micro finance _ southeast asia_ hai nguyen individual assignment

7/31/2019 Micro Finance _ Southeast Asia_ Hai Nguyen Individual Assignment

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Content

A.Microfinance definition 2B.

Microfinance in the Southeast Asia 3I. The southeast over view of Microfinance 3

1. The Southeast Asia economy 32. Overall microfinance statement in ASEAN countries 4II. Country profiles 5

1. The Philippines 52. Cambodia 73. Indonesia 94. Thailand 115. Vietnam 14

C.Conclusion 16


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Microfinance in the Southeast Asia (ASEAN)

Hai Nguyen ThiAntwerp International Business School, MBA program

Date 30 July 2012

A. Microfinance definition

Microfinanceis one provision of financial services to micro-entrepreneurs and small businesses, which

lack access to banking and related services due to the high transaction costs associated with serving

these client categories. The main mechanisms for the delivery of financial services to such clients are:

The relationship-based banking for individual entrepreneurs and small businesses The group-based models: Several entrepreneurs come together to apply for loans and other

services as a group.

In some regions like Southeast Asia or Southern Africa,

microfinance is understood as the supply of financial services to

poor and near-poor households in order to help them establish

and run their small businesses, build assets, smooth

consumption, and manage risks. Generally, normal banks resist

providing financial services, such as loans, to clients with little

or no cash income. Meanwhile, microfinance offers those

people access to basic financial services not only loans but also

savings, insurance,money transfer services and microinsurance.

Different types of financial services providers for poor people comprise:

Commercial and state banks; Insurance and credit card companies; Non-government organizations (NGOs); Community-based development institutions like self-help groups and credit unions; Telecommunications and wire service groups; The post offices; and other points of sale - offering new possibilities; The cooperatives.Microfinance has been proven to be a powerful weapon to fight against poverty, enabling poor people

to build assets, increase incomes, and reduce their vulnerability to economic stress.


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B. Analysis of the microfinance statement in Southeast Asia.

I. Overview of Microfinance in Southeast Asia.

1. Southeast Asia economy

Southeast Asia is a subregion of Asia, located in the

South of China, East of India, West of New Guinea and

North of Australiaeastern India and northernAustralia's 4,494,047 km wide and includes 11

countries: Brunei, Cambodia, East Timor , Indonesia,

Laos, Malaysia, Myanmar, Philippines, Singapore,

Thailand and Vietnam.

Asia has a tropical and tropical savanna climate due to

its location on/near the equator. Consequently,

economic activities here are strongly based on farming,

mining, harvesting timber, fishing and tourism.

Southeast Asias aggregate GDP topped US$2 trillion in 2011, and the region is home to a mostly

young and dynamic population of nearly 600 million increasingly affluent consumers. Growth in the

regions six largest economies is forecast to accelerate by, on average, 4.5% to 6.7% compounded

annually through 2015. In addition, Microenterprises have an essential contribution to GDPs of

ASEAN; it is considered as a safe and profitable area to set up and develop Microfinance industry here.

Real GDP growth of 06 leading economies in Southeast Asia (Annual percentage changes)

Source: Wikipedia

Source: OECD Southeast Asia Economic Outlook 2011/12


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2. Overall microfinance statement in ASEAN countries

According to the Global Microscope on the

Micro finance Business Environment 2011

published by the Economist IntelligenceUnit, there are 5 countries in Southeast Asia

ranked in the list of 54 countries around the

world in terms of its overall microfinance

ranking and based on an evaluation of the

countrys regulatory framework, investment

climate, and institutional development.

Rank Country Score

6 Philippines 58.5

13 Cambodia 50.9

33 Indonesia 39.2

53 Thailand 21.1

54 Vietnam 19.7

SOUTHEAST ASIAN and BRAZIL (weighted sum of category scores)

Weighted sum of category scores (0-100/100=most favorable)


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II. Country Profiles

1. Philippines

Overview: The Philippines government and the central bank have played a key role in creating anstable and favorable environment for microfinance sector. Started formally in the late 1980s by NGOs

replicating the Grameen model, microfinance in the Philippines has become a global leader in

microfinance policies and regulations. There has been a steady growth in lending and MFIs from the

Philippines have also been successful in mobilizing larger deposits. Deposits are the main source of

funding for Philippine MFIs followed by Borrowings and Equity. Philippine funding is dominated by

domestic sources, mostly the government, but a proposal to open up the equity of Rural Banks to

foreign shareholders may change that.

Loans: 447.3 million (USD, 2011)

Active borrowers: 2.2 million (2011)

Deposits: 304.0 million (USD, 2011)Depositors: 3.0 million (2011)

EIU:Global Microscope on the Microfinance Business Environment 2011

Source: http://www.mixmarket.org/mfi/country/Philippines#ixzz229yHFOlK


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Key characteristics of the microfinance business environment:

The Philippines has maintained as a favorable, regulatory and operating environment for thedevelopment of microfinance for years.

The largest players in the market include unregulated service providers (NGOs, credit co-operatives). That shows that the regulatory environment only applies to a portion of the sector.

The differing regulatory environment for the various types of service providers prevents a uniformapproach to key issues like accounting standards and client protection.

The regulated microfinance service providers can always intermediate a wide range of deposits,and the prudential regulations and supervision of the Central Bank - Bangko Sentralng Pilipinas

(BSP) is geared to that end.

The biggest concerns for the microfinance sector: Indebtedness of clients to multiple lendersKey changes and impacts since last year:

In late 2010 the Central Bank allowed banks to establish stripped-down branches called micro-banking offices (MBOs), to enable them to reach out to underserved areas at low cost.

In 2010, the Central Bank increased minimum capital requirements for new rural and thrift banksin order to limit new players in an already crowded market. In January 2011, 20 rural banks in the Bankers Association of the Philippines (BAP) network

recently launched credit bureau, which may be a positive move towards addressing the multi-

indebtedness of clients - the biggest concerns for the microfinance sector.

In March 2011 the Transparent Pricing Initiative was launched by the microfinance sector, jointlyorganized by MFTransparency.org, the Microfinance Council of the Philippines (MCPI) and the

Rural Bankers Association of the Philippines (RBAP).

BSPs Circular 704 (22nd December 2010), together with Circular 649 of 9th March 2009, set fortha regulatory framework for an efficient retail payments platform and set the scope for outsourcing

automated systems, network infrastructure and a network of agents in relation to the e-money

business.Source: Global Microscope on the Microfinance Business Environment 2011

Successful story: Mobile money wallets help Micro-entrepreneurs in the Philippines

The Micro entrepreneurs now can save time and expense by accepting payments using theirmobile phones for cash collection and payment. The service allows the customers to pay the

entrepreneurs using mobile money thanks to the collaboration between USAIDs Microenterprise

Access to Banking Services (MABS) Program, the Rural Bankers Association of the Philippines

(RBAP) and Filipino Mobile Money Issuer G-Xchange Inc. (GXI). GXIs service, called G-CASH,

allows them to store the money in their mobile wallet. At the same time, they can pay bills, do

purchases, and send money to business partners, families and friends via a network of rural banksthat have been accredited with the support of the MABS program to cash-in and cash-out mobile

money. In addition, the small business owners recognized that it is safer to use as they do not

have to keep the money along and G-CASH has brought new customers and make business easier.

With the support of MABS participating rural bank partner- Philippine Rural Banking Corporation(PR Bank), over 200 merchants in Greenhills offer mobile commerce services and utilize mobile

money.

Expand Mobile Phone Banking MABS Program initiatives have enabled participating ruralbanks tooffer mobile phone banking services which are documented on a new website

at www.mobilephonebanking.rbap.org. The MABS Program has helped about 100 rural banks with

more than 550 branches and other banking offices to expand and offer new microfinanceproducts and services.As of June 2009, there are already 665 bank branches and sub-offices

offering mobile phone banking services, benefiting more than 72,000 rural bank clients.

Source: http://philippines.usaid.gov/programs/economic-growth/microenterprise-access-banking-services


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Keys of Success:

The microfinance providers know characteristics and demands of the market & customers well. It is convenient service which helps customer save time, money and bring new business

opportunities

Well cooperation between rural banks and telephone service to ensure a smooth operation

The support of USAID organization

2. Cambodia

Overview: As Cambodia has policies, laws and regulations supporting Microfinance sector, the global

financial crisis, Cambodian MFIs survived and grew, through a little bit slower than the last years. The

market has witnessed a steady growth in GLP, borrowers, deposits and depositors. Some analysts

worried that this growth is masking multiple borrowings in the sector, but the newly launched Credit

Bureau is likely to help the sector deal with this. Growth in clients has been driven by the diversity of

products offered by MFIs, comprising micro-insurance, money transfers and remittances.

Loans: 1.6 billion (USD, 2011)


Deposits: 1.3 billion (USD, 2011)

Depositors: 1.1 million (2011)

Key players:


The National Bank of Cambodia (NBC) maintains a highly investable environment for the provisionof a wide variety of microfinance services by regulated institutions with no interest-rate restrictions or

state providers of credit.

Seven non-bank MFIs have been licensed to take deposits in the past few years. This is in partowing to a review by the NBC to ease the process these institutions must undergo to obtain

permission to take deposits.

Cambodia has early adopted transparent pricing practices and become one of the first countrieswhere MFTransparency.org began collecting and publishing the true cost of micro-loan products.

Multiple indebtedness situations of clients remain one of the biggest concerns for the sector, andplans to launch a credit bureau have been very slow to advance.

86,800,000

119,700,000

1 000 000 000

156,700,000

Source: http://www.mixmarket.org


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Key changes and impacts since last year:

The ease of setting up a regulated institution is evident in the fact that the NBC granted newlicenses to six MFIs to provide microfinance services in 2010: Samrithisak; CamCapital; Camma;

Khemarak Ltd; Angkor ACE Star Credits; and Prime. A new NGO law drafted in late 2010 imposes additional monitoring requirements on all NGOs,including those that provide financial services, but the current draft of the law would not impose new

restrictions on the activities in which they are allowed to engage.

A law governing co-operatives is in the process of being drafted. One reason why large co-operatives are rare in Cambodia is that such a law has been lacking.

Source: Global Microscope on the Microfinance Business Environment 2011Successful story - Sathapana Limited

Sathapana Limited was established as a Cambodian non-government organization (NGO) in 1995,

under the name of Cambodia Community Building (CCB), to offer financial and health education

service to poor communities. After financial grants were finished in late 1999, CCB adopted a

minimalist microfinance approach focusing purely on credit loan and saving service. As a result, the

lending operations shifted gradually from predominantly village banking group loans to a mix of

solidarity group lending and individual lending.

Mission: To empower entrepreneurial poor people, especially women in urban & rural areas to

develop their income-generating activities & micro-enterprises through access to microfinance

services, including credit & saving, at reasonable rates.

Vision: To be the leading regulated microfinance institution in entrepreneurship building of poor

people, especially women in urban & rural areas throughout the Kingdom of CambodiaService: Loan,

savings and money transferring.


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Source: Sathapana Limited annual report 2011

3. Indonesia

Overview: Indonesias approach to credit for micro-, small and medium-sized enterprises (SMEs) has

evolved over the last 20 to 30 years mainly in response to lessons learned from preceding programs.

In the 1970s and 1980s, the government adopted special credit programs for SMEs. As these

programs proved costly, the government then moved toward regulating commercial banks to providecredit to SMEs. As this approach also failed to accomplish its goal of expanding SME credit, as well as

created additional costs to the banking sector, the government refocused its efforts on establishing a

policy framework that encouraged diversification of the banking and finance sector as a way to

improve SME access to credit.


Active borrowers: 449,820 (2011)

Deposits: 64.1 million (USD, 2011)

Depositors: 229,721 (2011)

Key players:

Source: http://www.mixmarket


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Commercial banks are the most important providers of microcredit in Indonesia, accounting foraround 90% of loans. They are also the only microcredit providers regulated by the main financial

services regulator, Bank Indonesia (the central bank).

The government-backed Bank Rakyat Indonesia (BRI) is the largest single microfinance provider,through its Unit Desa offices. It mainly operates on a commercial model, but is also responsible for

rolling out government finance schemes, giving them a competitive advantage over private MFIs. Banks and other financial institutions are free to set market interest rates on loans, they do not

face excessive documentation and the capital adequacy ratios imposed upon them are not

excessively burdensome.

The main informal providers of microcredit services are co-operatives. Other than being obliged toput up seed capital and registering with the Ministry of Co-operatives, co-operatives are not

closely regulated or supervised.

The microfinance-providing banks have to follow the same prudential standards, know-your-clientprinciples and anti-money-laundering requirements as all other banks in the country which may

make many MFIs find onerous.

The presence of mobile and electronic banking has not been applied popularly but some banksstart to recognize the opportunities and advantages. The central bank has regulations governingthe use of mobile banking and other forms of e-money.


In June 2011, Fundamo, a microfinance provider owned by Visa, signed a deal with Bank Andara toprovide access to financial services through mobile terminals. It is aiming eventually to expanse

services to 40m financially excluded Indonesians.

In 2011, BI has said that responsibility for the supervision of commercial banks will shift to a newlyformed Financial Services Supervisory Agency, but its launch has been repeatedly delayed since

2004 and further delays are probable.

Since 2007 the government has run a scheme called Micro Credit Support (KUR) that providesfunds to state-owned institutions for making micro-loans. In 2011 it aims to distribute Rp18-20trn

(US$2bn-US$2.2bn), up from Rp16.4 trillion in 2010. The scheme is one example of how the

government crowds out commercial microfinance providers.

Source: Global Microscope on the Microfinance Business Environment 2011

Successful story:KUPEDES program

The KUPEDES program of Bank Rakyat Indonesia is one of the most successful microcredit programs.

In the 1970s, BRI established a vast network of village banks with 3,300 units, employing 14,300people to deliver subsidized credit (BIMAS) to microenterprises in the rural areas, mainly farmers.

In 1983, the year of heavy loan losses (nonperforming loans - NPLs in BIMAS were high) and fiscalcuts made the village bank network unsustainable. The government was seriously considering

about shutting them down. However, if that happened, many people would have to face with the

unemployment and the loss of an important credit delivery mechanism.

In 1984, it established a new, market close approached rural small credit program namedKUPEDES, transforming village branches into self-sustaining full-service financial units. The

government (including the central bank) provided about 210 billion rupees ($20 million in 1984

dollars) in seed capital and start-up loans and two years' administrative subsidy to help cover

projected early losses. The programs principal goals were to provide credit to small creditworthy

borrowers at market interest rates and to mobilize rural savings. The village banks operated a

savings scheme called SIMPEDES, offering market-determined interest rates on small deposits.

In 1984, minimum loan was equivalent to $24 and the maximum to $930. From 1984 to 1994, itgrew sixfold and became a model credit program in Indonesia.


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Key players:

Commercial Banks (Microfinance Activities) e.g. Krungthai Bank Bank for Agriculture and Agricultural Cooperatives (BAAC) Government Savings Bank (GSB) Cooperative Institutions (CIs) Savings-for Production Groups (SGs) NGOs Self-help Savings groups


In general, Microfinance activities are mostly sponsored activity by Thailand government. In spiteof the commitment to the micro-loans sector through local village funds, this has stifled the

development of private sector provision. The Bank of Thailand (BOT, the central bank) is

interested in making changes, and has unveiled a plan affording opportunities to new and

qualified microfinance service providers to enter the market.

However, the BOT has not proved that it has developed the specialized capacity to regulate orsupervise MFIs. It only regulates commercial banks and specialized financial institutions (SFIs), the

main providers of microfinance, are regulated by the Ministry of Finance.

Under the Civil Procedure Code, an interest-rate ceiling of 15% is in place for lending by unofficialfinancial institutions but actually lending rates by unofficial lenders are higher than this. Thecentral bank has set a ceiling of 28% for combined interest and charges on all personal consumer

and credit card loans; according to local commentators, this prevents some small-scale credit

companies from offering microcredit. Other loans, such as corporate loans, are not subject to caps

on interest rates.

Large state-owned SFIs dominate the microfinance market. Since competition is constrained bygovernment players, there has been no adoption of international accounting standards.


In May 2011 the central bank issued new regulations of easing the regulatory burden that aim tofacilitate the provision of microfinance by commercial banks. Now commercial banks can offermicro-loans of up to Bt 200,000 (around US$6,450) collateral-free and there is an annual interest

cap of 28%.

The Ministry of Finance, the main regulator of microfinance operations, has created a financialinclusion unit, with specialized capacity regarding microfinance.

On July 3rd 2011, the former opposition Puea Thai party secured an outright majority in an electionfor the House of Representatives. The new government, led by the prime minister, Yingluck

Shinawatra, is widely expected to pursue policies of subsidized credit and state-directed policy

lending akin to those made popular by Ms. Shinawatras brother, the former prime minister,

Thaksin Shinawatra.

Source: Global Microscope on the Microfinance Business Environment 2011


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Successful story: Krung Thai Bank (KTB)

Krung Thai Bank Public Company Limited (KTB began its operation in 1966 following the merger of

two government-owned banks. It is the only government-owned commercial bank in Thailand and

has branches in all 76 province of the country and as of 2010, it reported total assets of THB 1,762

billion (USD 56 billion) and net income of THB 14.9 billion (USD 47.4 million).

Time Market BorrowerMaximum

loans

Interest

rate/month

Maximum

Repayment term

Trial time in 2011 20 NA Bt200,000 1.25% 2 years

Expectation for 2012 200 NA Bt200,000 NA 2 years

Outcome for 2012

(first 4 months)

300 4000 Bt200,000 0.9% 4 years

Krung Thai Bank (KTB) has made successful pilot into the microfinance segment in 2011 byallowing vendors who have no bank statements to acquire funding at lower interest than they

would have to pay loan sharks, and confidently expanded the scheme in 2012.

KTB started offering microfinance loans on a trial basis in 20 areas to borrowers who have no bankstatements, and maximum loans are Bt200,000 ($6,329.11). The loan is for two years with interestat 1.25% per month against the 10% per month charged by loan sharks.

The KTB staff work with owners of fresh markets to determine the number of vendors who requireloans. The fresh market must be registered with the Public Health Ministry to ensure the quality of

clients. About 240 fresh markets are registered, comprising more than 40,000 vendors.

To avoid non-performing loans (NPLs), it outsources debt collection to people based in the areaswhere the service is offered. In details, the bank hired local people in each area to collect debts, so

as to maintain a relationship with vendors. That relationship is essential to reduce risk of NPLs,

and in fact KTB has experienced no bad loans during the trial period.

KTB's microfinance model was agreed by the BOT, and probably many other banks will follow itsprocess after viewing its achievements. Krung Thai Bank successfully extended a total of Baht-300-million ($9,493,670) microfinance trade loans to 4,000 borrowers in 300 markets nationwide

during the first four months of the year 2012. Repayment term was also extended from two to

four years and more basic financial service channels are to be added to reach its planned target of

150 remote communities.

According to Mr. Apisak Tantiworawong KTB president and Ms. Sriprabha Pringpong - KTBsSenior Executive Vice President for Government & State Enterprise Relations- Its microfinance

gives a 20% higher yield than small-enterprise loans and the microfinance portfolio would be no

more than 1% of KTB's total retail banking portfolio because of the small size of each loan. KTB

believes that Microfinance would strengthen retail banking, and the bank aimed to increase the

proportion of retail loans to 60% within 03 years from 40% currently.

The Bank is currently making up for the Women Fund to give retail customers better access tofunding sources. "Our business model is based on commercial reliability. As a state-owned bank,

KTB wants to help lower-income people without regular salary access financial resources at

reasonable prices, while we control asset quality. We acknowledge such an approach has higher

risks, but feel reliability will be the key to our success," Mr. Apisak said.

Source: http://www.ktb.co.th/ktb/en/news-detail.aspx?nid=P2FPQq8SAG7GrSR2lJ1ezQ%3D%3D

The keys of success:

Discovering and operating in the gap of the market, providing lower interest, which means theyhave less competition and more advantages.

Focus on mobilizing savings of households just as important as providing them with loans.

Good cooperation with the government and related organization. Appropriate staff training, effective management


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A focus on objectives, flexibility and simplicity of loan design.

5. Vietnam

Overview: The provision of microfinance services in Vietnam is dominated by state-owned banks. The

Vietnamese government appears to view Microfinance as a social welfare program and policy lending

for the poor, rather than a commercial activity. State-owned institutions provide around 90% of

microcredit in Vietnam out of a total of US$5.5bn in loans.



Deposits: 1.6 billion (USD, 2011)

Depositors: 497,726 (2011)

Source: http://www.mixmarket.org/mfi/country/Vietnam#ixzz229vZS8Bg

Key players:

The Vietnam Bank for Social Policy (VBSP), registering with Mix Market as a microfinanceinstitution (MFI). VBSP sets the tone for the market, disbursing heavily subsidized loans and

consequently distorting the market and preventing the emergence of any strong commercially

oriented MFIs in Vietnam. The VBSP is subject to special governance rules and different

performance standards than private commercial banks

The Vietnam Bank for Agriculture and Rural Development (VBARD) The People's Credit Funds (PCFs): The national network of member-based credit co-operatives.


The microfinance sector in Vietnam is dominated by the Vietnam Bank for Social Policy (VBSP). The few private semi-formal MFIs are geographically limited and mainly offer services to members

of the mass organizations with which they are affiliated.

The State Bank of Vietnam (SBV) has weak supervisory capacity on microfinance sector. Theyappear to focus more on compliance than supervision of financial institutions, but the lack of

progress in issuing licenses to semi-formal MFIs is symptomatic of the central banks inability to

assess regulatory compliance adequately.

The range of services offered by MFIs is limited with poor accounting and governance standards.They provide wide range of loans but other services are not developed. State-owned banks focus


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more on providing cheap credit than mobilizing savings. They follow Vietnamese Accounting

Standards, which does not meet the international best practice.


The SBV is still busy finalizing legislation that will guide regulatory implementation of newregulations to formalize MFIs and incorporate them into the financial system. The first license fora regulated MFI was issued in January 2011, to TaoYeuMay (TYM). Two other organizations, CEP

and M7, remain in the process of applying for a license, and a small number of other organizations

are preparing to apply, but are waiting to see how the process goes for the initial applicants.

Semi-formal MFIs continue to face operational difficulties like the inability to access foreign funds.Although formal interest-rate caps no longer apply, MFIs are constrained by the heavily subsidized

lending programs of state-owned banks.

In February 2010, a new decree on credit information was enacted, creating the legal frameworkfor the establishment and operation of private credit bureaus (PCBs), with the first PCB

established in July 2010. However, PCBs may be established only if at least 20 banks agree to

provide credit information to the central authority. Vietnam has a total of 51 commercial banks,

implying that, at most, only two PCBs may be set up. A public registry exists, but is not available toMFIs.

The VBSP has been studying the implementation of mobile banking in other countries but has notyet developed a plan to implement this system in Vietnam.

Successful story - Capital Aid Fund for Employment of the Poor

The Capital Aid Fund for Employment of the Poor (CEP) is a poverty-focused Vietnamese

microfinance institution that delivers its financial and non-financial services directly to the poor

communities of Ho Chi Minh City and the surrounding provinces to help them open new

businesses. They have run a profitable investment and continuously grown even in the crisis time.

In 2011, CEP was awarded a First Class Labour Medal from the Government of Vietnam in

recognition of CEPs contribution to improving the well-being of poor families in Vietnam.


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Key of Success

Good cooperation with other NGO, commercial Banks. Enthusiastic and well trained staff. Good classification of customer with clear knowledge about their conditions, cultures, capacity. The quality of service and good interest rate.C. Conclusion the challenges for Microfinance in Southeast Asia

Southeast Asia is one of the most enable environments for Microfinance to develop; however, there

are still some challenges which financial service providers for the poor need to overcome which can be

divided into o2 sector

Regulatory and Policy Framework

Lack of Capital Adequacy: To be able to run this service smoothly, the MFIs need not only capital,but also effective management approaches. It is necessary to understand the market, and people

to run the business in long term,

Accounting Standards: Some countries like Philippines and Indonesia have already appliedsuccessfully this system, but some others like Vietnam still need to improve a lot

Interest Rate Caps: In some countries, MFIS can adjust the rate mortgage but still in the limitregulated by the government which sometimes does not give prompt or correct response.


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Multi-indebtedness is one of the biggest concerns for MFIs as this rate is quite high in the area andeasily lead to serious lost for lenders. In addition the area have to suffer for Debt Stress and weak

Risk Management

The Political Conflicts still happen now and then in some ASEAN countries (Thailand, Indonesia.)which cause the insecure feeling for providers and interrupt the production of microenterprises.

Market Perception Perception: Some individuals or even governments have not got correct understanding about

Microfinance which can result in inappropriate action and policies.

The Cost to Borrow a loan from MFIs and Operating Cost is high as those organizations have tosuffer high risk and have many extra cost.

The variety of Currencies among those ASEAN countries also effect to foreign investor forMicrofinance and also may cause risk if some MFIs want to spread abroad because of the Foreign

Exchange Fluctuation

To deal with the above obstacle, it is necessary to get support and cooperation from all sides:MFIs, Governments, Enterprises, Social cooperative group in order to create an transparent,

positive and active environment for Microfinance. So Microfinance can truly become an efficienttool fighting again the poverty and bring prosperity to ASEAN people.

micro finance _ southeast asia_ hai nguyen individual assignment

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