The Microfinance Working Group is mandated to work on improving public and private sector participation, legal framework, infrastructure, good governance and skills transfer and training.
The governing strategies on these key areas are:
- Public-Private Sector Participation and Partnership
- Increase the active participation of the private sector in the sustainable provision of microfinance, by encouraging and offering incentives for partnerships and coordinated efforts and private-public initiatives to develop the microfinance sector;
- Seek ways for government and donor agencies to encourage and incentivize the use of new technologies, including telecommunications, to expand the reach of financial services at lower cost.
- Review legislation, regulations, policies and taxes related to financial services with a view to encourage expansion of savings services and establish an enabling legal framework and structure to support greater financial inclusion.
- Use of Existing Infrastructure
- Better utilisation of government and traditional infrastructure and institutions, including Post Fiji, schools and development finance and Fijian institutions, to promote financial inclusion;
- Leverage the existing traditional hierarchy and institutions with the help of civil society organizations.
- Promote transparency and good governance of microfinance institutions under the guidance of the Reserve Bank, by requiring microfinance providers to report financial performance according to international standards on a regular basis and making those reports available to the public on a timely basis.
- Skills Transfer & Training
- Increase opportunities for microfinance training to build a pool of adequately skilled employees through government, private sector, and donor cooperation.
Microfinance Working Group (MWG) Members
The MWG eleven representatives are from the private and public sector and non-government organisations.
Working Group Key Deliverables
- Explore the options for simple business licensing requirements for Micro Entrepreneurs;
- Accreditation Programme for Microfinance Service Providers (MSPs);
- Progress out of Poverty Index (PPI);
- MSPs partnership; and
- Microfinance Awards
The Microfinance Awards initiative was first launched in 2013 to recognize and reward the service providers and entrepreneurs. This is an annual event
The 3 main categories for the awards are:
- Category 1 – Best Microfinance Entrepreneur (Individual)
- Category 2 – Best Microfinance Entrepreneur (Partnership)
- Category 3 – Best Microfinance Service Provider