Emerging Microfinance Sector in Myanmar: "Regional Lessons on Selected Issues"
The microfinance sector in Myanmar now stands at the start of a period of rapid growth and institutional development. A key milestone was the enactment of the “Microfinance Business Law” in November 2011, which established the Myanmar Microfinance Supervisory Enterprise (MMSE) and provided the legal framework for setting up both deposit and non-deposit Microfinance Institutions (MFIs) taking. Since then, 142 MFIs have been licensed. According to a recent IFC and CGAP sector assessment, NGO MFIs already reach over 460.000 clients, while cooperatives serve over 500, 000 members. While the enactment of the Microfinance Business Law has formalised the sector, removing one of the central constraints on financial inclusion, many challenges remain.