Nicaragua: Micro-finance Association Law

By October it is anticipated that the law will be approved after seven years in the National Assembly.

Tuesday, September 7, 2010

Freddy Torres, member of the National Assembly's economy committee, indicated that progress had been made, adding that they are awaiting a final review by a Peruvian microfinance expert before sending it for approval by the Assembly.

"We have reached several conclusions, one of which is that micro-finance companies are going to be regulated by the banking regulator," he told Laprensa.com.ni.

Regarding the micro finance sector's request that it be allowed to accept deposits from members of the public, the congressman indicated that would not be approved favorably.

More on this topic

Assembly Passes Microcredit Law

June 2011

The Nicaraguan Assembly has passed a law on the promotion and regulation of microcredit.

According to Gutierrez Wálmaro of the association of microfinance institutions (ASOMIF) the effect of the new regulations will result in a reduction of interest rates charged by microfinancers over the next three years.

Alba Caruna Exempt From New Microfinance Act

June 2011

The Alba Caruna cooperative may continue to operate as second-tier bank with microfinancers beyond regulation of the new law.

The exclusion was requested after taking into account that the cooperative not only provides loans to its members but also to third parties.

"....

Nicaragua: Consensus Achieved on Law for Microcredit

June 2011

In the coming weeks, the bill which has been approved by the public and private sector will be sent to the Assembly.

The committee has already been formed (five members, two from the private sector and three from the public) which will be responsible for overseeing the microfinance sector, as stated in the bill.

Nicaragua Makes Progress with Microfinance Act

May 2011

The Law for the Promotion of microcredit proposed by the government is starting to make sense for the private sector.

For the Nicaraguan Association of Microfinance Institutions (ASOMIF), discussion of the governmental law is starting to find more points in common than differences with regards to the current needs of the sector, and is progressing well.

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