IFC helps expand micro businesses' access to finance

On April 28, the International Finance Corporation (IFC), a member of the World Bank (WB) announced that it will help M7 Microfinance Institution Limited (M7-MFI) improve its long-term strategic plan and manage staff capacity under a  recent contract.

IFC’s consulting program for M7-MFI will be implemented with the support of the Swiss State Secretariat of Economic Affairs (SECO).

IFC will help M7 expand services to micro and super-micro businesses, which are in need of financial support to expand business activities, increase income and generate jobs.

Nguyen Duc Binh, general director of M7-MFI said that M7 is striving to become an organisation which specializes in providing professional and sustainable financial services. Therefore, cooperation with IFC will offer an excellent opportunity to enhance its capacity and fulfill goals of providing services to those who are facing socio-economic difficulties as well as strengthening sustainable financial capacity.

Rachel Freeman, IFC manager for Access to Finance Advisory Services in East Asia Pacific said that Vietnam’s micro-finance sector has experienced remarkable changes and several micro-finance institutions are transforming their mechanisms to integrate into the global financial system. 

The IFC’s input will help local micro-finance businesses improve their capacity and expand financial access for such businesses in both rural and urban areas.