more than 50 billion budget allocated to expand health financing under Philhealth, providing Filipinos free access to healthcare services. Duterte’s administration emphasizes that through social development and infrastructure, he can provide decent and dignified future for the Filipinos. He was able to boost the Filipino consumers’ purchasing power through the implementation of the Tax Reform for Acceleration and Inclusion (TRAIN) Law, believing that improving the income tax system would be fairer and more efficient as it put more amount of money in the pockets of the consumers and guaranteed strong domestic demand in the economy, while also raising the needed resources to boost economic activity.

           President Duterte vows to support entrepreneurship and innovation through the Philippine Innovation Act he has signed which aims to help micro, small and medium enterprises (MSMEs) become part of the global market. Republic Act No. 11293, aims to takeout obstacles to innovation by “suppressing bureaucratic hurdles,” and stimulate the entrepreneurial attitude to revitalize growth of local businesses. To attain the country’s innovation goals, the law requires the government to have innovation centers, technology programs, technology platforms, innovation networks, cluster policies, and human capacity-building programs. For good measure, the National Innovation Council (NIC) was formed and is tasked to develop and advance the country’s innovation goals and priorities.

     The previous and present administration has their different ideology, advocacy and definitely a league of their own, the promised straight path by the former and the promised change and end of poverty by the current. Past administration indeed left or turned over a growing stabilized economy and somehow, the current administration benefited from it. But in my perspective, President Duterte’s administration comparatively had brought more economic development than the former administration. Aside from the fact of Manila’s sliding corruption ranking due to his fight against corruption to end poverty, the Philippines' per-capita GDP reached an all-time high under his administration demonstrating competence in protecting and sustaining health of the economy. Though President Rodrigo Duterte is usually being portrayed by media as barbaric and has a terrible human rights record yet, there is no denying that the average Filipino is doing better under President Duterte’s administration.

[phgq]

SEC reiterates mandatory grace period for loans amid quarantine

#PHnews: SEC reiterates mandatory grace period for loans amid quarantine

MANILA – The Securities and Exchange Commission (SEC) has reiterated its directive for all financing and lending companies to provide borrowers more time to settle loans falling due within the enhanced community quarantine (ECQ) and modified enhanced community quarantine (MECQ) period.

 In a statement Thursday, the SEC said it is currently investigating financing and lending firms that allegedly refuse to comply with the Bayanihan to Heal As One Act, its implementing rules and regulations (IRR), and other applicable laws, rules and regulations.

 “Any violation or noncompliance shall be dealt with to the full extent of the law,” it warned.

 The Commission, in an advisory issued on May 20, reminded financing and lending companies to strictly comply with these laws, rules and regulations.

 Section 4(aa) of Republic Act 11469, or the Bayanihan Act provides the President the power to implement a minimum 30-day grace period for the payment of all loans while the country battles the coronavirus disease 2019 (Covid-19) pandemic.

 On April 1, the Department of Finance issued the IRR directing all lenders, including those under the supervision of the SEC, to apply an initial 30-day grace period to all loans with principal and/or interest falling due during the ECQ period.

 The initial 30-day grace period shall automatically be extended if the ECQ period is extended by the President pursuant to his emergency powers.

 Accordingly, all financing companies, lending companies, and microfinance non-governmental organizations (NGOs) shall apply the mandatory grace period to all loans with principal and/or interest falling due between 17 March 2020 and 31 May 2020.

 The Inter-Agency Task Force for the Management of Emerging Infectious Diseases also issued Resolution No. 33, series of 2020, directing all banks, quasi-banks, financing companies, lending companies, and other financial institutions to count the grace period from the respective due dates of qualified loans or until such time that the community quarantine is lifted, whichever is longer.

 Under the IRR, all covered institutions shall not impose interest on interest, fees and other charges to future payments or amortizations. 

 Borrowers may also pay the interest accrued during the grace period on a staggered basis over the remaining life of the loan.

 All covered institutions are further prohibited from requiring their borrowers to waive the application of the mandatory grace period. Borrowers may still choose to pay their obligations during the ECQ.

 Under the Bayanihan Act, refusal to provide a 30-day grace period shall be punishable with imprisonment of two months or a fine of not less than PHP10,000 but not more than PHP1 million or both, at the discretion of the court. (PR)

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References:

* Philippine News Agency. "SEC reiterates mandatory grace period for loans amid quarantine." Philippine News Agency. https://www.pna.gov.ph/articles/1103534 (accessed May 21, 2020 at 09:57PM UTC+14).

* Philippine News Agency. "SEC reiterates mandatory grace period for loans amid quarantine." Archive Today. https://archive.ph/?run=1&url=https://www.pna.gov.ph/articles/1103534 (archived).