Secretariat for NGOs asks microfinance firms to register

June 28, 2016 (LBO) – National secretariat for non governmental organizations has asked micro finance institutions that operate in the island to promptly register with them as per the newly enacted legislation. The microfinance act no 6 of 2016 requires all institutions that carry out micro finance and micro credit operations to register with the government and obtain a valid license to operate. It includes NGOs, community based organizations, companies limited by guarantee and other similar organizations.
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The new act eliminates exploitation of people by microfinance companies and provides Central Bank power to monitor and regulate financial entities that operate from national to local level. It also provides the necessary legal status for these institutions who engaged in microfinance activities to carry out their operations without legal consequences. The national secretariat for non governmental organizations currently formulates a national policy on NGOs, social welfare and voluntary services in the country. The secretariat invites public views and proposals to develop the policy.