The Microfinance Law approved in May 2016, is still waiting for the regulations that will allow its full application. This situation prevents entities seeking to operate in this activity from registering with the Ministry of Economy, since there is no regulation determining how to do so.

The executive director of the Guatemalan Network of Microfinance Institutions (Redimif), Daniel Ruiz, told Prensalibre.com that "... implementing the regulatory framework is one of the challenges we face. This is because nonprofit microfinance entities should register with the Ministry of Economy (Mineco), but there are no regulations. The law was approved in May 2016."

"... Gloria Zarazúa, Vice Minister of Micro, Small and Medium Enterprise Development, said that in 2018 the regulations were approved by the General Attorney's Office and the General Secretariat of the Presidency, but the opinion returned with the instruction to reform Mineco's internal organic regulations (ROI) to create the register of non-profit microfinance entities (REM). This reform is in the National Civil Service Office."

Source: elperiodico.com.gt

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