Asia Microfinance Forum 2010 kicks off in Sri Lanka

Wednesday, October 13, 2010, 10:43
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Microfinance Focus, Oct 13, 2010: Bringing together hundreds of experts as partners for achieving greater financial inclusion in Asia, The Asia Microfinance Forum 2010 begins today in Colombo, the capital city of Sri Lanka.

Entitled ‘Financial Inclusion-Achieving Asia’s Potential’, the three days Forum has gathered more than 450 microfinance practitioners, policymakers, financiers, academics and advocates from 50 countries for spearheading financial inclusion in the continent.

Asia Microfinance Forum is being organized for the third time in Asia. The first was held in China and the second in Hanoi. The Forum is convened by the Banking With the Poor Network (BWTP) and organised by the Foundation for Development Cooperation (FDC). Citi Foundation is Lead Sponsor and Hatton National Bank, the Local Host for this event.

Delivering the inaugural address, Mr. Priyantha Fernando, Deputy Governor of the Central Bank of Sri Lanka said, “Micro entrepreneurs play a vibrant role in any economy especially in Sri Lanka where majority of population lives in rural areas. In today’s context micro enterprises are of special importance to improve livelihoods. There are a few interesting cases in Sri Lanka where microenterprises have integrated to medium n large enterprises”.

He however pointed out that microfinance sector is facing many challenges most important of which is lack of access to financial services. Moreover as existing microfinance institutions are expanding their outreach and newer ones are coming up, Mr. Priyantha pointed out to an emerging need of proper controls and regulations for the microfinance sector. “The developments in the microfinance sector are welcomed but existing regulations are not enough for the developments. While the expansion should be encouraged, interest of all microfinance stakeholders should be protected”, he said.

Sri Lankan government has proposed to issue a Microfinance Act soon for licensing, regulating and supervising microfinance institutions in the country.

Chandula Abeywickrema, Chairman, BWTP Network welcomed the guests saying, “Asia Microfinance Forum is the foremost gathering of meeting of minds of stakeholders in the microfinance in Asia. I have three simple words to demonstrate how we can achieve the financial inclusion. Those three words are indeed Enhancing, Empowering and Enriching. Enhancing the capacity to create access to financial services to more people in more places, Empowering 2 billon people who live under 2 dollars a day by binding partnership and linkages to bring the people who matters and Enriching by continuous improvement in creating millions of micro entrepreneur and granting them to be sustainable entities in Asia”.

“We are privileged to have AMF in Sri Lanka. After three decades of ethnic war, economic development presently is at a critical juncture. AMF would be a great inspiration to 100 thousand people who are drivers of microfinance initiatives in this country” he added.

Shirish Apte, CEO, Citi Asia Pacific which is the lead sponsor of the Forum said, “Out support for the microfinance sector in Asia is underlined by the fact that this region will remain the power house of world economy for decades to come”. Highlighting the contributions of Citi in microfinance and related programs he said, “Microfinance is a key objective for Citi Foundation. Since 1997 Citi Foundation has supported programmes that are designed to support the sector and the Citi network strengthening program is helping to improve 12 microfinance networks across the globe”.

BWTP Annual Report and the updated version of Sri Lanka Microfinance Report were also present on the occasion.