On July 4, 2022, Cabinet considered and approved the draft Microfinance Deposit-Taking Institutions (Amendment) Bill, 2022; and authorized the Hon. Minister of Finance, Planning and Economic Development to submit the Bill to Parliament.
• Yesterday (November 22, 2022), the Hon. Minister presented the Bill for First Reading on the Floor of Parliament.
• Key amendments proposed in the Bill include:
✓ Permitting MDIs to extend/provide their services through agents (Agency banking);
✓ Permitting MDIs to provide insurance services and products through Bancassurance mechanism; and
✓ Permitting MDIs to offer Islamic finance (Islamic microfinance),
amongst others.
Microfinance Deposit-Taking Institutions (Amendment) Bill, 2022
