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MFC receives Honorary Certificate of Appreciation from LYU
Feb 7th
Microfinance Center’s Director Somphone Sisenglath receives Honorary Certificate of Appreciation from Lao People’s Revolutionary Youth Union’s (LPRYU) Secretary General, Mr Khamphanh Sitthidampa.
The Honorary Certificate was awarded to Mr Somphone in appreciation for the initiative to organize a two-day introduction to job opportunities in the Microfinance sector of the Lao PDR for 80 graduates of secondary and vocational schools late December 2009, in joint cooperation with the LPRYU. The Microfinance Introduction days were supported by the German Savings Bank Foundation (SBFIC) which is a long term strategic partner of MFC. Mr Timo Hogenhout, Microfinance advisor to MFC on behalf of SBFIC, also received an Honorary Certificate in his name.
At the official ceremony, held at the LPRYU central office in Vientiane Capital on Friday 5 February, Mr Somphone and Mr Timo learned that the LPRYU agreed to award both of them on 19 January 2010 in its decision nr. 37, following a positive evaluation of Microfinance introduction days. At the ceremony, LPRYU representatives expressed the wish to have more cooperation in the future. In response, Mr Somphone and Mr Timo expressed their gratitude for receiving the certificate and emphasized that the success of the Microfinance Introduction days was made possible by the excellent organization input of the LPRYU. Both said they will be very happy to have a close cooperation in the future with the LPRYU if and when there is the opportunity for MFC and SBFIC to do so.
Introduction to job opportunities in Microfinance sector
Dec 21st
The Microfinance Center Lao (MFC) and the Lao Revolutionary Youth Union (LYU) jointly organize a 2 day introduction to job opportunities in the Microfinance sector of the Lao PDR for 80 graduates of secondary and vocational schools. The Microfinance introduction days take place on 18 and 19 November in Vientiane, at the LYU training center. The days are supported by the German Savings Bank Foundation (SBFIC), a foundation supporting the development of the Microfinance sector in many countries, including Vietnam and the Lao PDR.
Currently in the Lao PDR the Microfinance sector is growing rapidly and consequently there is a large need for qualified staff. As also the banking sector is growing rapidly, some well educated and experienced staff leave the Microfinance sector to find employment in the banking sector. The Microfinance sector in the Lao PDR, which has the objective to create access to financials services for the poor, is hampered in its development because of this, while at the same time many young Lao secondary and vocational school graduates are looking for a job. The introduction days have the objective to give the young graduates the opportunity to see if they would be interested in starting work in the Microfinance sector and for those that are interested to connect them to Microfinance institutions that are looking for new staff.
The days will have a mix of basic Microfinance theory and practice. Actual staff of various Microfinance institutions will show what their daily work looks like, what qualities you need to be able to do the work well and will answer questions of the graduates. The various positions often found in Microfinance institutions (MFIs) include credit-officers, tellers, administrative-assistants, accountants and branch-managers. It will be explained that the different positions require different skills and different personality characteristics. Professional trainers will explain the basic principles and practice of work in a Microfinance institution. On the afternoon of the second day, an informal job fair will be held to conclude the introduction days, where graduates can meet with various MFIs in an enjoyable setting, with a soft-drink and a snack, ask questions to MFI staff and apply for a job interview.
During conversation on this new idea of the Microfinance introduction days between LYU, MFC and SBFIC it was found that the objectives of all three matched. For the LYU, helping to find and create jobs for the Lao Youth, the group of 2.7 million Lao people in the age between 15 and 35 is an important objective. For MFC and SBFIC, supporting the development of the Lao PDR Microfinance sector by building the capacity of young Lao is central. The joint activity of LYU, MFC and SBFIC aim to support achieving the targets set by the Lao People’s Revolutionary People’s part and the Lao government for social-economic development and poverty reduction. If the introduction days are a success, the intention exists to organize a follow up event in the future.
Accounting Training for MFIs/SCUs
Nov 21st
Representatives from the leading microfinance institutions and savings and credit unions from Vientiane capital and province gather to participate in an accounting training course specifically designed for accounting staff working in the ever growing microfinance sector in this country. The training is jointly delivered by trainers from Microfinance Center (MFC), the leading microfinance training provider in Vientiane and the ‘Catalyzing Microfinance for the Poor’ Project.
It has been observed that many MFIs/SCUs in the country which are registered or licensed by the BOL lack expertise in accounting, mainly due to the fact that most MFIs/SCUs are less than two years old and most of their staff have little or no relevant training before or experience prior to taking on their roles. The training aims to address this and increase the staff’s skills in accounting, in particular in gaining an understanding of basic accounting principles and their application to microfinance; understanding the use of accounting records relevant to microfinance; reviewing the purpose and components of financial statements relevant to microfinance; understanding the accounting treatment of grants and practicing the accounting cycle.
The same workshop will be delivered in Luang Prabang from 9-13 November and in Savannakhet from 23-27 November 2009 to train accountant staff from registered/licensed MFIs/SCUs from the respective regions as well.
The training is part of a series of training activities conducted under the project. So far MFIs/SCUs have received formal training in microfinance best practice, business planning, management information systems and loan and delinquency management. Future training will focus on building skills in the area of governance as well.
The ‘Catalyzing Microfinance for the Poor’ Project activities include training and capacity building for staff of registered/licensed microfinance institutions (MFIs) and savings and credit unions (SCUs) and MF Division of Bank of Lao PDR as well as provision of matching grants for seed capital, equipment, and capacity building in new and expanding MFIs/SCUs.
The project supports the Lao government’s vision for the development of the microfinance sector by encouraging the establishment and operation of private, sustainable MFIs and SCUs that focus on best practice and outreach to the poor, and consequently contribute to poverty alleviation. The 3-year project is funded by Asian Development Bank and implemented by the Central Bank, Bank of Lao PDR.
Microfinance gets boost with regulation training
Oct 21st
The Microfinance Center Lao or MFC, a company specialized in training and consultancy for the Microfinance sector of the Lao PDR, and the German Savings Bank Foundation or SBFIC, a foundation supporting the development of the Microfinance sector in many including Vietnam and the Lao PDR, have jointly organized a training on the final versions of the Microfinance regulations that were issued in June 2008 by the Bank of Lao PDR (BOL). From the Government’s side, the Chief of the Microfinance Division of BOL, Mdm Keasorn Manivong, was present to give explanation of the main consequences of the regulation for large Village Saving and Credit Groups (VSCG) in particular. On 4 April 2007, the Prime Minister has authorized BOL to supervise the Microfinance sector in the Lao PDR.
The large VSCGs, sometimes also called Village Development Funds (VDFs), were well represented in the group of 44 participants of the first edition of the training on Friday 9 October in the training center of the Lao Women’s Union.
In the Lao PDR, it is estimated that a minimum of 5.000 VDFs exists. All VDFs, including the ones that are instigated by international development organizations, are required by the Microfinance regulations to register with the Lao Central Bank. For those that have over 200 million LAK, some USD 23.000, in voluntary savings it is required not just to register, but to request a license with the BOL.
At the meeting it was reported by the VSCGs managers that in Saythany district alone, the VSCGs jointly have accumulated 61 billion LAK, almost 7 million USD, in savings. From the meeting it was seen by participants and organizers that in order to meet the requirements of the BOL regulations, VSCGs should well prepare and make a professional plan to manage the licensing process well. A second training on the Microfinance regulation will take place on Tuesday 13 October in Thakek, Khammouane Province.
50 Participants have been Trained on Internal Control for MFIs
May 21st
50 Participants have been Trained on Internal Control for MFIs. The training were organized in two batches. the first Batch starte from 18 to 22 May 2009 and second Batch started from 26 to 30 May 2009.
Participants are from Microfinance Institutions, Development Projects, who involves in implementation of Savings and Credit program. The training were jointly organized by Microfinance Center and CARD MRI from The Philippines.
“It is the first time that we organized this type of training, I am sure it will be benefit a lot to many organizations. Because without proper Internal control system it will make them difficult grow and sustain” said by Mr. Somphone Sisenglath, Director of Microfinance Center
