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International Monetary Fund

organizations (NGOs), foreign NGOs or official donors, multilateral development banks, and national governments. This support augments the efforts undertaken by the private investors and the poor themselves in building up MFIs. This paper addresses some of the public policy issues connected with the growth of the MFI sector. Further expansion in the numbers of microfinance providers and their financial importance seems likely, and they continue to attract financial and technical support from numerous sources. Meanwhile, the multiplication and growth of MFIs has prompted

Ina Kota

to regulate MFIs. Key challenges are how best to protect depositors and borrowers while promoting the MFI sector, how to limit the costs of MFI supervision, and how to prevent regulation from restricting innovation and competition. What, for example, is the balance between consumer protection, the regulatory burden, and sustainability and development? Going digital Technology may provide some answers. Today, “branchless banking” is active in the Philippines, South Africa, and Colombia. Commercial players are using point-of-sale devices and mobile phones to

International Monetary Fund
Many governments and nongovernmental organizations have adopted policies to promote the growth of microfinance institutions (MFIs). The appropriate level and form of support for MFIs are discussed in this paper on the basis of a review of key MFI characteristics. Governments are also responsible for the regulation of MFIs; here, some principles concerning the extent and coverage of MFI regulation and supervision are developed.
International Monetary Fund. Monetary and Capital Markets Department
In the past two years, the NBG has adopted a series of measures to strengthen nonbank sector financial regulation, supervision, and oversight.1 The MCM TA mission in 2017 provided recommendations along these lines, most of which have been implemented by the NBG. Currently, the nonbank sector consists of Micro Financial Institutions (MFIs) and Loan Issuing Entities (LIEs). In reforming the sector, the NBG has, among others: (i) amended laws and issued new and revised regulations on registration, capital, and liquidity requirements for MFIs; (ii) significantly expanded supervisory powers and authorities and increased supervisory resources for the nonbank sector; (iii) registered 200 LIEs; and (iv) put in place consumer protection and responsibility lending rules. These new measures have helped to enhance the resilience of the nonbank sector, weed out those that are non-viable, and improved the reputation of the MFI brand.