Microcredit Regulatory Authority

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Microcredit Regulatory Authority will create a conducive and healthy environment in the microfinance sector which will ultimately contribute to eradicate poverty as well as foster sustainable development of the country.

To uphold the vision and in pursuant with the “Microcredit Regulatory Authority Act 2006”, MRA’s mission is to ensure transparency and accountability of microfinance operations of NGO-MFIs as well as foster sustainable growth of this sector. In order to achieve its mission, MRA has set itself the task to attain the following goals:
  1. To formulate as well as implementing the policies to ensure good governance and transparent financial systems of MFIs.
  2. To conduct in-depth research on critical microfinance issues and provide policy inputs to the government consistent with the national strategy for poverty eradication.
  3. To provide training of NGO-MFIs and linking them with the broader financial market to facilitate sustainable resources and efficient management.
  4. To assist the government to build up an inclusive financial market for economic development of the country.
  5. To identify the priority issues of microfinance sector for policy guidance and dissemination of information to attain the MRA’s social responsibility.
Responsibility of MRA
According to the Act, the MRA will be responsible for the three primary functions that will need to be carried out, namely:
  1. Licensing of MFIs with explicit legal powers;
  2. Supervision of MFIs to ensure that they continue to comply with the licensing requirements; and
  3. Enforcement of sanctions in the event of any MFI failing to meet the licensing and ongoing supervisory requirements.