Microfinance Institutions are Encouraged to Merger Citations

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Kathmandu,September 8, 2018: Microfinances institutions are highly encouraged to opt for the merger citation by Nepal Rastra Bank.

The aim for this merger citation is to create exponential growth of MFIs of Nepal. As per the central bank, all the currently operating 67 MFIs and additial 24 financial intermediaries non governmental organizations will he converted into MFIs. 20 MFIs are already in process of applying for the licence to operate in remote district after it passes the ‘fit and proper test’.

Deputy Governor of Nepal Rastra Bank, Chinta Mani Siwakoti mentioned, “The process of applying for licence had started but are pending as it has no alternative for merger for sustainability as the market is overcrowded with MFIs.”