The State Bank of Vietnam awarded license for establishment of M7 Microfinance Institution Limited

On March 1st, 2012, The State Bank of Vietnam awarded license for establishment and operation of M7 Microfinance Institution Limited (M7MFI).

This is the second organization (after Tinh Thuong One Member Microfinance Institution Limited-TYM) was licensed by the State Bank of Vietnam. So, after many days of tireless efforts of the Preparatory Committee and all staff for the establishment of M7 Microfinance Institution Limited (M7MFI) have received great results as expected.
M7 Microfinance Institution Limited (M7MFI) licensed by the State bank of Vietnam for establishment and operation on the basis of converting microfinance activities of Mai Son Fund for Assistance to Ethnic Minority Women (Son La province ) established in 2007, Uong Bi Fund for Women Promotion (Quang Ninh province) established in 2004 and Dong Trieu Fund for Assistance to Women (Quang Ninh province) established in 2007.These three organizations have successfully credit support to poor women members and low- income people, contributing to the national poverty reduction policy and empowering the status of Vietnamese women.
Governor Nguyen Van Binh said: Microfinance is an effective tool in hunger eradication and poverty reduction strategies in developing countries, including Vietnam. The construction of a sustainable microfinance industry will create capital channel and bring banking services such as savings, money transfers to low-income people and microenterprises- those hard to reach traditional banking services.
Inheriting and promoting the results achieved in bringing banking services to the poor, ethnic minority people in difficult areas, M7 Microfinance Institution Limited (M7MFI) is expected to be one of the leading organizations in development of sustainable microfinance industry in Vietnam. This event is the first step for a new way to develop professional –oriented microfinance activities.
Credit Institutions Law 2010 also accredited microfinance institutions are one of the types of credit institutions under the management and supervision of the State Bank of Vietnam.
(Source: M7 Microfinance Institution Limited -M7MFI)

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